How Project Management Software Helps You Stay on Track (9 Benefits)

Projects form the backbone of most businesses. Whether it's a new product launch, website development, or marketing campaign, projects require careful planning and execution. But with so many people, processes, and tasks involved, staying organized and on top of everything can be challenging.

Thankfully, project management software is here to help. These are powerful, intuitive platforms that make it easy for businesses to plan projects and collaborate with team members. From task tracking to budgeting and timeline management, their tools offer a range of benefits that can make planning and executing projects easier than ever before.

Here's why you should consider using project management software for your business.

9 Benefits of Project Management Software

The main draw of project management software is that it's mostly an all-in-one solution. While features vary from software to software, most will offer comprehensive core features to help your business reach its goals through clear task management and communication. This brings us to the first point.

1. Perfect Project Planning

Among the first phases of any project is the planning process. It's where you set the foundation and get everyone on the same page. With project management software, you can plan your timeline, assign tasks to team members, and set deadlines on one centralized platform.

Project managers can create task lists, establish dependencies between tasks, and create visual representations of the project plan. With project management software, you can get your entire team on board with the goals of a project and ensure that everyone is clear on their individual responsibilities.

Scheduling is another considerable part of the project planning process. Use helpful tools like a Gantt chart to track project progress and stay on top of deadlines. Starting your project off on the right foot is a guaranteed way to set yourself up for success.

2. Flawless Collaboration

Regardless of your team's size, collaboration is always at risk of falling through the cracks. Sending emails back and forth, trying to keep track of various documents, and not having clear communication can quickly derail any project. Project management software simplifies collaboration by giving your team a common place to discuss project details and collaborate on tasks. So when you’re talking about something, you can do that inside of each individual task without confusing each other or getting lost between different subjects.

Sharing files has also never been easier with these platforms, allowing you to upload and share documents with team members. And to always keep a great overview, you can choose between different project views like a Timeline, List, or Kanban board with all tasks mapped out. Plus, with real-time updates, everyone can stay in the loop on the project's progress.

According to any project management methodology, collaboration is key to a successful project. In order to pivot and shift quickly, your team needs to be able to communicate and collaborate effectively. Project management software makes that happen by centralizing all collaboration points.

3. Clear Resource Management

Managing a project is sort of like managing a sports team – you need the right people with the right skills to get the job done. Additionally, you can't overwork any individuals, or the whole team will suffer.

Project management software can help you manage resources efficiently by helping you verify that everyone's workload is balanced. You can even use it to see how many hours each person spends on a task and ensure that no one takes on too much.

Human-centricity is becoming increasingly important in the workplace, so resource management might be the key to improving employee retention.

4. Accurate Budgeting Picture

Some project management software also gives you an overview of the budget for a project and helps you track expenses. This view allows you to monitor how much money you spend on each task and ensure your projects stay within budget.

Accurate data can be displayed through a variety of charts and diagrams, allowing you to get a quick understanding of your financial picture. You can also use budget tracking to compare your actual expenses with the estimated budget. This helps you understand where overages are occurring and identify any potential risks.

Budget forecasting is another important feature offered by some project management software. It makes it possible to predict future costs and plan for potential issues before they become problematic. Some platforms even use machine-learning algorithms to help you make smart and informed decisions about managing your budget.

5. Improved Risk Analysis

No project is without its risks. From unexpected delays to scope creep, risks can quickly derail any project. As a project manager, it is up to you to determine which risks carry the most weight and develop strategies to mitigate them.

Project management software can help aid in risk analysis by providing a risk register or similar, which is essentially a list of potential risks associated with the project. You can use this information to plan and set up contingency plans if something goes wrong. This way, your team will be prepared for any eventuality.

You can use all the insight at your disposal to analyze how likely it is that a risk will materialize and how damaging it might be. With this information, you can decide which risks need to be addressed immediately and which ones are more manageable.

6. Time Tracking

Ever wonder how much time your team spends on each step of a project? There are some project management software that offer time tracking capabilities, so you can get an accurate picture of how much time is needed to complete tasks. This feature is particularly helpful for recurring tasks to better estimate the effort required for long-term and future projects. It can also be used to track only the working hours of employees, which can be useful when it comes to salaries.

Overall, time tracking gives you the data you need to optimize processes and increase productivity across the board. There are many ways to use this feature and understand how your team spends its time to identify any areas that could be improved.

7. Dependable Project Monitoring

Once the planning phase is complete and the execution begins, you need to be able to track the progress of your project. That’s where project management software comes in with reliable analytics and reporting capabilities to help you stay on top of things.

You can use different dashboard overviews to check performance metrics in real-time, so you know how a project progresses at any given moment. Pre-established milestones and deadlines can be used on top to measure and ensure everything stays on track.

8. Streamlined Communication

We talked about collaboration earlier and how important it is to assign tasks to members and have chats related to each task. On top of these things, project management software are usually equipped with a lot more features to further boost communication.

You can set up entire team chats and project chats. For example, customers can also be invited to discuss things without having to use emails and Slack channels. And if it's the other way around, you can integrate these tools instead so that you can send emails and Slack messages directly from the PM software.

But it doesn't stop there, Loom, Zoom, Google Meet, and other services can also be easily integrated to make communication within your team as simple as possible.

9. Automation of Repetitive Tasks

Finally, project management software can help reduce the time and effort required to complete tedious tasks. Many tools offer automation capabilities, allowing you to set up routines to take care of certain steps.

For example, if someone is responsible for reviewing tasks before they are approved, you could create an automation that automatically assigns this person to the task as soon as the "Review" status is reached.

The possibilities with automation are endless. If you are creative, you can create countless efficiencies and build complex workflows with multiple conditions that will run for you without any manual work after the initial setup.

The time saved is not only directly reflected financially but also increases productivity by keeping the focus on the important things and not being distracted by administrative work.

How to Find the Right Project Management Software

With so many valid options available, deciding which project management software is right for your team can be hard. Here are a few tips that can help you make the best choice.

Conclusion

Project management software helps simplify your business by streamlining how you handle tasks and track progress. It will give you an overview of how your projects are progressing, automate tedious processes, and ensure that no step is missed or forgotten.

When selecting project management software, consider the features you need and what fits within your budget. If you are unsure which solution suits you best, use our Finder Tool for a personalized recommendation.