This guide outlines the benefits of implementing project management software into your business.
If the pandemic has taught us anything, it is that anything can happen and at the snap of a finger the world can be turned upside down. Unfortunately, unexpected market shaking events are only set to increase in frequency. One way organisations can prepare themselves for a constantly changing environment is by utilising effective project management software.
Project management software has become increasingly popular as software has become increasingly accessible, flexible and cost-effective. Research from Capterra shows that over two-thirds of companies are communicating with their clients through project management software. But organisations are tapping into project management software for more than communication. Research from PwC shows that 73% of business leaders are turning to project management software for improved reliability, ease of use and ease of integration with other programs and activities.
Benefits of project management software
Let’s dive a bit deeper into the different benefits of effective project management software, particularly during increasingly turbulent and uncertain times, outlining project management aspects.
Among the potential benefits of project management software is the opportunity for improved collaboration through integration with communication platforms. For instance, using MS Teams admin center for management allows project teams to have all their resources in one place.
By seamlessly interfacing with project management tools, team members can easily share updates, discuss issues, and collaborate on tasks without switching between platforms. This not only streamlines the project management process but also enhances productivity, which can be particularly valuable during challenging times.
It can act as an organisation’s single source of truth
During turbulent times, it is critical to have a central repository of information and data so employees are not left scrambling for answers. When your data is not unified onto a singular platform, employees have to expend valuable time and resources to find the data they need to help make informed and accurate decisions.
A proper project management software is able to consolidate a wide range of project management activities such as resource management, task management, risk analysis to schedule management and much more. With an integrative and organized system, employees and managers can quickly pull information from any area of their projects or portfolio of investments to make any necessary changes that will put the organisation in a more stable position during turbulent times.
With cloud, it enables remote working and collaboration
Real-time and cloud-based software is becoming a necessity for organisations to keep up with the fast-paced and ever-changing environment. In turbulent times, waiting for slow daily updates can cost your organisation valuable opportunities to pivot and respond to changes effectively. With a cloud-based system, information is updated in real-time and teams can access the information they need at any time and from any place. For a geographically dispersed team, being able to collaborate seamlessly is essential for teams to be productive, effective and precise as possible.
Integrative features limit workflow disruptions
One of the worst things that can happen during a time of crisis is being held up in process bottlenecks because data is missing, approval systems are lagging and activities are not integrated. An effective project management software is able to integrate with all the processes, applications and platforms teams may need to effectively complete their work.
Often, teams are entrenched within their pre-existing processes and platforms and end up wasting a lot of time manually connecting data, leading to higher chances of inaccuracy and human error which can be extremely costly during times of crisis.
Whether your teams use Waterfall tools like Primavera or Agile-centric tools like JIRA or Azure DevOps, a fully integrative platform ensures an easy transition as teams will not need to completely migrate, coach and upskills themselves to a new system. This will also significantly reduce potential downtime with system implementation and limit any potential disruptions to workflows moving forward.
Real-time collaboration and reporting enables organisations to be agile
One of the biggest benefits of an integrated cloud-based system is that data can be effectively gathered and represented through intuitive dashboards in real-time so managers can easily keep track of the ongoing progress and vitals of their projects with a single glance. Being able to quickly oversee the condition of their projects with accurate and precise data is crucial for managers to be able to make quick pivotal decisions during a time of crisis. This level of visibility over projects gives managers and organisations the agility they need to quickly respond to market changes as they happen.
It taps into high-level tools
Project management tools are becoming smarter and with the rise of accessible artificial intelligence tools, organisations are able to tap into very powerful high-level calculation tools that would have traditionally come with a big price tag. An effective project management software like pmo365 is able to handle what-if scenarios, portfolio analysis and risks evaluation calculations that are critical for project planning and decision making activities.
These high-level tools are particularly valuable during times of crises when managers need to be able to understand the greater impacts of their decisions on their projects and overall portfolio of investment. With its extensive data collection and integrative capabilities, an effective project management software is able to collate data from different areas of a project, provide realistic and accurate projections of potential actions or disruptions that in turn enables teams to properly prepare, mitigate or resolve the oncoming issues.
It improves data security
Times of crisis often see a spike in cybercrime as frantic carelessness can leave an organisation’s data vulnerable. In Australia, the Australian Cyber Security Center found that there was a 13% increase in cybercrime in 2021 compared to pre-pandemic times. While many off-the-shelf softwares are big targets for hackers, more bespoke solutions are much harder to breach and their security features can be made more robust and complex depending on the organisation’s needs.
For example, pmo365 builds its project management software on Microsoft’s Azure data centres that have IRAP certification. The Information Security Registered Assessors Program (IRAP) certifies platforms that have the highest standard of cyber and data security and it is used to maximize the security for systems of the Australian federal and state government. An effective project management software is able to provide your organisation with added security that your data and software will always be running seamlessly and securely when you need it most.
Not all project management software is equal
While there are hundreds of different project management software on the market, not all of them are equal. Some software is geared more towards agile-based practices while others can be geared towards waterfall-based practices. There is no one size fits all project management software.
It is important to not get lost in all the bells and whistles that come with project management software on the market. Remember, fancy features may sound great but if they do not solve your underlying problems or they are an overkill of features, it is not the right fit for your organisation. Having the most features does not always mean it is the best fit for your organisation. It is similar to buying a Ferrari to go buy your daily groceries. Sometimes, less can be more. So here are 5 easy steps to help you pick the right project management software:
Step One: Identify your organisation’s strategic goals
What are your organisation’s strategic goals and how will your new project management software address those goals? For example, if your goal is to improve employee productivity and engagement, introducing project management software with specific collaboration and communication features would be critical. Make sure to clearly list out all your strategic goals to identify the different ways an investment in a project management solution can benefit the overall organisation.
Step Two: Identify your organisation’s current project management maturity level
It is important to understand what level of project management maturity your organisation is in to find the right fit. If you are running a small business with twenty employees, you may not need an enterprise-level project management solution that comes with high-level tools and portfolio-level features. The Project Management Institute defines five different levels of project management maturity. Make sure to read further to understand which level your organisation fits within to understand the type of features you may need.
Step Three: Identify your key challenges
Every organisation has their unique set of challenges that come with implementing a new project management software. This can include pre-existing software, practices, organisational structures, cultures, and more. All these elements can impact how effectively a new project management solution can be implemented and adopted and it is important to take these elements into consideration when selecting your future software.
Step Four: Assess every feature of the software
There are plenty of features that project management software on the market will offer you but are they what your team needs and will your team be able to get the most out of it. If your project management software has a cost management tool but is unable to integrate with your pre-existing ERP system, you’re missing a critical gap in your process. It can be helpful to make your managers try out the software themselves through open demos or trials to see whether the features meet their needs and address their key issues.
Step Five: Evaluate the software’s return on investment
In the end, project management software is all about improving efficiencies and increasing value. It is important to carefully compare and calculate the cost-benefit ratios between different project management software as they offer different features at different price ranges. Your organization should not only consider the cost incurred by applying the software but also the savings and value that can be achieved through it.
Summary
An effective tool can streamline and improve your business processes, while enhancing collaboration and ensuring security.
