When we think about creating a collaborative and efficient digital workplace, task and project management solutions can often be the answer to a lot of common problems.
Whether a large corporation or small business, project teams are likely to have goals that need to be achieved within a certain period of time. In order to reach these objectives, teams must put in place effective ways of managing projects. Project management tools make this process much more streamlined by simplifying time management and team collaboration, making it easier for staff to handle multiple projects and make informed decisions.
Before we take a deeper look into the benefits of project management software, let’s first fully understand what it’s used for:
What is project management software used for?
A simple definition of a project management tool is that it is a specialised piece of software that improves productivity by streamlining all aspects of project planning. Usually in the form of a multi-user cloud based platform, this type of software can be used to assign tasks through task management features, as well as connect project stakeholders to the relevant information, and track the implementation, progress, and completion of a project.
Project management refers to the process of systemising the scope, budget, and time management of a particular project. Understanding the project requirements, resource allocation, and the time and money required is key, but getting these project tasks to work seamlessly together can be a challenge.
This is where the benefits of project management software really shine. Created to help organisations with project planning, time tracking, and monitoring project progress, project and task management tools are an important part of a company’s digital transformation strategy. Proven to be a cost-effective investment, the benefits of project management software can save businesses thousands each year that would otherwise be lost by mediocre project performance.
Why is project management software important?
One of the main benefits of project management software is that it saves teams from juggling multiple tasks alongside more important priorities. Instead, what most project management solutions aim to do is give back more time to focus on core operations.
The benefits of project management software
Project dashboards provide a single source of truth
When managing a large project, individual tasks are often allocated within the team, however it can be difficult to keep everyone on the same page once they have started to work towards their individual objectives. Project management software can serve as a single resource to optimise document sharing, status updates, time management, as well as overall employee engagement through a shared dashboard.
Without such a system in place, scheduling can also prove to be a more difficult task than expected, often because there is not an established guideline on what should be accomplished by who and when. Good project management software can offer a number of solutions to this, making visible task priorities through a shared team calendar or by simply providing an overview of each team member’s booked tasks and hours.
Project management software increases visibility
Another way that project management tools can help boost productivity is through resource management, ensuring that all the materials needed for a project are accounted for and that proper operation is taking place. By outlining the resources that will be used during a project and when they will be needed, project and task management software ensures that all team members are up to date and that the cost of usage is managed properly.
Project management software helps you budget properly
Budgeting during a project can be difficult, especially when factoring in variables like contingencies or profit. For project managers, the goal is always to keep costs below, or at least consistent with estimates in order to maximise profit. The complexity of this task often means that a spreadsheet is simply inefficient.
Instead, more businesses are opting for effective project management software that can not only help to create budget reports, but also document the time spent on tasks, provide a dashboard that displays KPIs and graphs, and send automatic reminders for due invoices.
Project management software improves document sharing
Documentation of a team project’s process is a fundamental part of a successful outcome and many businesses have swapped their spreadsheets for a more streamlined system of handling business operations and financial analysis.
With project management software, all data, including expenses, calendar events, planned tasks, etc, are kept in one place for easy viewing and retrieval. This eliminates the lengthy process of having to switch between multiple spreadsheets and makes insight reporting an easy task; teams can easily monitor progress and identify problems as they occur using key metrics.
What are the types of project management software available?
Some project management software can be locally installed within a company intranet. This means that team members can access their project management tools within the same digital workplace they use everyday.
Project management solutions can also be hosted on cloud servers, allowing users and clients to access projects through web browsers.
For smaller projects, individual project management software can be installed. These are usually smaller apps that are simple and straightforward, with fewer features than their larger counterparts.
This type of project management software allows its end user to add to an existing application. This can be ideal for teams who have an existing system in place that they like, but are simply looking for an add-on that is suited to the particular project they are working on.