If you’re a project manager, you know how crucial it is to have a well-organized project management system to make a company successful.
Managing the project involves:
- Monitoring various projects, resources, and timelines.
- Managing budgets.
- Sharing information with team members.
- Making informed decisions based on current data.
All these project management processes take a lot of time, effort, and resources, and that’s why most businesses use portfolio management software.
Nowadays, project portfolio management software is becoming needed for businesses of all sizes as it provides many useful features, from centralized dashboards to custom reports to ensure that the project is completed successfully within deadlines.
Interested to know its features in detail? Read further to better understand how portfolio software benefits your business by streamlining your project management processes.
Powerful centralized dashboard with real-time tracking
A dashboard is undoubtedly one of the most important aspects of any software. But a centralized dashboard provides unmatched value to project managers when it comes to project portfolio software.
It enables them to see projects’ progress in real-time, their timeline, and deadlines so that they can make decisions quickly.
Along with project managers, this dashboard is also useful for team members to stay on track and better understand their roles, leading to better project results.
Portfolio software like Microsoft PPM offers a well-organized dashboard that includes all relevant information like project milestones, tasks, budgets, and team members and their roles. This allows project managers to track progress and identify potential risks or threats before they become fatal.
Collaboration tools for improved communication and coordination among team members
Effective communication and coordination is the key to the success of any endeavor.
Any project requiring team effort demands seamless communication channels and ways to coordinate. Failure to do so means employees are working in silos that would result in duplication and delay of the project while creating frustration and disappointment among team members.
Providing features such as messages, file sharing, and video conferencing to the team members will allow them to collaborate and communicate effectively.
For example, if any team member wants to share an update on the project or ask any relevant question, messaging will let them do so in real-time. File sharing lets you share project-related documents easily in one place, which saves you from messy and unorganized email chains.
Customizable reporting for data analysis
You can only improve when you have a project and team performance report in your hand.
Portfolio software offers customizable reporting so that you can spot areas to improve and make informed decisions based on data.
These reports contain measures like project status, budget allocation, utilization of resources, and progress toward milestones.
Project managers, through data analysis, can identify potential problems and bottlenecks during the project journey and take preventative measures prior to them becoming serious.
For example, if a project is exceeding its budget, it can use data to determine what are the causes of this problem and take the necessary steps to correct the issue.
Resource management for planned allocation
One of the biggest challenges of any project manager is completing the project within the allocated budget and resources. Therefore, resource management is a very important part of the project management system.
In portfolio software, resource management enables project managers to efficiently distribute funds, equipment, and personnel. Additionally, it allows them to monitor the availability of resources and assign tasks to team members accordingly while tracking the utilization of resources.
When resources are utilized efficiently, it helps project managers to ensure that the projects are completed within budget.
Project tracking to meet deadlines
Another essential feature provided by portfolio software is project tracking. This feature helps project managers to ensure deadlines are met and the project is progressing towards milestones.
Project tracking enables managers to review project timelines and reasons for delays if there are any. For example, if an employee is over schedule, the managers are able to identify what is taking much time and take measures to make the process faster.
A well-organized project management system is vital to the success of any company, and to achieve that, businesses use portfolio software.
Portfolio software helps businesses streamline processes, increase collaboration and communication, distribute resources effectively, and make precise data-based decisions.
Through the use of project management portfolio software, businesses can boost their profits and operations and, ultimately, achieve more success in today’s hectic and competitive business market.