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Written by: Mike Kuhl
The Importance of Project Intake Forms
An organization’s ability to effectively prioritize project initiatives is key to a competitive advantage and success. With each new project vying for attention and resources, organizations must implement robust systems to ensure that the most critical projects receive the necessary focus.
One such digital transformation that has gained prominence in recent years is the Project Intake Form (PIF). This article explores the significance of project prioritization and delves into how each project request can be systemized to enable better decision-making and resource allocation aligned with strategic objectives.
What is a Project Intake Form?
At its core, a Project Intake Form serves as the entry point for a potential project within an organization. This request form acts as a pre-configured, standardized template designed to capture relevant information about each project request, facilitating targeted and informed decision-making and resource allocation.
The typical Project Intake Form encompasses a range of questions aimed at clarifying project scope, objectives, stakeholders, timelines, and resource requirements.
For this purpose, it must be possible for the organization to easily customize the Project Intake Form, not only for generalized organizational requirements but also for specific investment reasons. As an example, the Project Intake Form should collect different data for Growth initiatives compared to Environmental initiatives as the organizational drivers and evaluation criteria for each are different.
The Components of a Project Intake Form
A well-crafted Project Intake Form comprises several essential components geared towards comprehensive project evaluation. These may include sections dedicated to project name and description, project team, objectives, deliverables, stakeholders, budgetary considerations, and risk assessments.
The language employed should be user-friendly and easily customizable to accommodate the diverse needs of various projects and stakeholders. The form should incorporate consistent elements to facilitate classification and analysis, and dynamic form fields that allow for customization based on project requirements.
An example of a digital project intake form is presented below. Not how relevant information is collected through a guided ‘wizard’ procedure, whereby subsequent sections can be dynamically rendered based on prior responses.
The Benefits of Using Project Intake Forms
The adoption of Project Intake Forms offers numerous benefits for organizations seeking to enhance their project management processes.
Consistent Classification and Comparison of Candidate Projects
Firstly, it needs to standardize the submission of project requests by investment reason, ensuring consistency and completeness of similar project information. An organization would not try and compare Growth projects with HSE projects meaning that the form must be able to treat each investment reason separately and be easily customizable by the organization to facilitate the unique characteristics and requirements of the different investment reasons. This facilitates efficient capture and tracking of project details – enhancing visibility and accountability.
Accessibility and Analysis
Moreover, centralizing project-related data within a unified platform enables stakeholders to access pertinent information easily.
Workflow Management
With automated workflow routing, and monitoring and tracking communications related to project requests, organizations can ensure timely follow-ups and resolution of issues.
Advantages of a Digitalized Project Intake Form
Comparing traditional methods, such as Excel spreadsheets, to modern Project Intake Forms underscores the significant advancements in project management practices. While Excel may suffice for basic data storage and analysis, it lacks the sophistication and functionality offered by dedicated digital request forms. Traditional methods often suffer from limitations such as version control issues, lack of automation, and difficulty in collaboration.
To illustrate the advantages of digitalized Project Intake Forms, consider two scenarios:
- Where project requests are managed using an Excel spreadsheet.
- Where a digital Project Intake Form is employed.
Whereas spreadsheet templates can be easily manipulated, digital Project Intake Forms ensure consistency of data collection and calculation. Whereas data in spreadsheets are dispersed, and require manual extraction for analysis, digital Project Intake Forms provide a single source of truth. Whereas many versions of a spreadsheet are often emailed around, digital forms present reliable data to approvers, and all adjustments are easily traced.
In contrast to spreadsheets, digital Project Intake Forms will enable organizations to improve efficiency, transparency, and decision-making capabilities, ultimately driving better project selection and improved return on investment
8 Reasons Why Project Intake Forms Improve Your Project Portfolio
1. Financial Impact Analysis
Project Intake Forms offer a structured framework to conduct a comprehensive Financial Impact Analysis. By incorporating dedicated sections within these forms for detailed financial estimates, such as initial investment, ongoing operational costs, expected returns, and potential risks, finance managers can evaluate the economic feasibility of each project.
This thorough analysis enables better business decisions regarding resource allocation and budget approval. The integration of financial considerations into the project intake process not only enhances the accuracy of financial planning but also strengthens the organization’s ability to prioritize capital projects that align with strategic objectives and promise optimal returns on investment.
2. Aligning Project Goals to Organizational Goals
Finance managers shoulder the responsibility of safeguarding the alignment between proposed projects and the overarching strategic objectives of the organization.
Organizational strategic objectives are unique to each organization. Each area or department within the organization will also have specific goals and objectives in support of the overall strategy. For example, the sales department will align to different objectives (likely sales-related) than the production plant (likely cost-related). This means that, although the Project Intake Form is structured, it is imperative that the elements contained in the form are customizable to suite the organization’s needs.
Project Intake Forms can be tailored to include specialized fields designed explicitly for capturing the strategic alignment of each project proposal. This strategic assessment may encompass critical aspects such as evaluating capital project goals to revenue growth, potential cost reduction measures, or its adherence to regulatory requirements. By having these criteria in place, finance managers can understand how each project integrates into the broader strategic framework. This not only aids in prioritization but also ensures that resources are directed towards initiatives that not only meet immediate needs but also propel the organization towards its long-term strategic goals.
3. Strategic Risk Management
These dynamic forms are designed not only to capture the project proposal but also to integrate comprehensive risk-based demand management mechanisms. With dedicated sections tailored for risk assessment, Project Intake Forms provide relevant information to identify potential financial hazards intertwined with each project request. In the following point we are considering an example that has been customized for production impact.
4. Budgetary Considerations and Resource Allocation
Project Intake Forms capture the budget associated with each new project proposal, from initial investment to operational costs and potential returns. Armed with this knowledge, finance and project managers can strategically allocate resources, ensuring that capital projects with the highest financial impact receive the requisite funding and appropriate resource allocation.
5. Return on Investment (ROI) Evaluation
By incorporating dedicated sections in Project Intake Forms for financial estimates, finance managers are able to view the expected ROI, payback period, NPV (and most other relevant KPI’s if selected) enabling them to prioritize initiatives with the highest projected returns in relation to the KPI’s that are important to the organization. A systematic approach to evaluating ROI, payback and other KPI’s, objectively guides managers towards investments that align with organizational goals and contribute significantly to overall organizational success.
6. Integration with Financial Systems
The seamless integration of Project Intake Forms with financial systems and tools eliminates data silos, creating a holistic view that fosters informed decision-making and strategic financial planning and analysis. This compatibility ensures that data collected through the forms can be a single source of truth, enhancing the accuracy and efficiency of financial analysis conducted by finance managers. This synergy streamlines the flow of project information, allowing for a real-time understanding of the financial implications of all types of projects.
For example, the outcome of a project approval of the digital project intake form should be the automatic creation of a corresponding project code in the financial system, such as SAP S/4HANA, Oracle Financials or Microsoft Dynamics. In addition to creating the project code itself, the approved budget should be updated in the financial system to allow for ongoing monitoring and control.
7. Change Management for Finance and Project Management Teams
Digital Project Intake Forms will have a transformative impact on end-users that will require careful change management. The shift from conventional approaches to digital forms necessitates a fundamental change in mindset and workflow.
Finance and project managers should collaborate to guide their teams through this evolution, emphasizing the substantial benefits of enhanced efficiency, accuracy, and collaboration in financial planning and project analysis. Their joint efforts in executing effective change management will ensure a seamless adoption process, positioning both teams to harness the full potential of Project Intake Forms.
This strategic transition empowers finance and project teams to contribute proactively to the organization’s overall success, aligning financial planning with project management objectives.
8. Reporting and Analytics for Finance Decision-Making
Project Intake Forms serve as catalysts for enhanced reporting and analytics in financial decision-making. Finance managers can harness the data collected in these forms to generate customized reports, offering insights into project financials, resource utilization, and overall project portfolio performance. This analytical depth aids in strategic decision-making, empowering finance managers to fine-tune financial strategies, allocate resources optimally, and navigate the complexities of project prioritization with a data-driven approach.
Effective Project Prioritization and Project Selection with Digital Project Intake Forms
This article outlines how Project Intake Forms are a pivotal tool in modern financial and project management, offering standardization of requests, streamlined information capture, and heightened visibility. These dynamic forms contribute significantly to project prioritization, fostering success in a competitive landscape. Embracing the shift from static to dynamic forms marks not just an evolution but a revolutionary change in project management practices.
Considering finance benefits, Project Intake Forms facilitate a comprehensive Financial Impact Analysis, align project goals with organizational objectives, enable strategic risk management, optimize budgetary considerations, and enhance return on investment (ROI) evaluation. Their integration with financial systems ensures a holistic view for informed decision-making.
As organizations implement digital Project Intake Forms, addressing change management becomes essential for a successful transition. Collaborative efforts from finance and project managers are crucial in guiding teams through this change, emphasizing the efficiency, accuracy, and collaboration benefits of Project Intake Forms.
The next steps involve implementing Project Intake Forms with a strategic focus on leveraging their advantages for enhanced reporting and analytics in financial decision-making. This data-driven approach enables finance managers to fine-tune financial strategies, allocate resources optimally, and navigate project prioritization complexities. By embracing digital Project Intake Forms, organizations position themselves for strategic success.
