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What is Project Management Software?
Project management software (PM software) is a communication and productivity tool that allows project teams to plan, execute, and monitor projects from a centralized virtual hub. Project management is a discipline that involves planning, organizing, and managing resources to achieve specific project goals and objectives.
Essentially, project management software is used to break large projects down into manageable tasks that can be monitored. The transparency that project management software systems provide allows all stakeholders to have a clear understanding of workflow, task assignments, and the overall project status.
Key Takeaways
- Project management software applications provide a central hub for all project-related communication.
- Project managers can use PM software to break large projects down into manageable tasks, assign responsibilities, and set deadlines.
- The software provides customizable dashboards that managers can use to schedule work, map dependencies, monitor progress, and report on task completion.
- PM software’s visual features can make it easier to identify bottlenecks and take corrective action.
- Some PM software platforms can be integrated with accounting software and other productivity tools.
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Who Uses Project Management Software?
In today’s fast-paced business environment, project management software is important for streamlining workflow, improving efficiency, and ensuring each project phase is completed on time. PM software can be used by anyone who is involved in planning projects, regardless of industry and organizational size.
Project Management Software Functions
If you’re wondering what project management software is used for, it’s essentially a communication tool that provides a virtual space for project teams to manage their projects more efficiently. Core functions, which include planning and task management, are supported by a wide variety of software features.
5 Features of Project Management Software
Project management software apps offer a variety of features for enabling the core functions.
They include:
- Customizable dashboards and reports
- Gantt charts
- Kanban boards
- Shared calendars
- Email integration
- Integration with invoice and accounting software
How to Choose the Right Project Management Tool
Essentially, what project management software does is provide a structured framework for managing projects from initiation to completion. Choosing the right project management tool can significantly enhance communication for both enterprise and small business project teams.
Here are 10 steps to follow when selecting a project management tool:
The Market’s Top-Rated Project Management Solutions
The most top-rated project management platforms allow project managers to assign tasks, track progress, and ensure each task is completed on time and on budget.
Technopedia invites you to try out one of the project management software examples below to improve how you and your team stay organized.
Project Management Software Pros and Cons
While project management software can offer numerous benefits, it’s important to be aware of the potential drawbacks. Overall, the benefits of project management software typically outweigh the cons, especially for complex projects and large project teams.
- Improved organization and planning
- Enhanced collaboration and communication
- Increased efficiency and productivity
- Real-time progress Tracking and visibility
- Improved decision-making
- Enhanced accountability and transparency
- Cost
- Over-reliance on technology
- Potential for micromanagement
- Data security and privacy concerns
- Integration challenges
- Feature overload
The Bottom Line
Project management software, by definition, provides a centralized virtual space that can be used to communicate information about project planning and execution. The software fosters accountability by providing transparency and ensuring that everyone involved in the project can see who is doing what, when work is due, and the overall project progress.
