The digital workplace is up and running and there is no getting away from the competitive edge it gives companies and corporations who engage with it. For financial businesses involved in asset management and/or acquisitions, project management collaboration software is a fantastic way to enter the digital workplace market space and gain from the efficiencies on offer.
Using an intranet software platform for your projects allows for easier management of documents when conducting planning and due diligence. Tasks can be allocated easily amongst members of the project team, who can log on and notify the rest of the team once the task is complete. Communication within a project team is made easy by having one platform for all users to log onto, and these are just some of the many benefits available from a software solution. We’ve been thinking about how collaborative intranet software can help your asset management or acquisition business:
Every member of the project team is able to access the project workspace created by the lead member and each member can also add documents, work product and data for the rest of the team to see and use. International working is made easier by the fact that teams can communicate within the workspace, so it doesn’t matter what time team members log onto the space, or where they are logging in from. Because everything is in one place, communication across the team is always up to date even on a fast moving project. There is also an instant messaging function for live communications and updates which is great for questions that need to be answered quickly and when the team can’t be in one place.
Task management for team working
A software solution can make it easy to allocate tasks and track deadlines within a project team whether or not they are physically in the same place. Within a team this avoids tasks being lost and tensions heightened by repetition of instructions – on asset management deals stress can be high because of the nature of the work, so reducing this stress is key. It also becomes easier to manage communication with third parties. For example, during due diligence it is easy to track whether the team are awaiting documents from a target team or advisers on either side. Every member of the team who logs into the platform can keep up to date on progress across the whole project, rather than just their own work streams, making it easier for them to stay motivated and engaged with the bigger picture.
Document management and integrity of project documents
The benefits of keeping documents in one place cannot be underestimated. Losing track of which document is most up to date is a blight on project teams across all industries, but particularly so on fast moving projects in this space. Having the wrong advice, analysis or numbers on the system can send a project down the wrong track. Online platforms solve this, as documents can be automatically saved to the platform and kept up to date. Every member of the project team can see the latest project plans, performance data and timelines.
Printing costs can be reduced because of the ease of access to documents, which is great for the environment as well as for your printing budget. Printing of documents can also be a confidentiality risk, especially in the context of a due diligence exercise where trade secrets are involved. The ease with which documents can be accessed means teams can review and analyse documents and data without the need to take this risk.
Working with third parties
You can also use collaborative software to work with third parties, such as co-investors or legal advisers. Inviting them to share your workspace makes it easier to work on a question and answer exercise, receive opinions and stay up to date on the progress of all parties. You can choose which parts of the workspace can be seen by whom, making it the ideal space for internal and external documents alike.
Choosing to use project management software for your team
If you would like to put in place a project management software solution or would like to discuss the benefits of such a system for your business, contact the Claromentis team today. We are delighted to provide systems which can make working in a project team quicker, more pleasant and certainly more efficient. To learn more about how collaborative software solutions can help your business and projects, call us on 0800 409 6101 or email us with your questions.