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Considering External Resources

Written By Jasmine

As companies gear up for FY24-25, strategic planning for projects and portfolios becomes crucial. One increasingly popular strategy is leveraging external project resources to ensure project planning success. Here’s why companies should consider this approach.

Why you should consider external resources

Access to Specialised Expertise

External project resources bring specialised skills and knowledge that might not be available in-house. These experts have experience across various industries and can offer insights and solutions that internal teams might overlook. Their expertise ensures that projects are completed to a high standard, often with innovative approaches that enhance outcomes.

Scalability and Flexibility

Engaging external resources allows companies to scale their teams up or down based on project demands. This flexibility is particularly beneficial for handling peak workloads without the long-term commitment of hiring full-time staff. It ensures that the company can adapt quickly to changing project requirements, improving overall efficiency.

Cost Efficiency

While it might seem counterintuitive, hiring external project resources can be cost-effective. It eliminates the need for long-term salaries, benefits, and training costs associated with permanent employees. Companies only pay for the expertise when they need it, making budget management more predictable and often reducing overall project costs.

Enhanced Focus on Core Activities

Outsourcing certain project tasks allows internal teams to focus on core business activities. By delegating non-core functions to external experts, companies can ensure that their internal resources are dedicated to strategic priorities, enhancing productivity and business performance.

Accelerated Project Timelines

External project resources often have the experience and methodologies to jumpstart projects and drive them to completion faster than internal teams who might be juggling multiple responsibilities. Their focused approach can significantly reduce project timelines, ensuring quicker realisation of project benefits.

Risk Mitigation

Experienced external professionals bring with them a wealth of knowledge about potential pitfalls and best practices. Their expertise in risk management can help identify and mitigate risks early in the project lifecycle, reducing the likelihood of costly errors and delays.

Fresh Perspectives and Innovation

External resources can provide a fresh perspective, challenging the status quo and bringing new ideas to the table. This can foster innovation, driving projects in new and exciting directions that can provide a competitive edge in the market.

The advantages outweigh the disadvantages

Incorporating external project resources into FY24-25 project and portfolio planning offers numerous advantages, from specialised expertise and flexibility to cost efficiency and risk mitigation. By leveraging these benefits, companies can enhance their project outcomes, drive innovation, and maintain a competitive edge in an increasingly dynamic business environment.