How Project Management Software for Banking and Finance

How Project Management Software Drives Success in Banking and Finance

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The ultimate goal of a Banking and Financial enterprise, irrespective of the industry, is to create stakeholder value. This value builds up to produce revenue, facilitate revenue growth, and profitability, as well as grow market share. To keep their profitability intact they need finance project management software.

Today financial institutes are the hallmark of financial service providers who provide various products and services to manage and maintain the flow of funds among individuals and other organizations.

It carries out various functions and activities which need to be managed effectively to maintain a seamless operation of the agency.

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In this blog, we are going to discuss the needs and benefits of opting for a self-hosted project management software for Banking and Financial Services.

Contents

Top 5 Benefits of Project Management Software for Financial Institutions

1. Investment decision-making and portfolio management

A financial institution has to make many important decisions that can impact society and the nation as a whole.

The toughest decisions include investment allocation for various projects and programs.

Some organizations depend on spreadsheets to maintain, analyze and decide on project funding.

Relying on spreadsheets is not the most effective tool; it is prone to errors and is difficult to detect those issues.

This is why financial institutions need a project financial tracking app where business leaders can perform various activities such as project estimation, cost, and revenue forecast.

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2. Enterprise Budget Management

The next step of financial decision-making is developing and approving budgets for various projects and programs.

The project programs and profitability are interdependent and are closely related to enterprise budget management.

Relying only on spreadsheets is inefficient and also possesses the risk of data-quality issues. It becomes increasingly critical when managing budget revisions.

To accurately manage finances and budget you need banking and financial project management software like Orangescrum.

This project management software can be configured to the specific workflow of the financial organizations as well as to meet its standards and processes.

With its built-in collaboration feature, organizations can link and integrate their existing systems such as financial processes, and business leaders to gain control over their enterprise budget management.

3. Cash Flow Analysis

Program and project planning includes planning at a granular level starting where team members have managed multiple tasks and sub-tasks.

Inefficient task management may jeopardize project profitability.

A well-designed task management software like Orangescrum enables team members to break-down large chunks of data into smaller subtasks.

It also facilitates them to plan their resources and effort effectively. This eventually reduces the cost of developing a project and managing the cash flow of the institution.

Integrating task management software with the existing systems enables team members to easily manage and track various processes and it no longer becomes a burden.

Moreover, managers can easily visualize the inflow and outflow of cash.

It facilitates them to manage and revise their budgets based on their business needs.

Managers can manage various project financial baselines. It provides a strong foundation for financial tracking and control.

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4. Project Finance Tracking

Strategies and plans are a great way to streamline your finance tracking but it can only be realized when executed flawlessly.

It is essential that managers should be able to manage their financial performance at all levels with tools for task management, workload management, project milestones, etc.

To ensure the smooth execution of all the above tasks you need Orangescrum which offers robust built-in features to track all finance projects undertaken by financial institutions.

Finance managers can integrate their project progress with the actual cost which are then linked to the project budgets.

The software enables them to limit expenses, ensuring that the costs and cash flows are closely aligned.

This also enables them to track the team members’ efforts, where managers can analyze and manage the organization’s finances efficiently.

Finance project managers can proactively manage both costs, assets, and cash flows to keep their profitability intact using on-premise project management software for banking and financial services.

5. Project Revenue Recognition

Revenue recognition is created when a customer accepts project deliverables. Top finance project management software like Orangescrum lets you track your project progress with revenue recognition which makes it easier for business leaders to track and manage their business functions.

Project revenue recognition can be tracked and managed alongside project progress tracking.

Revenue recognition is based on contracts that include a combination of factors such as fixed price, costs, time, and material.

The next stage of revenue recognition is customer invoicing. Using Orangescrum you can reduce the mismatched work completion and complications in customer billing.

It also improves communication between the project team and finance teams.

It needs a ton of financial reconciliation so that all aspects of matters can be sorted out.

Finance project management software can be employed to define the link between work completion and improving invoicing along with auto invoice generation.