What is Enterprise Project Management?

Enterprise project management (EPM) involves managing different projects simultaneously – on a companywide scale. Large businesses normally run multiple (and complex) projects at the same time. While these projects may not necessarily be related, they still all have an effect on the company’s profit and performance.

But what are the main elements of EPM? And which companies actually need it? We’ll explain everything you need to know in this article. We’ll also offer advice on which types of software you can use to help with your EPM.

Specifically, we recommend monday.com. This platform combines an intuitive interface with powerful features, making it much easier for you to juggle (and successfully deliver) your large-scale projects.

What is Enterprise Project Management?

Enterprise project management (EPM) is a useful method for large businesses managing multiple projects. Unlike traditional project management, EPM isn’t necessarily concerned about completing each project – it focuses on achieving the organization’s top-level, long-term goals. EPM generally involves implementing strategies designed to streamline your project management efforts on a large scale.

According to the Project Management Institute (PMI), EPM initiatives can include:

• Using a project management software, such as monday.com, to give you more control and visibility over your project.
• Creating a project management department.
• Following ‘stages of growth‘ models.

The actual process of EPM includes seven elements:

1. Risk analysis
2. Structured estimating
3. Reviewing projects
4. Project management coaching
5. Escalated issue management
6. Time accounting
7. Information system management

The elements of EPM are similar to that of regular project management processes, especially risk analysis and time accounting. However, the main difference is scale. EPM is carried out on a far larger scale than regular project management, normally requiring a dedicated project management department with strong leadership. On the other hand, startups and SMEs might usually focus on one, relatively small project at a time.

What are the Goals of Enterprise Project Management?

Unlike traditional project management – which aims to complete projects with measurable objectives – EPM doesn’t focus on one particular project. Instead, EPM’s primary concern is managing all of an organization’s projects together, ensuring that each project aligns with the company’s top-level goals.

Essentially, EPM’s end goal isn’t necessarily a completed project, but rather a project that brings long-term benefits. This approach allows big companies to maximize resources.

The PMI says there are many other benefits to EPM, including:

• Boosted productivity
• Reduced impact of skills shortage
• Higher-quality output
• Reduced risks
• More reliable delivery

Without EPM, delivering multiple projects within a large company can feel like a juggling act. However, with regular reporting from project managers on things like issues, risks, and overall progress, EPM managers can make responsive decisions that benefit the company’s top-level goals.

For example, EPM enables project managers to identify underfunded projects, or projects that are duplicating efforts. In short, it allows you to cut wasted resources.

In fact, research by Villanova University shows that organizations that employ an EMP system can potentially increase profits by 20%.

How Much Does Enterprise Project Management Cost?

So, now we know EPM can increase profits. The next question is clear, how much will it set you back? As shown in our handy comparison table below, most software platforms work with tier-pricing ranging from $5 – $25.

However, with some of the more basic plans, you may encounter limitations on features such as number of users, allowance for simultaneous projects and data caps. For larger projects with more to keep track of, you may be better suited to a dedicated “Enterprise” plan, with more advanced capabilities.

Most software platforms, including monday.com, ClickUp and Smartsheet provide designated enterprise plans. Contact providers directly for bespoke quotes depending on your specific needs. Let us reiterate that using software can lessen wasted effort, duplication and missed opportunities, which means that you’ll certainly see a return on your investment.

You don’t need any specific equipment to run project management software, just a laptop or computer. Mac lover? Find out our top software recommendation for Mac.

What Kind of Company Needs Enterprise Project Management?

Any business – particularly in the software industry – dealing with multiple projects would benefit from EPM. Sure, large businesses are more likely to run different projects at once, but companies of all sizes may want to consider the EPM system if they want to hit overarching targets.

Unlike traditional project management, EPM’s primary purpose is to help your business achieve its top-level goals. Rather than focusing on completing individual projects, EPM aims to maximise multiple projects at once in order to bring long-term benefits. To do so, many companies enact their EPM strategy with a methodology such as Waterfall or Agile.

As we said, EPM would benefit nearly every business, particularly large software companies that run multiple product tests and projects. Things can get even easier, though.

Project management software enhances the overall benefit of EPM. If you or your project manager is struggling to stay on top of things, project management software can help you streamline workflows and boost productivity, helping you track time, budget, who’s in charge, and where projects are going. They take away all the guesswork, giving you full visibility of your multiple projects.

With increasing prevalence of globally distributed teams, having a central location for materials, tools and assets can be a huge plus when it’s not possible to be in the same room.

Worried about costs? If you’re on a tight budget, try the best free project management software first.

What’s The Best Enterprise Project Management Software?

After extensive research into the software platforms out there, our researchers decided on monday.com as the top choice for enterprise project management. In close second, ClickUp and Smartsheet. All three offer designated “Enterprise” plans, specifically designed with the demands of EPM in mind, including unlimited project and user limits, generous (if not unlimited) data limits and impressive security features.

monday.com outshone the others with its seamless integration of marketing, data and finance tools as well as a broad range of features and a high customer satisfaction rate. Worth noting however, ClickUp fares slightly better in the customer support department as well as being a great affordable option. For a deeper insight, read more about the best project management software.