Project portfolio management software allows organisations to take control of their success. It aids in the organisation of businesses, fosters successful co-operation, and allows firms to track and plan all aspects of a project. A company may use project management software to track the progress of many projects that are running at the same time, both individually and collectively. Its features can help businesses save money in a variety of ways. We wanted to provide a brief and basic overview of where PPM software can save you money and provide a few examples of the aspects of the software that helps achieve this.
Maximising Employees’ potential
In a business environment, time is money, and getting people up to speed on projects may cost a company money. The time it takes to train a new employee who takes over an existing project or joins a project team is potential money wasted. By giving staff a quick and easy approach to gathering the information they need on a project, project management software may save companies’ money. PPM software displays a record of what has already happened on the project as well as what still needs to be done.
Companies save money by using project management software to create an organising and filing structure for them. Rather than waste time and money looking for notes, files, and paperwork, project management software systems have everything. The programme records notes, ideas, deadlines, and everything else that goes into working on a project, making it far more complete than a person could be.
Reduces the cost of training
Project management software is autonomous, so it also has the potential to be used as a corporate training tool. This saves money that would otherwise be spent bringing in specialised teachers or getting existing employees to train new workers. Employees may be educated on how the organisation handles projects and the tasks that go into completing them using the programme. It also directs employees who aren’t great planners or organisers to concentrate on what they need to get their tasks done.
When mistakes happen, it can lose businesses money. Mistakes can result in a loss of clients and, as a result, a loss of revenue for the company. Employees may also be forced to spend time fixing mistakes that may otherwise be spent working on new projects. Project management software may aid in the prevention of errors, saving the organisation money in the long run.
Consistent talent flow
Talented individuals may be extremely useful to a company and worth a lot of money. The abilities of a skilled individual who has left the business may be retained using project management software. Future employees can utilise the programme to learn from prior employees’ skills, reducing the learning time for newcomers to the project.
So that’s a basic overview of how PPM can save you money, but what functions of the software can this be applied to? Here are a few basic examples
- Project Plans
For many project managers, no software can be called a project management tool unless it allows you to graphically map out a project’s activities and see how they work together. This form of a project plan is useful for defining the project timetable, understanding the project’s key route, and assessing and assigning staff resources.
- Managing Tasks
The ability to create an assignment, assign it to someone, set a deadline, and track when it’s completed is the most sought and often used function in project management software.
- Sharing and collaboration
Project teams have many documents and offering a central spot to store and collaborate on them may significantly boost productivity. This is most relevant for remote teams, where their document collaboration and sharing may quickly devolve into issues with email attachments and jumbled edits.
- Dealing with bugs and issues
Many projects necessitate a tool that can manage comments and dialogues for line items, rate priority or problems, send email updates or other subscriptions to an issue, and attach supplementary documentation. This feature is frequently used in technical projects to monitor bugs, technical issues that must be resolved, and keep detailed descriptions, comments, and resolutions for each. This functionality may also be used as an issue manager for other projects, storing open questions or issues that need to be resolved, as well as what was done about them.
Execview’s software provides you with all the above and more. Visit our Product and Solutions page for a detailed breakdown, or you can get in touch by visiting the Contact us page or emailing us at in**@ex******.com.