A recent study by the Project Management Institute (PMI) that tracked the project performance of companies worldwide in 2018 found that a lot of projects suffer from scope creep and are deemed failures as compared to the previous year.

PMI gathered insights from over 5,700 project management professionals in terms of project cost, schedule, and scope.  It believes that the unfortunate reality in project management can be due to new changes in how work is being done amid new technological advances disrupting all industries. The need for new skills and new ways to simplify the project management process are thereby deemed essential for businesses to remain competitive.

PROJECT PERFORMANCE METRICS 2011-2018

A PMS provides businesses of all sizes a solution to keep their operations organized while they juggle multiple tasks.  A wide range of project management solution is available in the market, including cloud-based apps that you can access anytime and anywhere. While each of them has its own strengths, they all share standard functionalities that every business can appreciate and use them according to their needs

Below are a few ways businesses can benefit from using project management software:

1. Communicate with suppliers and customers

Businesses use PMS to collaborate and share with customers and suppliers. Through this technology, they can provide them with usernames and passwords to access project files. Teams can review progress, make edits, give feedback, and ensure more fruitful crowdfunding initiatives.

2. Present a Snapshot

PMS can provide snapshots of particular projects companies are working on to share their new trainees. Businesses take advantage of this feature in introducing their projects and getting new members up-to-speed. It enables them to present the project and its essential elements, its background information, objectives, and outlook to the staff.

3. Keep track of the project progress

Empowering businesses to monitor the progress of projects is one major draw of PMS. The technology enables companies to know what part of the project has already been completed by whom and what areas need to be done. Businesses use PMS to request employees to provide updates on their particular assignments and share them with the members and managers of the team. It gets rid of the need for emails and status update meetings.

4. Plan and schedule

One simple reason why companies would consider to get the best PMS is to plan and schedule their projects effectively.This is particularly vital for solopreneur time management. Working on a project from start to finish can be more challenging for solo entrepreneurs. Yet, through a wide range of project management tools list, they can easily indicate in the system the starting and expected completion dates of particular projects.

Businesses make the most of this feature by automating alerts to inform the staff about upcoming deadlines. Doing so enables their team to manage their time properly so they can finish their assignments before or on the indicated due date.

5. Assign tasks

As far as project management is concerned, it is essential to have each staff member’s tasks and responsibilities outlined and made visible to everyone to prevent mix-ups. The best project management software allows managers to assign tasks to members of the team and also to set priorities and deadlines. Before delegating tasks, employers usually weigh their staff’s abilities and knowledge first.

A simple project management software can help assign responsibilities to the appropriate employees easily. At the same time, it empowers businesses to limit access to vital company information only to assigned employees. Employees are also provided with the contact details of individuals they should be in touch with should they have any concerns or queries regarding a specific subject.

6. Collaborate with the team

Individual tasks assigned to each employee are usually a component of a larger project that a team is achieving to complete. PMS provides employees with an avenue to collaborate on projects, share files, status updates and timelines. Through PMS, managers require each member to access each other’s work to complement their own tasks.

7. Manage the project budget and resources

PMS enables businesses to manage expenses and resources efficiently. The larger your project is, the more expenses you would need to document and maintain. A decent PMS has the best budgeting tools aside from the best management tools. Besides a project’s budget, businesses need to keep track of their resources, including materials, machinery, equipment and meeting rooms. They use PMS to keep an inventory of every material and tool used for the project, as well as every cent or cryptocurrency spent towards it.

Should your company invest in project management software?

Time is of the essence, especially amidst a fast-paced digital world. If your business does not have the appropriate project management tools and resources to manage time efficiently, that means a huge loss in profits. If you are still using email and Excel, you are definitely wasting your time and your staff’s. PMS offers tons of benefits.

By choosing the right tool that suits your specific business needs, you can boost your team’s productivity, ensure time management, and boost your business growth.