How Project Managers Can Demonstrate Business Acumen on Every Project
Mike Donoghue is a member of a multinational information technology corporation where he collaborates on the communications guidelines and customer relationship strategies affecting the interactions with internal and external clients. He has analyzed, defined, designed and overseen processes for various engagements including product usability and customer satisfaction, best practice enterprise standardization, relationship/branding structures, and distribution effectiveness and direction. He has also established corporate library solutions to provide frameworks for sales, marketing, training, and support divisions.
In the field of project management, it’s no longer sufficient to deliver projects on time and within the budget. The norm is evolving, and we are now telling project managers that they need to go beyond schedules and sprint plans and instead take on the role of strategic partner, where they comprehend how technology determines business results.
This is where business acumen comes into play—by showing where technical work creates organizational value, provides customer impact, and influences financial performance.
Business acumen isn’t just something that executives or other higher-ups have—it’s a skill that project managers can access and exhibit on a regular basis and within each project, no matter the size of the endeavor or type of industry.
What We Mean By “Business Acumen”
Within its nucleus, business acumen is focused on decision-making, but with the broader concept of the business in mind. When you are a project manager, that means comprehending how things like upgrades, rollouts and infrastructure change affect costs/income, risk, customer experience, and competitive edge.
Think of it as the difference between saying:
- The features were delivered on time.
- The features were delivered and helped increase customer retention by 18% and simultaneously reduced support team expenses.
The second item …
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