I can remember when I first caught the project management bug. It was the early 2000s and I was working on a major technology implementation for a Boston-based bank and financial services company. I recall it being a challenge because I also had a day job supporting a global trading desk on top of tasks assigned to me for the implementation project. Another memory that stands out from that project, and from other projects earlier in my consulting career, is that all the project resources were in the same place. All the traders, portfolio managers, compliance, operations, technology, and vendor resources were in the Boston office. Everyone being together in one location certainly made collaborating easier.
Now, nearly 20 years later, investment management technology and operations project management logistics are very different. Through organic growth along with mergers and acquisitions, our clients often have multiple locations. Advancements in remote access, cloud, and ASP technologies have enabled our clients to frequently partner with off-site technology and services providers. These factors have led to a proliferation of projects resourced and managed in a co-located manner. It’s not uncommon to conduct project meetings consisting of a small group in a conference room in one city, while a conference line is open with resources dialed in from two or three other offices, potentially in different time zones.
Some would argue that modern communications provide significant benefits for project management—without digital connectivity we could not incorporate multiple locations. But if your firm is in the planning stages of a project, large or small, remember to consider the importance of traditional in-person collaboration.
Better Brainstorming
A major asset in the project management toolbox is the ability to brainstorm. Whether you’re trying to figure out a problem or just getting started on a target solution design, brainstorming is an effective way to take in, assess, and align on input from the group. It is certainly possible to brainstorm over email or on the phone, however a group together in a conference room with a whiteboard and a few dry erase markers will increase the chances of a successful brainstorming session.
Increased Accountability
I played team sports into early adulthood. One of the virtues I learned from being part of these teams is being accountable to your teammates. Project management is no different. Each project resource needs to be accountable for their tasks and responsibilities for the project to reach a successful outcome. It’s human nature to feel slightly less accountable to people you don’t see day in and day out. Though its affects may be subtle, a co-located project or work situation can lead to less overall accountability for one’s work. When project resources are together and able to have face to face interactions, accountability will naturally increase and ultimately the project will benefit.
Improved Communication
I like to use the ‘two ears and one mouth’ line with my kids to help them listen more and talk less. It’s a clever cliché, but to me the point is critical. The ability to listen and receive information is arguably the most important aspect of communication. In a co-located project with heavy email or conference call communication, there is a higher risk of misinterpretation and/or miscommunication. Who doesn’t multi-task from time to time while dialed into a call? Reading or sending out a few emails while on the call is tempting, but also risky. It’s nearly impossible to focus on the email and effectively listen to the call at the same time—and this distracted behavior could lead to miscommunication. Conversely, when resources work together in a face to face setting, there is likely less multi-tasking and better listening, which will help improve communications.
Improved Efficiency
Once a co-located project gets going, there are many hours and days spent sending and receiving emails, along with participating in conference calls scheduled to discuss project related items. Coordinating the calls and managing your own calendar can be a lot of work in and of itself. If you could simply walk down the hall to ask a project related question, chances are you wouldn’t need to send an email and wait for a response or coordinate a call. Having the ability to collaborate in a traditional, in-person manner, saves time and improves project efficiency.
As we head toward 2020 and beyond, investment management technology and operations projects will likely continue to have co-location elements to them. For project sponsors and stakeholders, remember these points—and where possible, examine resourcing projects in a way that maximizes face to face collaboration. Your project will be better off for it.
