The project manager is effectively responsible for planning, executing, monitoring, controlling and closing a project successfully on time and on budget. In order to achieve this, they must have insight into the project’s position at any point in time, which can be difficult to achieve through traditional methods. This leads the way for discussing the benefits of using a project management software solution.
Project management software enables project managers to control all important aspects of the project centrally. This means they have total real-time visibility at any stage. Project management software tools, especially those targeting enterprise-level organizations tend to be versatile in allowing individual organizations to tailor them specifically to their needs or current processes and methodologies.
What are the benefits of using Project Management Software?
When managing a project, it can prove difficult to keep the team included in all updates, which would in turn reduce confusion that may develop. Project management software solutions allow information sharing across the team, which will keep each member up to date with all information. When all information is readily available, dealing with issues is much simpler and time-efficient, which is important when delivering projects under time and budget constraints. Collaboration also makes it easier to assign multiple team members to a particular task.
Similar to information sharing, documentation must also be readily available across all members of the team. If project management software is not currently being used, documentation is likely to be shared via email, creating uncertainty as to which email contains the final document, if any. Project management software allows documentation to be uploaded to a centralised location where older versions can be replaced with the most up to date so the entire team on that particular project are using the one document.
Managing resources effectively is an important yet difficult role for any project manager. They must match their available resources to the appropriate element of the project to achieve the best overall results. Many project management tools will have a resource planner built-in allowing the PM to assign resources to particular tasks and track progress. If you require a person with a particular skill at any stage of the project, you can request this through the resource planner as well as see when they are available.
Reports and dashboards give the ability to show the progress of the project at any particular snapshot in time. This allows the progress to be analysed easily by any person authorised to view the reports without diving deep into the detailed information. Reports and dashboards are of particular benefit to C-Level executives, as it allows them to see the information they need visually at a top-level view.
Manage Budget and Timeline:
Keeping within the assigned budget for any project is critical and can prove very difficult without the right tools. Project management software will enable better accuracy with regard to project budgets and timelines as all information is real-time and accurate. Budget and timeline are interlinked as an impact on one can have a ripple effect on the other. PM software tools allow budget management to compare planned budgets against actual on an ongoing basis. They often offer the opportunity to link up to the company’s financial software to automatically update the actual budget of a project.
Informed Decision Making
Utilising project management software within an organisation will mean all information required for decision making on any particular project, program or portfolio will be readily available allowing quick, informed, accurate and reactive decisions to be made.