Key Benefits of Using Project Management Software

Project management involves managing and organizing everything that will be needed to achieve a goal. However, large plans are often difficult to manage because of their large size. Therefore, project management software and methods have been developed to make it easier to organize and implement the plan.

But many projects are markedly different from each other, which means using one universal method for everything will not work. For this reason, different project management software has been developed. In addition, most large organizations are moving to a project-based business model.

If you want to achieve effective teamwork, you need project management software that allows you to collaborate, plan and share the results of your work with tools for scheduling, task, team, time, or workload management. There is a lot of such effective software on the market right now and today we will explore the key benefits of using project management software.

For What Project Management Software Is Needed?

Any project management software implies the presence of certain goals and objectives. The goals of project management software are:

• To increase the effectiveness of the employees in working with projects.
• To improve the quality of project management by project managers.
• To increase the efficiency of the organization’s general portfolio management (more projects are implemented with fewer expenses for a definite period).

And among the tasks of project management software, it is possible to single out the following:

• Providing project participants with simple and effective tools to complete tasks and access any information they may need.
• Providing project managers with tools to plan projects and monitor their execution.
• Providing tools for supervisors to control employee workloads on assignments within and outside of projects.
• Providing information for the heads of departments to make decisions on assigning new projects to employees and on the reallocation of workload among them.
• Providing project managers with a uniform dashboard for all projects that include the ability to analyze deviations and make managerial decisions.

The specifics of project management processes in each case have a direct impact on the requirements for the functionality of project management software.

What Kind Of Project Management Software Exists?

Based on the technical characteristics, project management software can be:

• Local/desktop (Microsoft Project).
• Client-server with the installation of the main software components and applications on the local computer (Oracle Primavera).
• Web-based that need only Internet access for work (ServiceNow Project Portfolio Management Platform).

At present, the project management software is predominantly web-based. It differs in two basic parameters:

• The place where the software is installed (it can be either the organization’s server or the cloud).
• Pricing model (the system can be either purchased or involve rental payment).

There is a great amount of completely or partially free project management software on the market. The most inexpensive software is beneficial for small organizations focused on small businesses. The functionality of such systems includes the ability to manage tasks, keep lists, etc. When it comes to medium or large businesses, their representatives try to store data on their servers or data centers leased, i.e. they use more expensive project management software.

What Are The Key Benefits of Using Project Management Software?

The benefits of using a management software for projects primarily involve a return on investment. Costs on implementation and use of project management software are repaid due to the fact that project activities become more effective – the efficiency of operations with finances, resources, and terms increases. Calculating ROI is simple: the financial and timing characteristics of projects are applied to the benefits that are expected from implementing the system.

So, any organization can gain the following benefits from using enterprise project management software:

• Reduced time spent by project managers and project offices. The time spent gathering information and generating reports is significantly reduced, allowing them to focus on higher priority tasks. The manager does not have to deal with routine work (collecting information, creating reports) manually.
• Reduced number of projects that do not fit the organization’s strategy. Eliminating unnecessary or inappropriate projects reduces the cost of the overall project portfolio. Easier tracking of projects that don’t fit the organization’s strategy also provides a reduction in the costs of the firm.
• Reduced number of failed projects. Proper and effective project monitoring tools and a special methodology introduced give the project office an opportunity to reduce the number of projects that fall behind the budget and deadlines or fail to achieve the expected results.
• Increased efficiency of resource management. Through a better distribution of resources and control of the employees’ workload, it is possible to use the resources with maximum efficiency. Increased efficiency in the application of resources is achieved thanks to proper resource allocation.
• Reduced cost overruns. It is ensured by controlling all expenditures. Having a plan also has a favorable effect on the amount of spending. So through strategic planning and strong cost control, unnecessary financial expenditures are avoided.
• Reducing the number of projects executed with poor quality. This is achieved by controlling deadlines and current tasks. A manager gets an opportunity to monitor the quality of tasks.
• Interaction with project participants in real-time. If an employee encounters a particular problem, he or she can immediately contact another employee.
• Simplification of document management. Almost any software has a workflow function that allows you to edit information and update it instantly.
• Facilitation of risk management and forecasts. The software helps to define risks in time, to build forecasts in relation to the success of the project completion.

Project management software is characterized by maximum ease of use. This simplicity is necessary so that each employee can easily understand the work of the software. Special training is not required.

Proper Implementation Of The Project Management Software

Project management software implementation is a separate project that needs a plan. It can be divided into the following stages:

1. Project initiation. At this stage, the project manager for implementation is appointed, a working group is formed. An action plan is drawn up. It specifies in which departments the system will be implemented as well as what functions will be included.
2. Getting the results. After the project is implemented, you should start working with it immediately. Quick positive results will help convince the manager that the introduction of the system was the right decision.
3. Work on the pilot project. The main tasks of this stage: the creation of a unified register of projects, storage of related documentation, and automation of document management.

The project management software is simple in use and therefore does not require the organization of additional training courses.

Key Takeaways

The project management software is chosen depending on the specific needs of the organization. You should determine the functions and tools of the software that you will definitely need and only decide. The software should provide:

• Basic functionality and the possibility of its gradual improvement.
• Fast start of all basic processes. The approximate time of start is 1-2 weeks.
• Ease of use. It should be easy to learn how to work with the software.
• User-friendly interface.

The system must be flexible enough: it must be able to reconfigure, adjust, and improve according to current tasks. The key benefits of using project management software are:

• Improved planning and scheduling.
• Better collaboration.
• Effective task delegation.
• Easier file access and sharing.
• Easier integration of new members.
• Effective risk mitigation.
• Ease budget management.
• Enhanced productivity.
• Remote collaboration.

There is no one-size-fits-all project management software. It may be different for each company and individual tasks. Therefore it is necessary to choose software taking into account all nuances.