How can organizations justify investing in portfolio project management software

In today’s business environment Project Management should be the spinal column of any company as it not only turns ideas into a reachable project, product or service; it also plays a significant role in the solid construction of the future of the company. PM is suitable for any company size or business characteristics.

On one hand Project Management helps keeping everybody on track and has accessible all the information required to move forward as the teams develop their different tasks and are immersed in their daily duties. On the other hand it links the different teams and stages of each project and helps communication and work transparency both horizontally and vertically.

Leaving business characteristics aside as these will vary from one to another, truth being told any firm will use a lot of time and resources (both human and economic) into planning, executing and managing projects. There’s a wide range of project management software available and what’s to keep in mind is that this software gives businesses the ability to be connected in real time to the evolution of the projects and the company contributing to a faster and more aware decision making.

Here you have a few reasons why you should be investing in this kind of software for your company:


All information in one place

It is probably one of the key benefits of this kind of tool. All the information about each project it’s clear, accessible and updatable in one platform allowing work teams and managers to rely all on the same source.

This centralization system makes it also easier to safeguard more sensitive information as this will only be accessible in one point. This action makes information monitoring and controlling easier using IT security tools.

You can assign different roles and permissions depending on staff level of responsibility and use the software to audit all activity more often and with real time data.


Reduces misused time

Taking in consideration that all the relevant information is accessible and centralized, project teams should not require more meetings or email exchanges than necessary. This automatically saves a considerable amount of time that is normally misused. Despite that with project management software you will be able to automate schedules, assign resources or tasks, control budgets, check the progress and updates. It will also reduce manual workarounds which are frequently a point of errors or additional work that can cost among other things money or customers.


Collaboration and communications in Real-time

Good communication and collaboration is an important part of nearly everything we do. Developing projects is no different and to be able to take the right decision at the right pace you’ll have to heavily rely on both communication and collaboration. PM software gives managers access at any time to the important information required to make the right choices effectively.

Either decision-makers or project teams can collaborate with each other in real time and communicate either internally or externally in a safe environment. This allows every person or team involved to move through the process at the same time and ensures that everybody is always on the right page the whole process.


More Agile and efficient use of the Resources

Any firm chases the best way to maximize resources and reduce cost. For the great majority of companies human and economic resources are limited and stretching and optimizing these often becomes not only a key factor but also in many cases the difference between moving ahead or the absolute failure.

The day to day tasks are affected by project development especially new projects nevertheless staff is expected to keep pace with their regular work routines adding new project tasks to it. Project Management software automates processes and workflows. This will get projects completed faster which means the services or products will go to market quicker.

Thanks to this tool, teams can work smarter and spend their time focusing on what they really have to do and worry less about administrative requirements and how to get stuff done. Being able to focus and be more agile makes a major difference to any company that wants to be a step ahead of its competitors because it will deliver faster and better customer service, a key factor for any business to succeed.


Task controlling

Tasks, as smaller as they can be, cannot be overlooked.

Any project requires tasks to exist and become the final result of itself. In other words, tasks are the small steps that link one point to another and will turn the initial idea into the final product of the project. Listing, organizing, scheduling and assigning tasks can be exhausting, very time consuming and a process that is in constant repeat as projects progress. Therefore it is important to monitor the evolution of each task so managers can adjust them to the project’s needs.

PM software gives you a clear and dynamic overview of each task and its status making it an essential tool for any management team that wants their projects to evolve conveniently.

If you just glance at it you must be aware that it is easy to fall into the idea that your company does not need this kind of software. But as you can see, having a project management software it’s way more beneficial than it may look.

No modern business should fear investing in this tool as it will save you money, time and resources. Not only that, it also helps keep your company organized and working efficiently as it is capable of managing projects simultaneously. With all the above combined in mind it would be fair to say that a PM software is necessary for any business that wants to succeed and move forward successfully.