Why is Project Management Software Important for Your Business? by Arundhati S T T T T Join 9K+ Subscribers August 23, 2022April 16, 2023 All businesses manage multiple projects simultaneously and have different team members working on them. The timely completion of a project depends largely on how well it is managed. Keeping all team members informed about the progress of the project is a huge task in itself. That is where project management software comes in. It helps in eliminating the hurdles associated with handling a project when a team is working together. Let’s check out what this software is and why it is important for your business. ContentsContact Us Contents What Is Project Management Software?Why is Project Management Software important for your business?Ease of useWell-Organized WorkflowTeam CollaborationSecurityCost TrackingReporting CapabilitiesRisk ManagementHow to Select Project Management Software for Your Team?Software FeaturesUser-friendly interfacePocket-friendlinessConclusion What Is Project Management Software? A Project Management Software or PMS is a solution that makes it easy for teams to collaborate on projects. It helps in planning, organizing, developing resource estimates, managing resource tools, and allocating resources for the project. Project managers can assign the tasks and define the responsibilities of all team members. At the same time, the members can keep a track of the stage at which the project is. So, Project Management Software allows a smooth flow of information between everyone involved in a project. Why is Project Management Software important for your business? Proper planning and efficient communication between the team members leads to your project’s success. Project Management Software helps you do that and much more. Let’s find out how a PMS is important for your business: Never miss an update from us. Join 5000k+ marketers and leaders. Join for free Ease of use As a project manager, you need to keep a track of all your ongoing projects and the activities carried out by different members. Doing it without management software becomes extremely time-consuming. You will have to use spreadsheets, emails, notepads, and many more tools for manually managing a project. All your project files will also be scattered around different places. It becomes difficult to manage everything when you are working on multiple projects. Project Management Software makes it very easy to handle different projects at the same time. It brings in efficiency and keeps everything in a single place for easier access at all times. Well-Organized Workflow The biggest obstacle in achieving a project’s deadline lies in the unorganized workflow. When handling it manually, a team member might not know when to start working on the project, thereby leading to delays. On the other hand, Project Management Software provides a clear picture of the project’s progress to each of its members. Everyone knows when to begin working on a specific project. Such a well-organized workflow leads to the timely completion of the project. Team Collaboration Big business projects are often divided into smaller parts to achieve the goals easily. Such smaller tasks are then assigned to different employees according to their efficiencies. But this collaboration becomes extremely difficult when managing a project manually. But with Project Management Software, teams can easily collaborate on different projects. Employees can discuss the tasks involved in finishing the project, the dependencies of these tasks, and their timelines. Every project member knows his duty and the deadline to complete it because of improved team collaboration. Security With manual project management, your task files are shared through mediums that might not be secure enough. However, specialized Project Management Software, like Orangescrum, comes with stability, security, and professional support. When you install a PMS with a shared host, you risk the security of your project files. A shared server has hundreds of users, including the ones carrying out shady activities. So, you won’t be able to protect your account even if the host servers are bulletproof! It is, therefore, recommended to choose self-hosted software for managing your project for better security. Cost Tracking The success of any business depends on efficient project budgeting. But when you are keeping a track of your project costs manually, you might accidentally skip an expense and go over the budget. Moreover, it is too time-consuming to maintain and manage spreadsheets for different business projects simultaneously. That is why Project Management Software is important to track your project costs. From the budget planning stage to the final delivery of the project, you get to keep a record of every little expense without missing out on anything. Additionally, it is easy to compare the planned and actual costs of a project. You can find out the money-leaking spots and the high-earning points for your business. Reporting Capabilities Efficiently tracking the progress of each of your projects contributes to the long-term success of your business. It becomes extremely difficult and inefficient to manually keep a track of all the ongoing projects and the activities of different employees involved in them. But Project Management Software makes it super-easy to do this job. The reporting mechanism of a dedicated software solution allows you to make the right decisions at the right time. You will have all the details and reports related to the project (and the related small tasks) in a single place. Daily time registrations help you monitor the project stage quickly even when you are managing multiple projects simultaneously. Risk Management There is a risk of failure in every project. A project manager has to prevent the occurrence of such risks and take his project towards success. With manual management, you might not be able to foresee the risks associated with each of your projects. But with the use of Project Management Software, you can identify all types of risks in advance. Whether the risk is related to the cost of the project or its deadline, dedicated software leads to early risk detection. It, therefore, allows you to deploy risk mitigation techniques by making you aware of the whole situation well before time. How to Select Project Management Software for Your Team? You just got to know the importance of Project Management Software for your business. But there are so many management tools available in the market. How to choose the software that fits well with your needs? Let’s find out: Software Features Different Project Management Software comes with different features. From simple collaborative tools to advanced solutions, you will find suitable software for every business. But before looking at the features of tools available in the market, it is extremely essential to determine your business requirements. Consider the number of employees working on different tasks, the size of different projects, and the goals you want to achieve with a dedicated project management solution. Consider whether you are looking for a solution to remain organized with your projects or want proper budgeting and breakdown of every little thing. Once you are aware of your purpose to choose a PMS, look at the features offered by different tools. Select the one that covers all the aspects related to your business requirements. User-friendly interface One of the most important functions of Project Management Software is to make project handling easier. And it is impossible with a complicated user interface. So when you are selecting a solution for your business, look for a simple dashboard that does not overwhelm your employees. The project team members have to use the software daily and it should improve their efficiency instead of declining it. If possible, look for a management solution that is flexible and can be customized as per your projects. It must improve your team’s productivity and be a good mix of simple and powerful! Pocket-friendliness When selecting a Project Management Software, it’s essential to consider not only its user-friendliness and robust features but also whether it aligns with your budget. You should evaluate the amount your business is currently willing to invest monthly and limit your search to tools that fall within that budget range. By doing so, you can ensure that you’re making a financially sound decision for your business. You will find a wide variety of software ranging from free open-source tools to dedicated solutions that cost hundreds of dollars. Free and cheap tools have limited features while the costlier ones offer some of the most advanced functions. So you can choose a project management solution depending on the current level of business. Apart from the upfront expenses involved, you must also consider the cost-effectiveness of the software. Since a PMS aims to improve your productivity, look for a tool that will pay for itself in the long run. It must be able to save your time and help you finish more projects, thereby increasing your business income. Conclusion Good Project Management Software ensures the success of your projects while making your work easier. You can give a boost to your business operations by using dedicated management software. Choosing the one that aligns with your business needs is the key to the timely completion of your future projects. Join 10,000+ Project Managers Who Manage Their Work Using Orangescrum Sign Up – It’s Free! It is recommended to use the free version of the tool you like before paying for it. Getting a review from your team would even be a better option. So, choose the free trial of Project Management Software, like Orangescrum, and see if your employees are comfortable working on it. Pay for it only when they give you a green signal because, after all, they are the ones who will be using the tool daily! So, which management tool are you planning to use for your business?