A better way of budgeting- breaking down the task
The budget breakdown helped Maisha in a few different ways. Before Forecast, she had to manage all the project budgets in a spreadsheet. She says, “It was very time consuming since I was having to go back and forth and essentially manage a project in two different places.” Since Maisha was the one making the spreadsheets, she was also in charge of managing and updating them while Project Managers were managing the other pieces of the project. This process was first, very time consuming and further, inefficient and not scalable. With Forecast, Maisha was able to make that tedious budgeting process “...more efficient and less cumbersome, so all of those things were resolved.”
Transparency leading to more profitability
Forecast streamlined more transparency in Message Medium’s work process, which for them was a silver lining. When planning a project, Maisha and her team break down the project together with defining tasks and estimations. They could add Milestones and tasks into Forecast, for work that had not yet been approved, and do the budget estimation with a more definite division of cost. She posits,
Having estimates that were in Forecast, all in the same place as the original budget made the estimating more accurate by 30% because the whole team was involved.
- Maisha, CEO
Having the projects more accurately estimated resulted in having more profitable projects for Message Medium. They no longer had to do “guesswork” in a separate spreadsheet.
Contributing to a More Efficient Process
The team members participating in the estimation process have both a high overview and task-level viewpoint, which creates more transparency in their work. By catching if something is missing or if the estimation needs to be corrected, Maisha’s team is achieving their end goal, of finishing the project on time and within budget, together.
Maisha believes that it’s helped her team to have more ownership over exactly how the project is going to proceed. “There is an additional level of ownership that comes from them being able to see and know how their work directly impacts the project’s time and budget,” says, Maisha. They want to say on task and within budget not only for the client’s sake but for maintaining the whole operational health of Message Medium. With Forecast, not only has Message Medium’s budgeting and estimation accuracy increased, but they have more transparency and visibility in their work process as every component of the project is in one place.