Project Management Software : Introduction, Review and Lists

project management software for small businesses

What is Project Management Software?

Project management software is a software which is used to look after planning, organizing and managing project resources. It can actually do the estimation of the project and can help in scheduling, budget management, and resource allocation. Quality management is one of the important aspects of any project and one can analyze it well with project management software. It basically acts as a bridge between different project stakeholders.

Project management software caters to different needs of a project. Let us look at the primary functions of project management software.

Project Planning and Scheduling:

You should have a proper schedule in your team else time would be lost and no tasks would be accomplished. It is very important that every task should be done in scheduled time else it can affect the project’s productivity. Planning includes setting deadlines and priorities for resources and avoids any overlapping of tasks. Project Management software can help in project planning and scheduling with its task priority shared team calendar and time slot features. With this, you will get to know whether everyone is completing his or her assigned task on time or not.

Resource Management

Resource management is a very crucial task in any project and project management software takes care of that. Managing the resources so that the project can function well without any leaps. It has complete record of all the resources required by the project and at what time those are going to be used. It even calculates the cost of the usage also. The project management software for small businesses helps you in avoiding dearth and over usage of resources.

Budget Management

Every project has a fixed budget allotted to it. Manager of the project always demands that the project should run in that particular budget only. In this way only, profit can be maximized. To manage the expenses well, you need project management software for businesses. Its features like time tracking, budget report, budget dashboard and automated invoicing will help you in dealing with budget management.

Documentation

Excel spreadsheets are mostly used by businessmen which are prone to error. More than 80% of the documented excel sheets have errors. One should use project management software to handle business operations and implement analysis using its well-tested documentation. Its features like central data storage, quick access, and reporting will help in getting accurate documentation. Reporting made by project management software will help in identifying the problems which are a barrier to the project’s progress and will give you a perfect report showing planned versus actual project value.

Collaboration

A project management software eases collaboration within the team. Its file sharing feature allows sharing of files quickly within team members. Quick access is given to members to obtain the data anytime. Project management tools also have inbuilt messenger apps which eases communication. In this way, it helps in collaboration with team members.

Benefits of Project Management Software :

Let’s look at the benefits which are provided by project management software.

Collaboration on a project :

With the help of project management software team can have a good collaboration and task will then be done in stipulated time and will avoid duplication of the task.

Efficient budget management :

Execution of a project in the stipulated budget is a commendable task. Project management software will help in maintaining a budget so that the project should not exceed the budget.

Monitoring the progress of the project :

To have long-term success in any project, the progress of the work should be monitored which will provide insight into whether stuff is getting completed on time or not.

Correct decision making :

It will help in making correct decisions in the project either it is related to resources or scheduling. One should not have any second thoughts regarding to decision suggested by project management software.

Enhanced customer satisfaction :

When the project will be done on time and within stipulated budget then the customer would really be elated. Hence, project management software will definitely make your customers happy and your rate of success will progressively increase.

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