The main benefits of project management software are that projects are carried out more efficiently and save the company time and money.
Top 8 Benefits of Project Management Software for Your CompanyTimo Gerhardt, Monday 18 July 2022 | Reading time: 9 min.
Benefits of project management software
Every company, large or small, is faced with a multitude of projects on a daily basis. The complexity of projects requires teams to take a structured approach. Where once there was only pen, paper and a method, today there are highly functional applications. Project management software is used for the planning, execution and reporting of projects. In the following article, we will show you the benefits of appropriate software such as InLoox and why your team should make use of it.
Everyone involved benefits from good project management software. First and foremost, it benefits the project team and ultimately its leader, but the upper management also benefits in many ways.
Project teams that do not use software waste a lot of time on small things and in total do more than really necessary. Furthermore, rarely does anyone have an overview of the entire project. Collaboration is often inefficient, and communication is scattered across many channels. Software-supported project management can help create structure and streamline processes during planning and execution.
The members of a project team are the ones who work the most with the software during the course of the project. Accordingly, it is extremely important that processes are facilitated for the team. The key benefits for the project team are found in the following three aspects:
- Seamless communication and collaboration
- Time saving
- Possibility of remote work
Seamless communication and collaboration
The first significant benefit that employees enjoy is seamlessness.
On the one hand, project management software enables common communication on one platform. Messages no longer scatter across different channels such as email, intra-company chatrooms or impromptu conversations at the coffee machine. Instead, all relevant information is recorded in the software. This reduces friction due to loss of information, and the entire course of the project can be clearly tracked by everyone involved.
On the other hand, a suitable software combines all applications required for the project. For those involved in the project, all tasks and project milestones are clearly visible. There is no need to change applications to edit project documents or information, as these are stored centrally. The creation of mind maps, Kanban boards, Gantt charts and the use of other helpful tools is also possible in the software. Often, PM software provides useful integrations to other applications. InLoox e.g., allows you to integrate your project management with Outlook. This way, it is possible to integrate the relevant email threads directly into the project.
Seamless communication and uniformity in the applications are already two benefits that reduce redundancy in projects. The intuitive handling of the software also aims to achieve this. It ensures that administrative tasks of a project do not represent yet another challenge. Instead, such tasks can be completed with just a few clicks. Even the creation of a project plan requires hardly any training due to its intuitive handling. Accordingly, the implementation of the project planning also requires little time. Teams using a suitable project management software work more efficiently and ultimately reach their goal faster.
Possibility of remote work
In addition, software-supported projects are no longer tied to a specific location. Project team members no longer have to be on-site at the office to manually move a task in the done column on the Kanban board consisting of post-its. Finally, remote leadership is greatly facilitated by the software. In this environment, the project manager can also coordinate teams easily and maintain an overview of the current status of the project. Thus, he enables his team to work flexibly in terms of time and location.
If a project team benefits from good project management, this is certainly true for the project manager. Three aspects that primarily benefit the manager are as follows:
- Improved resource and time planning
- Clear responsibilities
- Identification and elimination of risks
Improved time and resource planning
Project planning tools enable project managers to create accurate schedules and budgets. The project schedule always accompanies the entire project and the success of the project is largely dependent on it. After all, it is time delays and budget overruns that are responsible for project failure. Furthermore, there are no media breaks in this planning either. Project managers not only know when employees have free capacities. They can also find those people across the company who should be brought into the project based on their skills. Getting started with the project is easy: the tasks appear on the employee's work device with all the necessary information, including the deadline. They can start working on them without any further delays.
Project managers find themselves in a working environment in which responsibilities are clearly defined and visible in the project management software. There is no longer a need to actively monitor and ensure that projects are completed reliably. Project managers can therefore take a more passive approach. If a project gets out of hand, they can intervene and provide direct feedback to the responsible employee. Sources of error can thus be efficiently identified and eliminated. Consequently, the success rate for projects increases, which ultimately has a positive impact on the company's success.
Identification and elimination of risks
A good project manager excels at identifying bottlenecks of a project. By providing a holistic and clear view, project management software allows project managers to identify these risks more easily. Project managers can initiate appropriate measures and deploy resources in such a way that risks are avoided or at least minimized. Consequently, a suitable software can optimize the risk management of a project.
Managers who are not directly involved in the project, but who are responsible for the success of the company at a higher level, benefit just as much from effective project management. For them, the following benefits are of great importance:
- Improved transparency
- Strategic importance
The big advantage at the enterprise level is transparency: project management software provides the data to manage in a more targeted way. Projects that are relevant to achieving business goals can be more easily identified and optimized. Managers can prioritize more clearly and also justify their decisions to the C-level.
Ultimately, the software can also be of high strategic importance due to the possibilities of project documentation. Innovation potentials can be recorded and realized more quickly. Clear processes can be easily mapped by project management software. The difficulty with innovations is to transfer them into actionable projects that align with the company’s goals. PM Software can support this process.
Benefit from the advantages of project management software with InLoox!