It happens frequently that by asking a partner or co-worker in our company What happened to the project last year? They you respond with "Excellent" or "It failed" but, What does this really mean?
Here you could start a long conversation about what each of us considered successful, however, there are some indicators created by management experts that will help us to have a clearer reference to the performance of these ideas and their benefits to grow our company.
It is important that our projects provide tangible measurements that will help us decide how we should invest, what kind of employees we hire and in some cases the feasibility of continuing the current structure of our companies or if necessary make some operational changes for better results in the market.
What is a successful project?
When talking about a successful project we can refer to its direct benefits for the growth of our company or we can refer to the proper way to carry it out, in this article we will be talking about successful projects that directly reflect s growth. Since it would be impossible to speak of success in their management, as this is highly variable depending on the structure of our company.
Once mentioned above, what are functional metrics to measure the success of my new project?
Customer satisfaction. -This is should be the first and most important measure of success in a project. If customers have not improved their satisfaction when interacting with our company, we are officially talking about a project that did not work. Are likely to be most benefited in the project, however, for purposes of the metric we restrict it to customers because it is about them that our company exists and can grow.
Adaptation from our partners to project. -The result of the project should be sold to users, either externally or internally. In this metrics, we must define whether users actually use this new tool or service that has been given them. This requires studying the sales made by using this new tool or since the implementation of it.
ROI. -ROI should always be a key to measuring the success of our new business plans indicator. Something very important is that you include not only sales, but many other returns such as cost savings, fewer personnel to perform a task, increased presence in the minds of potential consumers, etc.
Business alignment. -Or better alignment with business goals or business. It is not easy to obtain an objective indicator, but we cannot assume evaluated the success of a project without taking into account this factor, in the end if this new project does not help us get closer to the key objectives of our business, the result will be declined in a few weeks.