Summary In the contemporary business environment, digital procurement is becoming increasingly popular and sought after by businesses around the world. The relationships …
Is hiring a project consultant worth the investment?
82% of professionals acknowledge the importance of project managers, only 9% of projects achieve both success and high ROI. This gap highlights the value consultants bring in improving outcomes. Yet, is the investment worth it? Companies need to consider how consultants can unlock value and transform project trajectories.
What are the benefits of hiring a project management consultant?
Project management consultants play an increasingly crucial role across industries, offering specialised expertise to drive project success. With a growing emphasis on achieving efficiency and high returns, companies often weigh the cost of hiring consultants against potential gains.
Improved efficiency
Project consultants streamline workflows by introducing best practices and optimising team productivity. Their expertise helps ensure that projects stay on track, meeting objectives with precision and speed.
Cost savings
Consultants help organisations achieve cost savings by identifying areas for reduction, eliminating unnecessary expenses, and optimising resource allocation, ultimately leading to greater financial efficiency.
Objective expertise
As external project advisors, consultants offer an unbiased perspective and data-driven insights, minimising internal biases in decision-making and ensuring more objective and effective project outcomes.
Risk reduction
Project management consultants prioritise proactive planning to identify and mitigate potential risks, effectively reducing the chances of costly delays or failures and ensuring smoother project execution.
Access to specialised skills and tools
Equipped with advanced project management tools and methodologies, consultants offer valuable insights, empowering internal stakeholders with the latest skills and technology to ensure project success.
When does hiring a project consultant make sense?
Inefficiencies in project management can be costly, with nearly 10% of every dollar spent on projects wasted due to poor performance—amounting to an astonishing $99 million for every $1 billion invested.
Alarmingly, only 29% of organisations excel at completing projects on time. These statistics underscore the critical need for effective project oversight and the potential value that hiring project management consultants can bring in enhancing performance, ensuring timely delivery, and maximising investment returns.
Complex projects
When projects involve intricate processes, multiple stakeholders, or advanced technologies, consultants can navigate challenges effectively. Their expertise helps ensure that all moving parts align, reducing the risk of costly errors.
High-stakes initiatives
For projects with significant financial implications of strategic importance, the stakes are high. Consultants bring specialised knowledge and experience, offering strategies that can help mitigate risks and ensure successful outcomes.
Periods of rapid growth
During phases of rapid expansion, organisations may struggle to keep up with increasing demands. Consultants can quickly assess needs, streamline processes, and implement best practices to maintain momentum without compromising quality.
Struggling project performance
When projects miss milestones or exceed their set budgets, consultants can effectively diagnose the underlying issues and implement corrective measures. This approach helps steer projects, prevent waste and ensure successful outcomes.
Skill gaps
When internal teams lack expertise or resources, consultants step in to fill essential skill gaps, bringing specialised knowledge and tools. Their support enables teams to overcome challenges effectively, keeping projects on track.
Lack of objective perspective
Internal teams can sometimes be too close to a project to recognise pitfalls or biases. Consultants provide a fresh, unbiased perspective, offering insights that help refine strategies and strengthen decision-making for improved outcomes.
By addressing these triggers, project management consultants play a pivotal role in turning challenges into opportunities for success, ultimately helping organisations optimise their project investments and achieve better results.
How can you achieve ultimate project success with a consultant?
Select the right consultant
- Match skills to project needs
- Appropriate cultural fit
- Industry knowledge
Set milestones and track progress
- Divide the project into phases
- Evaluate at each milestone
- Celebrate small wins
Create a collaborative environment
- Encourage open dialogue
- Celebrate team contributions
- Regular check-ins
Manage risks proactively
- Identify risks early
- Develop contingency plans
- Monitor risk factors
Leverage technology
- Digital collaboration tools
- Project management software
- Data analytics for decision-making
Unlock project management success with Kronos Group
Achieve outstanding project results with Kronos Group’s tailored, expert support. By combining strategic guidance, industry insights, and cutting-edge tools, we empower your teams to drive efficiency, manage risks, and achieve goals on time and within budget.
Kronos Group’s project management consulting brings extensive knowledge and a fresh perspective, allowing us to identify cost-saving opportunities, optimise resource allocation, and ensure projects stay aligned with your vision. Whether tackling complex challenges or enhancing day-to-day project performance, Kronos Group is committed to unlocking your project’s full potential and delivering sustainable success every step of the way.
Fighting the effects of inflation with sourcing and procurement consultants
Stay up-to-date on the latest insights on procurement, finance, and project management.
Summary Strategic procurement has become a necessity in today’s business world and organisations try to remain competitive. Having the right procurement strategies …
Summary The world of consulting has been undergoing a massive transformation and management consulting jobs are experiencing the impacts of these changes. …
FAQ
While a project manager typically works within a company to handle the day-to-day execution of projects, a project management consultant is an external expert focused on providing strategic advice, problem-solving, and specialised skills. Consultants may work alongside project managers to help define the project strategy, optimise processes, or solve complex issues.
Yes, especially for complex projects! Consultants bring expert planning, cost savings, unbiased insights, risk management, and can train your team. Though they come at a cost, they often improve efficiency and ensure project success, making them a smart investment.
Consultant fees for a project vary widely depending on their expertise, the project’s complexity, and industry standards. Some consultants offer fixed fees, especially for well-defined projects. For ongoing support, monthly retainers are also common. The chosen structure often depends on the project’s needs and the consultant’s area of specialisation.
