Project Management Software
Project management software enables the management of team goals and long-term objectives by managers, supervisors and departments as well as the organization of individual tasks. This is achieved through project management software across a variety of methods for handling workloads, tracking output and allocating resources.
Top 10 Project Management Software
- Zoho Projects
Project management software provides users with the ability to handle an individual team, coordinate tasks, and record effectiveness. Companies can use project and portfolio management tools to handle a large number of projects with similar characteristics.
Project interdependence is a major component of project management software since it is primarily used to organize tasks linked to a project chain or a broader project. Users use the software to monitor various projects, monitor the progress of a team or individual and evaluate the efficiency of a team. These products can be used practically in any industry where employees are required to organize projects, project tasks, and objectives for weekly, monthly, or yearly projects. Users typically have the ability to break down projects into assigned goals, create schedules for completing the project, assess progress and collaborate with other members of the team.
The global project management software market was valued at USD 3 billion in 2018 and is expected to reach USD 7 billion by 2026 with a CAGR of 14% during the forecast period. Project management software incorporates various frameworks such as resources management, financial management, time management, inventory management so that administrators can handle projects cooperatively from idea through to execution.
Internet-based project management software is useful in getting market presence, easily transforming strategy into a successful implementation strategy. Often, online project management software is used to view the visualizations in near real-time everywhere and anytime. It also helps project supervisor stay up-to-date on the status of findings and make sure no latest information has been overlooked.
The competitive leadership mapping showcased provides information for Best Project Management Software. Vendor evaluations are based on two broad categories: product offering and business strategy. Each category carries various criteria, based on which vendors have been evaluated. The evaluation criteria considered under product offerings include the breadth of offering, delivery (based on industries that the vendors cater to, deployment models, and subscriptions), features/functionality, delivery, product quality and reliability, and product differentiation. The evaluation criteria considered under business strategy include geographic footprint (on the basis of geographic presence), channel strategy and fit, vision alignment, and effectiveness of growth (on the basis of innovations, partnerships, collaborations, and acquisitions).
These are best project management software in terms of market presence, features and functionality offered. These vendors have been marking their presence in the project management software market by offering highly customized and easily deployable software for their commercial clients, coupled with their robust business strategy to achieve continued growth in the market.
They have an innovative portfolio of Project Management Software and have an extensive network of channel partners and resellers to increase the deployment of their services across various vertical markets. Over the years, the Dynamic vendors have been consistently generating positive revenue growth in the Project Management Software and their market position is enhanced by organic and inorganic strategies undertaken by them over the period.
They have an innovative portfolio of Project Management Software and strong potential to build strong business strategies for their business growth to be at par with the Vanguards. These vendors have been providing server rack offerings as per their customer demands. Innovators have been forefront in deploying their solutions for niche and custom requests by their clients requiring the processing of high-performance workloads.
The emerging players are specialized in offering highly niche and tailor-made solutions and services to their clients. A majority of the emerging vendors have been undertaking multiple acquisitions and boosting their sales capabilities in various regions to offer their integrated services to a wide range of clients.
Types of Project Management Software
There are many different variations, and the classifications are mostly categorized by the software's installation site or the app's expected size and use. Best Project Management software usually offers all of these offerings.
On-Premise - These solutions are locally installed on the servers of the company. This means that access to the database is limited to connected devices to dedicated servers, in the except special instances. These programs or app can also be called locally hosted project management software
Cloud-based – These are generally project management applications that are deployed on cloud servers, meaning project managers can access their projects anywhere they can be, generally via an internet browser. Some individual project management software can also be included in cloud-based apps, and some on-premise options also have web-based versions.
Individual – An individual app would be just the best match for all with a really light need for project management tools, or all that want to check the waters before plunging in. These platforms are web-based and portable, meaning that they will not be as feature-rich as other, more comprehensive applications, but will be easy and basic enough for any user to learn.
Open API – Open API project management tool also provide the capability to add to an already existing application for end customers. These can be excellent for those of with an app they like but want to modify a part to meet preferences. Such applications can also give more option to establish projects, as it allows adjusting the elements to suit specific business needs
Why Use Project Management Software?
The primary reason organizations are using project management software is to allocate resources and monitor costs for little or no repeat daily operations. For example, marketing firms generally provide professional service such as promoting social media, but they could also build custom promotional activities for big clients.
Typical facilities are provided to all consumers in the same manner, and are thus redundant and need identical resources, so their cost is generally the same for each user. Custom projects will differ entirely based on the customer’s preference, which means that the resources committed to each initiative will often differ and the expense will vary.
Another reason to use project management is the ability to integrate several kinds of services to broaden product and service offerings. This versatility helps teams to respond to their client's shifting needs and business need. The capability to respond quickly to changes in the market can provide a competitive edge in extremely competitive sectors like consulting services.
Furthermore, project management is required to monitor the efficiency and competitiveness of professional services. By allocating the best people at the right moment for the right projects, project management software will execute the project on schedule and within budget, which will increase the company’s consumer loyalty and profitability.
Who Uses Project Management Software?
Employees – Employees participating in the implementation of projects, who ought to learn what to do and when. They also update the status when tasks are completed, and use the software to communicate with different stakeholders and work collaboratively. Employees may monitor the time spent on operational activities by collaboration with other technologies and solutions, or check the availability of services such as machinery or materials.
Project Managers – Project managers not only need to have access to all software features to define projects and resources, and track all activities, but to also participate and revise any phase of a project if required. This can only be attained via alerts and notifications that should have varying levels of severity which include workflows for escalation frameworks. Project managers also have the rights to give project access to various stakeholders.
Executives – For most of the part executives use analysis and reporting to track project status. In addition to detailed project status, executives also need information about the prices of the allocated resources and the actual success of each task. They will also gain from using alerts and reminders while completing project tasks or phases.
Partners – Partners, including contract workers or external services providers who complement the company's product offerings. As extrinsic sources only participate in specific activities at different phases of the project, they need to have the information needed to do complete their task, and not more.
Clients – Clients can often use this form of program to track the progress of one or more projects and tasks, give input and connect with the service provider via specialized platforms. Clients may have a single person or team working on the project for huge and complicated tasks and may require access to the service provider's software.
DriversIncreasing need to gain a 360-degree view into project operations and resource management
Growing demand for cloud-based project management solutions.
RestraintsConcerns of organisations related to data confidentiality is expected to restrain the market growth
ChallengesIncreasing costs of projects and resources allocated to complete the assigned tasks
Employee productivity getting hindered due to peer pressure
Data security for cloud-based project management solutions
OpportunitiesAdoption of AI and automation will reduce the workload on employees
Innovation in completing the tasks will make employees get engaged and be more productive
Benefits of Project Management Software
Two of the most significant things to remember while selecting a project management system are how simple it is to use and how easily it will automate everyday tasks. These are some of the key benefits of project management software:
Creation of tasks and projects: Almost all of the time, you'll use your project management tool to design recurring, templated tasks. But for the special client request, you will need to create custom tasks and projects to meet the customer demands. The versatility in developing specific activities and initiatives and setting up templated ones is essential to ensuring how one can handle projects in various shapes
Simple and efficient reporting: If the project manager or anyone needs to work on a project management system, the need to create customized reports increases. This feature of reporting is found almost in all the software in the marketplace. The reporting feature always helps when a project manager needs to pinpoint any task or activity where a large number of man-hours were required and which task led to project failure.
Tools for file sharing: It's really great when a project management system provides good disk room for all the data that needs to be transferred. But often, it may still be useful to have the ability to use a third-party storage service like Box or Dropbox, particularly if you are more comfortable with another platform for cloud storage.
Simple and clean UI: A strong user interface will make a good project management team or ruin it. Sometimes it is more essential to have a simple time using the software than what the software can do.
Trustable support: If something starts breaking in project management software, whom would you call? Understanding that you are dealing with professionals who are eager and ready to support you find an answer to the issues of your device is a blessing.
Project Management Software Features
Standard features are included in almost all project management solutions:
Project Definition – The capability to create project definition is the cornerstone of all project management solutions, as it enables businesses to identify the project framework which is the foundation of every business operation. A project layout has to be properly defined as major improvements to it are impossible to undertake when it is being implemented because of the possibility of disrupting the project. At the same point, software for project management should permit users to modify the frameworks to keep a record of the projects.
Project Plans - Project management tools can have several project planning choices, such as prototypes and standards for determining who is doing what and how often. A framework for a project management plan is a reasonable entry point for every project since project leaders do not start preparing from scratch. Project guidelines may be used to identify resource allocation processes, task dependencies, and project deadlines. Planning for the worst-case situation is still superior to supposing that everything would go according to plan.
Project Schedules – Project schedules involve deadlines and targets which decide when the completion of each task of the project is anticipated. Deadlines can often be allocated to tasks and activities, based on the scope of the project. Depending on the interconnections between activities, project management systems should include features for defining milestones.
Project Visualization – Project visualization functionalities provided an outline of all the project's activities, tasks, time limits and deliverables. The optimal visualization allows the user to dig deeper into every stage of the design of the project to find info about a resource or activity. People with proper authorisation should also be capable of adjusting the visual schedules and any alterations to an activity or milestone will update any other related activity in the project.
Workflows – Workflows and procedures describe how operations are carried out throughout the project stages. These functionalities need to be customizable to suit each team's needs and should provide simple reasoning to take project restrictions into consideration. To increase transparency, workflows will provide permissions to ensure administrators, project managers and executives are accountable for the efficiency of the services they deliver.
Management of Tasks – Management of tasks is used to define, schedule and monitor who is doing what, when, and where. This may be critical to the management of multiple teams from different locations, as well as field staff or external contractors and consultants. Project management software should be able to adjust schedules based on unforeseen changes or requests from customers. To-do lists often form part of job management, which are used by an individual or manager to construct priority lists. Program managers may delegate tasks to workers using to-do lists, without allowing them access to the whole program. To-do lists can also be used as checklists to track employees' progress.
Resource management – Resource management is especially essential as it can have a considerable influence on the project expense. Each type of activity may require specific resources which should be used to keep costs down in the best possible way. Teams also benefit from the ability to allocate resources across multiple activities and projects, allowing them to acquire bulk materials and save on the cost of purchase. However, the potential to replace insufficient services with alternative solutions will reduce costs and prevent delays.
Documentation of Project — The functionality of project documentation facilitates the process for all records related to a project, such as agreements, work statements, quotations and propositions etc. Generally, these documents are stored in a digital form, which makes it simpler to share them internally as well as externally.
Reporting — All the parties involved in a project use reporting, analytics and dashboards, from employees, project managers and directors to external experts and even clients. Therefore, it is important that the analytics apps be versatile enough to adjust easily to each category of customer. At the same moment, sensitive data or financial details must only be provided to authorized users via encrypted platforms.
Collaboration — Collaboration among staff members or between a firm and its customers and partners may be critical to a project's success. Although collaborative systems and applications can be used individually from project management systems, combining them in one module is preferable, especially for large and complex projects.
Instant notifications: The user or project manager needs to be promptly notified of the approaching time constraints, when a job is done, or when something requires someone’s action. Alerts from your mobile enable you to remain linked no matter where you are.
Integration: Projects are made up of many movable parts. Whenever anything shifts you ought to learn the effect of one aspect on another. To put it another way, look for capabilities that help analyze trade-offs and allocating the resources affects the project's overall timeline.
Potential Issues with Project Management Software
In spite of all of the advantages of project management software, there are still some potential issues that need to be considered.
Complication of simple projects: Some projects can be basic and easy enough to finish without depending on the software for managing projects. These things can certainly improve the implementation of bigger projects, but if you're working on something which is pretty simple, you might not even need this platform.
Cost: It's always advisable to start out the free trials first before you spend money in an entire project management solution. This can give a better idea as to what a company has to offer and can be the best way to determine if you can afford the software, or if it will not be an excellent long-term investment.
Security: Most people's biggest problem with positioning their data online that isn't hosted on-premise is that security becomes a concern. Given that most project management systems are hosted in the cloud, the security problem is a tricky thing. It encourages the accidental leakage of knowledge to third parties by workers operating remotely. Suppliers have figured out a way to solve this by making sure that you are able to restrict access to classified data for top executives and by properly logging who has viewed which areas of the application, it is easy to address the security of your company.
Project Management Trends
Although project management essentially guarantees that the specifications of the business's KPI are fulfilled, certain developments in the market tend to move into the more subjective dimension of a project and its staff, rather than just pure measurements.
Artificial Intelligence (AI) & Automation: Many organizations have already begun to use AI in project planning to perform their daily tasks via process automation and require human effort. The influence goes above automating basic tasks but is also very useful in gathering insights into results. Project managers may use automation to execute complicated tasks ranging from scheduling to visualizing results and making educated choices based on the information they have gathered.
Hybrid project management approaches: In adopting the hybrid model, you would be able to put all your ventures, assignments, staff and interactions to one location to enable you to make the best strategic decisions. For starters, by combining the conventional model with the Agile technique, team leaders with diverse viewpoints, working styles will function together in their own way making room for more flexibility, commitment, and performance.
Impact of emotional intelligence: Project management goes beyond identifying the reach, setting targets, agreeing on the budget. Project managers will always handle individuals and that requires further problems. A good awareness of feelings (both yours and others) is needed to work with diverse personalities and maintain project performance-making it a required leadership ability for project managers across the globe. Mastering the art of emotional responses and what tends to drive individuals is thus becoming more essential than ever in predicting the future success of the project.
Focus on the group's own strategy: This is a phenomenon that began to evolve as project management started drifting away from specific projects and concentrating more on aligning priorities with all departments around the organization. Several companies also go so far as to centralize the project managers under one project management unit, to enhance coordination with every stakeholder. Task management software addresses this head-on by simplifying workers' hierarchical framework within their program.
End of email: It is a fairly new development, arising from the desire to centralize both internal and external correspondence into one entry point for faster collection and analysis. This has also been one of the problems this project management software has tackled.
Project managers as innovators: While the need for increasingly creative answers to daily challenges grows rising, it is increasing the need for visionary leaders with unconventional approaches to everyday issues. Project management is a natural role of leadership which is well suited to effectiveness and creativity. Good software for project management gives PMs the techniques to generate new ideas for project handling
In October 2019, Asana launched new automation tools such as OCR tool and voice transcription service new smart templates that integrate some of the service’s machine learning smarts to provide the ability to automate routine tasks.
In February 2020, Asana launched Asana for Operations and Asana for Sales and Account Management, which are two new end-to-end solutions for teams to manage operations and sales workflows.
In October 2019, Workfront acquired Atiim Inc. which is SaaS for modern performance management - set and track aligned goals with an ongoing, real-time feedback loop.
In May 2019, Smartsheet acquired 10,000ft which is high-level project and resource management software built for modern teams to enhance its resource management capabilities.
In January 2019, Smartsheet acquired TernPro, a technology and services company helping businesses produce content.In January 2017, Atlassian acquired project management software company Trello to expand its product offering.
Frequently Asked Questions
What does project management software do?The primary purpose of project management software is to help with planning, scheduling, resource allocation, execution, and delivery of projects. Besides, it helps in easy communication and collaboration with stakeholders and clients.
How Softwares helps to manage the projects?If you have project management but you do not have the right tools, that means you will manage it in coming days, so it will take you a lot of time and you will find it really challenging. Hence, having the right available method for the project manager will help the company achieve a significant difference in enhancing the organization's operations. Using the right software application and its online task tracker can help you manage your project in several ways very quickly and easily.
How to Add multiple members in projectsAdding multiple members to the project depend on the layout of the software and it can be done from the project management setting and clicking to Add Member button. The admins can also customize the levels of access to be given to each users of the project. The users can be added and given access of the project from project overview also. Multiple users can be slected and added at one time.
In which vertical are most industrial companies deploying project management solutions?The healthcare and life sciences industry is dealing with problems such as poor data consistency owing to numerous complicated programs. Vendors provides project management solution to eliminate deployment period, increase patient safety service efficiency, shorten waiting times, decrease re-admission levels service promote the production of Electronic Medical Records (EMR), thus maximizing sales cycles. By reducing communication gaps, the project management solution provides accessibility across the entire work department. For this, the vertical shows a growing interest in installing the project management solution to meet market demands, provide patient care without interruption and maintain costs.
Which type of deployment is driving the project management software market?Most Project Management Industry vendors provide cloud-based applications for full benefit gain. Cloud platforms enable greater use of technologies and require service sharing among multiple users and departments, providing a higher degree of scalability, growing ongoing installation costs, and continuous growth. These advantages are anticipated to accelerate growth of cloud project management solution across all verticals.
Doddle provides online scheduling services. For any business sector, finding a common date/time for a large number of people for conducting an event is not very easy. The process is tedious and involves plenty of organizing. However, Doddle makes such a complicated process very simple. Making use of the internet, voting systems, and other web-related technologies, Doddle simplifies all the work.
Nifty is one of the most recognized software in the field of project management. It makes the lives of project managers a breeze by simplifying workflow and consolidating the entire project lifecycle into one powerful tool. Nifty project management software offers customer support in the form of articles written by team experts, and an option to chat online with Nifty experts.