Businesses, large and small, unquestionably juggle numerous projects, plans, tasks and people. Having a solution can help them keep everything organized while planning and running projects, in a way that is accurate, predictable, and profitable.

The benefits of project management software are boundless. Not long ago, project management software was symbolized by three things: a pencil, a sheet of paper, and a methodology.

However, time marches on and technology evolves. Essentially, project management software programs are employed for project planning, time management, resource allocation, and for change management. Project management software is among the most useful tools that can help companies in becoming as competitive as possible, and set you apart from the rest of the industry.

Essential Project Management Functions

• Project Planning – Be able to easily plan projects while taking previous track record into account.
• Tracking project evolution when it comes to completion, time and costs – Warn the right people when things are veering off track.
• Scheduling and Time Management – Be able to easily register time on work items and take people's work schedule into account.
• Resource allocation – Making sure that people are working on the right things at the right time.
• Project budgets, incl. costs of people – Keeping real-time check of not only time but also allotted budget.
• Communication and Collaboration – Easily post comments and concerns, communicate with external stakeholders, all while keeping a full historic record of all actions.
• Documentation & Files – Easily document requirements, specs, directly or via files.
• Easy to use – The software should be an enabler and not get in the way of actual work.
• No need for a specific method – Support the company's preferred method of breaking down any project, making schedules, allocating people and managing budgets.

You will find a multitude of project management software programs and online collaboration tools available. Most often they all share common benefits companies can appreciate.

8 Benefits of Project Management Software

1. Collaborate on Projects

People frequently designate individual tasks which are part of a bigger project the whole team is trying to complete. Project management software gives employees a method to collaborate on projects by discussing documents, timelines, outstanding work, etc.

2. Internal & External Communication

Project Management software develops a funnel for communication concerning tasks and projects both internally, but also externally with clients and other stakeholders.

3. Budget Management

Budgets are among one of the most important items in controlling your projects. The way forward for any business depends on how well you can deliver within the budgets provided. Project management software helps the Project Manager to determine the work budget (planned versus actual), so the work can be aligned accordingly.

4. Monitoring

To attain long-term success for just about any business, monitoring the progress of the work is essential. Dedicated software plays an important role in monitoring the stages of projects, and can provide insights into whether things will complete on time or not.

5. Document Sharing

Document sharing, whether inside the tool or in a integrated 3rd party system, enables people to find more comprehensive documents, wireframes, specifications, etc., which enables transparency and communication.

6. Communication with Clients and Suppliers

Companies should be able to talk to and collaborate with clients and suppliers from the same place. Companies using project management software should offer their clients the ability to log in and view only their relevant project data. This way clients can provide direct feedback, make edits and review progress in the same place.

7. Optimized Decision Making

Project management software solutions assist in making the right decisions as you have all the details in one designated place. Hence the decision process is enhanced and much more accurate.

8. Enhanced Customer Satisfaction

When you get a project done promptly and under budget, the client walks away with a smile on their face - and a satisfied customer is one you will see again. Smart project management software offers the tools which allow this customer/supplier relationship to carry on. By applying fundamental project management software strategies, you'll narrow your focus, achieve your goals and improve your deliverability and rate of success.

The ultimate outcome is that everybody comes out as a winner, which just might be the largest benefit of project management software. Next, read our piece about what project managers can gain from using AI-powered project management software.