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January 9, 2024

Investing in an Experienced Project Management Partner for Capital Projects Creates Long-Term Success for Organizations

A 2016 report from the PMI’s Pulse of the Profession revealed that “high-performing organizations [which] have implemented proven project, program, and portfolio management practices” have a major advantage in project outcomes. Having prioritized project management practices, “their projects meet original goals and business intent two-and-a-half times more often (89 percent versus 34 percent) and waste 13 times less money.” Those of us who have been involved in projects of any size, scope, or industry can tell you this still rings true today. Although we know the critical importance of project management, many organizations still struggle to commit to investing in outsourced project management. They grapple with questions such as, “Can’t I just utilize myself and my team? “, “What about the added cost of hiring a project management firm?” and “Is it more cost effective if I wait until construction starts to bring on a project management firm?”.  

Investing in an expert owner’s representative project management firm from the onset, sets your project up for success and opens the door to better strategic thinking around capital improvement projects. Outsourcing these services brings a higher level of strategy and experience bringing further value to your projects. Project Management firms invest in improving their methodologies and technology to manage projects, honing their skills, learning from experience, and training their personnel to be at the top of their industry. Organizations that invest in their facilities to grow their business do not specialize in Project Management of construction projects; they specialize in the business that generates their revenue. Creating internal methodology and process around managing capital construction projects internally becomes an operational expense that still lacks expertise, strategy, and experience of an expert outsourced owner’s representative project manager.  

A truly successful project goes beyond the on-time and on-budget expectations; rather it starts with strategic thinking and careful planning. When planned correctly with the right team, the project is completed in the most cost-effective way so that the organization can maximize its benefit. Protecting the owner’s interest through careful planning and execution provides long-term success for the built space.   

I Know What Project Managers Do, Right? 

Boiling it down to basics, project managers balance the cost, scope, and schedule of your project to produce the highest quality results. That sounds simple right? Not exactly. Without intentional planning, resources, and experts to advise you, the balance of cost, scope, and schedule can easily fall out of place. Losing that balance leaves you with lower quality results on an investment that you intend to last for 25+ years to support your business and provide revenue.   

Beyond the tangible value of the project’s success, investing in an experienced project management partner from the outset generates the confidence and objective planning to truly attain your business’s strategic vision. Here are five key benefits of investing in an expert project management partner: 

Free Up the Resource of Time 

When an organization attempts to bite off more than it can comfortably chew by managing a project in-house, it sacrifices critical time its team needs to focus on their critical job functions that bring in revenue. From coordinators to key stakeholders, every individual pulled into a project outside of their scope suffers additional schedule constraints, stress, and risk of lower quality work, especially when they are being asked to expand their knowledge base to skillset outside of their expertise. As an executive your mind and schedule becoming cluttered with day-to-day project planning subtracts from your ability to focus on larger strategic thinking for your business. Partnering with full-service experts to manage your project rewards you and your team immediately with less disruption to invaluable company time. Mitigating organizational stress during your project is key to producing the highest quality outcomes with dedicated strategic thinking and attention to details around your project.  

Protect Your Budget  

The financial resources committed to any project are limited and strategic. Everyone wants to save money, but without expert management and realistic goals we often see substantial funds wasted. Your expert partner’s attention to resource management protects your project budget from unforeseen challenges, resource delays, and unplanned programmatic changes. Protecting your ROI begins in the assessment and planning phase by clearly defining objectives, deliverables, and resources.  

Quick Adaptation Comes from Experts  

In project management the name of the game is anticipation. Being high risk by nature, it is nearly impossible to plan for a “perfect” project, rather it is key to anticipate and solve challenges decisively and quickly. Each phase of your construction project will pose ever-changing circumstances, most of which are completely out of your control. A key advantage to hiring an experienced project management partner is that there is no problem your experts have not seen before. Quick adaptation and confident flexibility are critical to the success of your project and organization.  

Clearer Communication is Key  

Without an adeptly executed communication plan, the various pieces of your project’s puzzle can easily fall apart. Consistent communication between owner, contractors, subcontractors, end users, and vendors must be prioritized to stay on schedule and within budget throughout the lifecycle of your project. Solution-oriented status meetings are critical to honestly address challenges before they negatively impact the project’s quality. Your expert project management partner will prioritize accountability, transparency, and integrity across all teams. When correctly executed, your communication plan not only protects the quality of the project but fosters innovative collaboration within your organization.   

Opportunity for Continuous Improvement 

Clearer communication, solution-based thinking, multi-disciplinary teamwork, and realistic goal setting. These skills which your organization exercises during a well-managed project are directly related to a continuous improvement mindset. When your organization commits to expert project management practices and sees resulting success, momentum is built towards larger strategic goals. The opportunity to understand and recreate your success again and again empowers your organization to make smarter business decisions overall.  

Commit to Long-Term Success

Without investment in the correct resources and practices, project management can become a source of stress and contention for any organization. But when executed by an experienced project management partner, expert planning and strategic thinking behind your project builds a foundation for long-term success for years to come. When you work with the TCC Team you gain a true advocate and advisor from evaluation through occupancy. We assist our clients to reach their full potential with proven project management tools and solution-based leadership, ensuring that organizations get the most out of their capital investment. With our exceptional talent and flexible service options, TCC consistently creates superior value for our clients no matter the size, scope, or challenge.  

Reach out to learn more about how TCC can help you achieve your unique project vision!