10 Ways Project Management Software Can Help Your Growing Business
If you have a growing business, what would you want to do?
- Invest your time and resources in areas that can otherwise be efficiently managed by technology,
- Leverage technology by saving time and resources and thereby growing your business.
The choice is yours.
If you’re being wise and going with the 2nd option, read along!
A growing business has certain goals and objectives that it needs to accomplish. But doing this all by yourself can be extremely complicated, time-consuming, and daunting, to say the least.
Project management solutions are expected to help improve these statistics (source: Wrike)
This is definitely not a good place to be. These statistics from Wrike, a leading work management solution provider, prove that efforts made in the wrong direction will take you nowhere. In a fast-paced world that we live in, the worst mistake you can make is not keeping your business ways up to date.
How can you prevent it? Allow me to help!
A successful project majorly depends on:
- The changes made in the scope of a project should be in sync with the time, budget, and resources allocated to it.
- Resources should be managed efficiently and allocated wisely. The combination of the right resources, at the right place and time, is a must.
- Time management is another aspect that cannot be compromised. Managing critical paths is of utmost importance.
- The estimated cost and the expected profit should be as accurate as possible. A dedicated contingency allowance over the estimated budget is mandatory.
Seems a lot? Well, it is.
But what if I tell you there’s a magical solution that can make all of this, and more, possible?
And that is – a project management software.
According to Technopedia, “A project management software is a software used for project planning, scheduling, resource allocation, and change management.”
It essentially ends the chaos and makes your business processes simple and more focussed.
Now that you know why do you need a project management software, let’s probe further into how can it help your growing business
1. Prioritizes your projects
The matter of fact is that you cannot take on every project that is offered. A project management software has the right data that will let you know when you need to say a NO.
It ensures that your selection of projects is in line with resources and time at hand, and helps you to make use of the scarcest resources to maximize profits.
2. Plans your projects
Failing to plan is planning to fail. You cannot go ahead with a project without a map in hand.
A project management software gives you that map. It decides the tasks, activities, roles, and responsibilities, required for the project. And helps you set deadlines and approval points. It also makes sure the project is delivered on time and is within the budget.
3. Manages your resource usage
You need to plan, schedule, and allocate resources in a way that supports optimal usage, and maximizes benefits. A project management software assists you in resource allocation, resource leveling, and resource smoothing. It helps you avoid resource gaps by predicting your future resource requirements before a project begins.
4. Provides a real-time status
You already how hard it is to track the progress of the project and the associated individuals.
A project management software gives you a comprehensive picture of the status of the project and the progress of your team members. Your team members can also see their own project tasks, deadlines, and all other related information.
5. Assists you to monitor budgets and expenses
Managing finances can seem intimidating. But no more! A project management software creates project budgets from project plans or from your estimates. It tracks your actual costs and compares it to your budget to provide you real-time financial insights. It can also be used to gain financial forecasts.
6. Enhances your delivery framework
You cannot afford to fail when it comes to delivering your products or services. A project management software helps in the integration of different inputs and effective strategies. It serves your clients by considering their inputs in the delivery process, and it assists the team members by giving them a greater insight into the product they are going to deliver.
7. Facilitates team collaboration
It is 10x times easier and quicker for a team to achieve a goal than an individual working towards the same. A project management software binds your team in a way that they work towards a common goal, sharing their knowledge and ideas throughout the process, rather than striving to accomplish poorly-defined individual objectives.
8. Serves you as a reporting tool
Reports are a crucial part of your business. Even after struggling to make it with utmost precision, you can end up with a few human errors. A project management software keeps your management information error-free. It gives accurate and in a real-time picture of things such as costs, progress, project performance, and resource productivity. There are many project management software that can also be used as a time tracking tool or a daily reporting tool to help you understand how your employees are performing on a daily basis.
9. Minimizes Risks and Failures
Risks are no longer analyzed on spreadsheets. A project management software manages your business centrally by letting you know about the risks at every stage of the project. This helps to mitigate the risks at every step so that the quality of the final outcome is not compromised.
10. Builds a loyal customer base
A loyal customer base is an asset to your organization. A project management software helps build you that. It enhances customer service by resolving their queries in a timely and effective manner. Also, it helps your employees to ensure that each customer receives the level of care and attention your SLA’s (service-level agreement) demand.
Precisely, it is a one-stop-shop for all your business needs. It’s your virtual assistant that that will ease your core business operations like never before, thereby wrapping your business with tremendous success. Now you know how!
Point to note
Like every other product, a project management software doesn’t come with one size fits all. Therefore, you need to understand your individual requirements well, before purchasing one.
Your customers will thank you enormously, and you can thank us later!