I say definitely!
Not only it is wise to invest in project management, it is nowadays stupid not to.
Projects are not as simple as before, and project management needs to be adopted by companies to ensure that the work is coordinated by those doing the work, and the right requirements are passed from the stakeholders/the client to the project team.
Yes, companies will incur an overhead if they adopt PM, but the overhead scales to the size of the company, so, for small companies, the overhead will be small and affordable, and for large companies, the overhead will be large, but still affordable.
Larger companies require a PMO to enforce project management standards and to ensure that project managers are following the company guidelines to manage their projects, small companies that only have one or two project managers do not need this overhead.
Now that I have explained why it's smart to invest in project management, let me explain to you why it's stupid not to:
- There will be no one responsible for the project.
- Knowing the status of the project will be a joke (every single person involved in the project will give you a different project status).
- A lot of work will be done twice by different people (because each one of them wasn't aware that someone else was working on the same task), additionally, a lot of work will be redone because there is no one to coordinate the work between team members.
- Team members will spend more time doing things that they don't have to do (such as reporting) instead of doing their actual work.
- There will be information redundancy (reports with more or less the same content will be sent by the project team to the project stakeholders).
- The client will be completely disconnected from his project.
- Scope creep, gold plating, and other PM "vices" will be the norm rather than the exception.
It does get pretty messy without project management.