Important Factors to be Considered Before Buying a Project Management Software

(IT-NEWSWIRE.COM, September 17, 2020 ) PUNE, India, 2020-Sep-16 — /EPR Network/ —

Project management software is a software which is used for various purposes in a project, such as planning, scheduling, resource allocation, and change management. It allows project managers, stakeholders, and users to control costs and manage budgeting, quality management, and documentation and can also be used as an administration system. It is an online system for collaborating and working on tasks in organizations. These online systems provide real-time information to the managers and make the performance of tasks easy. In addition, they allow organizations to allocate specific resource for specific tasks. Correct allocation can reduce operational cost and the overall risk associated with tasks being performed.

For Start-ups/SMEs:

Start-ups/SME may have a limited number of employees and in this situation, having the project management system can be extremely helpful. With the team being smaller in size, each member has more tasks and thus project management can go a long way with supporting everyone who focuses on their specific tasks. Project management software is a key constituent in keeping everyone productive and happy.

While the tech sector has received the effect of the benefits that digital project management solution offers, other industries can gain just as much use out of the latest developments if they leverage them properly. It is also very important to look at the business requirements and assess the project management solutions offerings carefully, to ensure that the offerings meet the requirements. 360Quadrants has assessed a few factors which would help start-ups and SMEs in better choosing the best software, as below:

Task Management – With a limited number of resources at hand, managing the Task becomes very critical, particularly in start-ups and SMEs. The right allocation of tasks to monitoring and completing them, project management helps all along the way.

Standups - Automated standups help managers in getting better visibility of what all the team members are working on.

Workflow – It helps in making sure that the project workflow is in order. There are generally a few variants of workflows, the two most widely used are Kanban and Sprints.

Time tracking – Project Mgmt tools help start-ups not only does in monitoring the team and checking how much time are they spending on a specific project but it also increases their productivity.

Productivity monitoring - Another crucial feature that any project management solutions should have is the capability to track productivity. Regardless of the size of the project, being able to understand how each team member is performing will make it much simpler to keep things running efficiently and get ahead of problems.

Payroll – Project Management system allows businesses to make payments based on the time recorded for each employee. This is why choosing software that supports both time tracking and payroll is supreme.

Integrations – One of the most important factors to look at before choosing the project management software for any start-up is whether or not it can house integrations.

Inventory Software - If a start-up or an SME involves an inventory, then an inventory control program or module is important to have. This helps in determining the stock and helps in keeping a track of client orders and ordering from suppliers most resourcefully.

Customer Relationship - A CRM module integrated into a Project Management Solutions is important for companies that have deployed a sales force and/or more than a few customers.

For Large Enterprises

Project Planning – This helps in mapping project tasks, allows the senior manager to decide which project to spend on, the type of additional resources to hire, and also to plan other investments to meet the project demands.

Documentation – Documentation helps in proper tracking of a project. It enables project managers to store the knowledge acquired throughout the entire tracking process.

Shared Team Calendar – A shared team calendar helps teams in organizing and scheduling meetings. A correctly harmonized calendar helps all team members by delivering timely alerts.

Multi-User Logins – Usually, in large organizations, project management solutions have no restriction on the number of users that it can cater to. Many users are granted different access privileges.

Dashboards – Precise dashboards altogether enhance project reporting. They also help users instantly recognizing the company’s KPI.

Project Budget Dashboard – It helps in creating a financial reporting dashboard and adding several KPIs that help project managers reflect on the project’s progress. It also helps in adding charts and graphs to the dashboard and receive real-time project updates.

Resource Mgmt – In any given project, it is not only important to manage a team’s time but also to manage other resources. These may include the material used in the process and meeting rooms. Resource mgmt offers a great platform in avoiding any conflicts arising due to resource shortage and enables efficient planning of resources.

Read More About Top 5 Reasons To Use A Project Management Software, Here..!

Automatic Email Notification – This ensures that the team members email notifications of all the project related updates.

Gantt Charts – These charts are intuitive and they enable users to visualize in which phase of the project they are in.

Project Ownership – It keeps a track of the creator of the project and also of those assigned to the project.

Project Categorization – It allows managers to categorize projects by industry names and also by the status of the project like complete, on hold, or in progress.

File Sharing – This allows the team member to add information to the system which can be instantly accessed by other team members.

Project KPI Dashboard – This offers the quickest way to track the progress of a project. Users can also update the information found in the KPI dashboard in real-time.

ABOUT 360QUADRANTS

360 Quadrants is the largest marketplace looking to disrupt USD 3.7 trillion of technology spends and is the only rating platform for vendors in the technology space. The platform provides users access to unbiased information that helps them make qualified business decisions. The platform facilitates deeper insight using direct engagement with 650+ industry experts and analysts and allows buyers to discuss their requirements with 7500 vendors. Companies get to win ideal new customers, customize their quadrants, decide key parameters, and position themselves strategically in a niche space, to be consumed by giants and startups alike. Experts get to grow their brand and increase their thought leadership. The platform targets the building of a social network that links industry experts with companies worldwide.

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Mr. Aashish Mehra

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raviraj.tak@marketsandmarkets.com

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Important Factors to be Considered Before Buying a Project Management Software