Agile Project Management Prevents:
Typical project management tools are not efficient. People function mainly in silos, gather with others to address a specific topic, and only meet up again when a problem arises. Items and documents are not tracked in real time and can be lost in a sea of emails, or missed on a conference call.
Also, the process is not iterative or smart; it is just classic project management, using defined tasks, deadlines and input to complete the project and meet agreed-upon deadlines. Without iterative processes or steps in place, items can be missed, or duplicate requests are created. Work and effort increases and/or are duplicated as a result of this misaligned process. But it doesn't have to be like this.
Agile project management is essentially an iterative process that
The project plan becomes an adaptable, flexible plan that changes in response to how the team is working and priorities may shift in response to what is happening. This not only keeps team members responsible, but also there are no surprises or delays, as teams communicate daily regarding both the status of the project as well as issues that arise.
The Agile approach originated to facilitate software development, but its value quickly became realized and adopted by those working in other industries. Many companies have successfully used an Agile project management approach, such as DealRoom, to revolutionize the way in which due diligence is done. By using an iterative approach in task management, as well as communicating daily, the project can be tracked in real time. Problems can be identified and addressed almost immediately, creating a more streamlined process. By being able to immediately determine the current status of the project through Agile platform optics, the state of the project can always be determined, and priorities and deadlines can be adjusted accordingly.
Using Agile project management software enables a team to work smarter, not harder, and simplifies and streamlines the due diligence process. This blog is part 4 in our Agile M&A 101 series.
You can check out part 3 in our series, Agile Origins.