Project Approval Workflow
Project approval workflow can be efficient and trackable with approval management.
Project approval workflow is the sequencing of tasks for the compliant request and approval of projects including applying consistent, value-based approval criteria and automated routing for project requests that impact an organization financially and strategically.
Managing project requests with email, spreadsheets (even the latest online spreadsheet software), or software that's ill-equipped to handle project approvals, scoring, and routing is inefficient and risky. Requests for projects can be improperly approved, fail to provide critical details, become lost, etc.
Automating the process by which projects are approved or rejected with workflow automation software has many benefits:
How does your organization define a project, whether it's an IT Project, Finance Project, etc.?
Project Definition Example
When a project is requested, what is the review and approval process? Here are some form and workflow items to consider:
You want to get as much information about the project upfront as possible in the project request form without overburdening the requester with unnecessary questions. Here are some examples of project details to gather at the outset:
When approvers are reviewing requested projects they need a methodology for making a decision. This will be unique to the type of project and the company but, generally, the methodology or formula should factor in the return on investment, payback period, strategic importance, competitive advantage, etc.
The methodology should be part of the request process where either the requester or someone up the chain is assessing the project for these components, usually using a ranking system. Often each component is assigned a rating and then the rating is totaled. Additionally, return and budget numbers are included as part of the analysis. This is done using a Project Approval Requirements Template or Scorecard.
Approvers can now evaluate the request intelligently and either move the project forward, return the request for additional or corrected information, or simply reject it.
The project request portal is where users go to submit project requests and track existing requests. Managers also use the portal to manage their approval tasks and collaborate with users and other managers regarding specific projects. The portal also houses analytics information to check the performance of the approval process and identify bottlenecks, track against SLAs, look for trends, and see aggregate data on all projects.
We have a variety of resources to help you on your journey to an automated workflow.
To see how quickly you can begin automating your project approval processes, request a demonstration or trial of Integrify.
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