For growing businesses, having a tool which helps business leaders and team players to manage their time, budget, and tasks is an absolute necessity. Setting goals, managing tasks, and accomplishing them takes a lot of time and effort. However, this can be easily done with the help of project management software.

Most businesses today across different industries are now using online project management software to help them manage their businesses more effectively. There are many available options in choosing the right tool which works best for you and for your business. If this is your first time, finding the right and the best software is your main dilemma now.

This article will help you fully understand the functions of project management software and how to find the right tool for you.

What Is Project Management Software?

Project management software is a system that basically helps business owners, managers, and team leaders keep track of their tasks. This tool is used for planning, collaboration, documentation, budget management, and other more functions. It is used to manage and complete tasks more efficiently.

Uses of Project Management Software

Businesses that are not utilizing a software program are more likely to encounter complications in accomplishing their projects. Being organized in everything entails that all tasks are being managed efficiently. This will ensure an accurate and profitable end results. Here are some more reasons why your business needs to start utilizing project management software:

Team Collaboration

Project management solutions are designed for the purpose of improving team collaboration. Managing a big project with more people involved in it can be quite challenging. A software program helps simplify team collaboration and ensures that every team player is on the same page. This reduces time lost and optimizes the sharing of important information needed to get things done. 

Sample features include:

• File sharing. This allows team members to share documents, calendars, contacts, and other important details to other team members. This quick access feature helps members to obtain important files anytime they needed it.

• Team communication. Some software tools have built-in messengers that allow members to chat with each other for urgent questions and inquiries.

• Team dashboard. Dashboards are where team activities and project processes and progress are usually posted. This allows you to keep on track with projects you are working on and help you be more organized with multiple projects.

Project Planning and Scheduling

Business leaders and managers truly understand that planning and scheduling is the most arduous and time-consuming process in managing projects. Productivity decreases when team members are confused and unsure of what task should be done and prioritized. But it does not have to be this way. Utilizing a software program outlines tasks and prevents misunderstandings by setting up priorities and managing overlapping schedules more effectively.

Resource Management

Another good use of project management software is having balanced resource management. No business should underestimate resource planning as it encourages healthier standards of work. Project management software has the best features in spotting constraints. It also provides visibility on the required costs and its usage accordingly. With this, it helps you keep track of the existing resources and avoid shortage of resources as well.

Budget Management

Setting the budget is one of the most important items in managing your business project. The goal is to keep the actual cost lower than the estimated cost. With the help of project management tools, you can control the budget from the initial statement to its final delivery. Some features include time tracking, budget report, budget dashboard, automated invoicing, and other more.

Document Management

To attain long-term success, businesses should always keep track of their project’s progress. Unlike with the traditional pen and paper way of documentation, project management software is a much more accurate way of documentation. Its features also include central data storage which is an all-in-one place for storing important data information.

Types of Project Management Software

After knowing all the important features and uses of project management software, scrutinizing the different types of it comes next. To pick the best type of software that your business requires and need, you need to know its several variants.

• Web-Based Project Management Software

Most businesses around the globe and across various industries use online project management tools. This type of project management software can be run primarily through a web browser.

• On-Premise Project Management Software

This type of software is usually installed locally on your company’s servers and managed by the company’s IT employees. Most often, this type is a one-time purchase software that can be upgraded for additional features and premium offers.

• Integrated or Specialized Software

Project management software can be classified as an integrated or specialized tool. A specialized tool specializes in one particular capacity such as task management. While integrated software works with various functions such as Gantt charting, task managing, time tracking, and other more. Depending on what your business needs, you can either choose which one truly fits for your business.

Buying Considerations

In finding the best project management software for you, there are few considerations you need to examine. While there are businesses, especially small and medium-sized which still use pen and paper for managing their projects, acquiring a PM software gives you an advantage.

• User Counts

This is one of the important considerations you need to carefully examine before acquiring program software. You need to carefully consider who among your team should be given access to edit and set tasks. Knowing the allowed user counts allows you to find the balance on your team, providing everyone the needed control for their tasks.

• Price Options

Another important consideration that should not be overlooked is the price. Free or low-priced software often attract small or even medium-sized businesses. However, most of those free or low-priced options provide limited functions and features. As your business grows, additional features are needed to effectively and efficiently manage various projects.

• Visualisations

Whether it’s a Kanban board, a Gantt chart, or other custom visualisations, project software should include at least one form of data visualisation. This feature will allow you to have a clearer overview of your project’s progress and for easier data reporting.

• Integrations

Finding the best software for your business, you should make sure that it includes proper integration. Software integration is needed for automated data transfers and sharing among team members. It also allows members to communicate easily which speeds up the internal process.

• Time-tracking

Another consideration you should take before purchasing a project management tool is to ensure its time-tracking feature. This feature is important to track workloads, employee hours, and billable time spent on certain projects.

The Bottomline

In finding the best project management software that best fits your business, few considerations are needed. It is not an easy decision. Businesses planning to make a shift from the traditional way of handling a project to a more automated system needs careful deliberation. With various options available in the market today, it is crucial to pick the best one. Take your time and test all potential software before making a final decision.