Risk management software is pivotal to successful project management. However, despite its importance, it can be years before organizations consider upgrading.
But times change, new challenges arise, and risk management professionals must be enabled – through the use of the latest tools – to plan for these new challenges.
But how do you know if your risk management application is in need of replacing?
1. A Lack of Embedded Schedule Modelling
You may think your current risk application is adequate, but does it feature an integrated scheduling engine? While many risk applications allow you to import data from Primavera P6 or Microsoft Project, once it's in your risk program, you can't actually do much with it.
Having an embedded scheduler can change that. It allows you to interpret and modify your schedules without needing to re-import data into multiple different programs, saving you valuable time and drastically simplifying your entire risk management process.
If your current risk application lacks this convenient capability, it's probably time to look for an upgrade.
2. Counter-Intuitive User Interface
In recent years – as everyone has become more computer-literate – user-experience (UX) has become an increasingly important consideration. Most people now expect a certain level of usability from the software they operate.
An intuitive UX isn't just beneficial to your staff, who will appreciate the simplicity – it can also save your business time and money as training up new staff will take far less time if your risk application is easy to use.
Ask yourself: "How intuitive is my software? Could someone grasp the fundamentals in a day?" If you're unsure, it's a good sign your software is out of date.
3. Limited Reporting Functions
The ability to generate detailed risk reports is a key feature of any risk management application. However, many older programs only offer a limited number of the types of graphical reports available.
Why settle for standard line graphs and basic histograms when your risk application could be producing advanced S-curve comparison reports and automated sensitivity reports, letting you calculate the precise impact of mitigating risks in real-time?
Detailed reports allow you to gain a higher level of visibility over your project status, empowering you to make smarter, more informed critical decisions. It's therefore crucial that your risk management application is up to the task.
4. Cost Risk and Schedule Risk Calculated Separately
In today's saturated risk-management-tool marketplace, the majority of risk applications separate cost risk and schedule risk analysis. This limits your ability to gain a 360 degree overview without the busywork of 'translating' cost data into a format your schedule can interpret.
Modern risk applications can combine these two facets of risk analysis into one platform, saving you significant time and money while giving you a better understanding of the risks facing your project.
This also means that a full project life cycle can be managed starting at the budget level, before a schedule has even been put in place – again giving you greater insight into project risk.
Summary
To avoid project delays, unexpected costs, and upsetting your stakeholders, making use of robust, modern risk analysis software is a must.
Is your risk application up to the task?
Try a 30 day free trial of Safran Risk today to see for yourself how up-to-date risk software can take your project management process to the next level.
Or, if you'd like to watch a video to learn how integrated project controls company, ProjCon, utilized the unique features of Safran Risk when working on a large-scale rail project, click below.
