Project Portfolio Management Software

Project portfolio management software are solutions used by businesses looking to manage a range of concurrent projects. Using project portfolio management solutions can help make it easier for organizations manage a large variety of tasks across multiple projects, which facilitates the ability to complete projects and tasks according to schedule.  Read the full software guide...


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What is Project Portfolio Management Software?

Project portfolio management software utilizes a combination of technologies, methodologies and processes to provide a system that lets you plan, develop, effectively manage and execute projects.

Most businesses and organizations use project portfolio management solutions to serve as a centralized platform that allows their project managers and department heads to coordinate and organize the workflow of every ongoing project across a vast portfolio of work. The main purpose of this kind of software solution is to properly optimize resource utilization as well as the selection of projects to take on. The goal is to ensure that the operational, financial and strategic objectives of the company are successfully achieved.

Project portfolio management (PPM) tools have the potential of providing organizations more value by giving project managers, stakeholders and decision-makers the ability to track and forecast project performance. A good project and portfolio management platform provides users the function to help them determine which of their projects serve a more crucial purpose to the company as far as business objectives are concerned. PPM software systems can help automate a wide variety of processes and it can streamline project planning, task and risk management, as well as project delivery.

Project portfolio management solutions enable companies of any size across different sectors to organize all their projects into a centralized portfolio for easier monitoring and progress tracking. It allows project managers and stakeholders to effectively manage and review each project to see if it had good quality execution. PPM software also gives users the tools they need for proper project planning, i.e. plan potential due dates and target strategic objectives based on the information entered into the application. This should help eliminate over-reliance on unnecessary guesswork so project managers and team members can rely more on data-driven decision-making.

Project portfolio management software also offers business analysis capabilities for companies and organizations that want to correctly determine the most suitable projects and business objectives to invest in. The software solution affords this functionality by combining and organizing multiple pieces of relevant data related to all proposed and on-going projects handled by the company.


Types of Project Portfolio Management Software

Project portfolio management software is just one of the three different types of project and portfolio management systems, with the other two being: the traditional project management software and the enterprise project management (EPM) software.

Traditional project management software

A traditional project management tool is specifically designed to support project managers and team members at a project- or department-level. Project management software is essentially an umbrella term that refers to a wide variety of project management functions. This is a software solution that allows users to perform different tasks during the project development process, including project and capacity planning, progress tracking and monitoring, as well as project resource allocation, generally, of individual projects.

In essence, a project management tool allows managers and team leaders to know exactly which tasks are assigned to which individual member, how team members are progressing with their day-to-day task assignments and by what time they should be finishing and submitting those assigned tasks. Project management software also promotes better collaboration and communication among individual members and project collaborators, making task management and workload distribution easier and more streamlined for team leaders.

Enterprise project management (EPM) software

Enterprise project management software is similar to a traditional project management tool, only it has greater scope in terms of the number of individual projects it is designed to effectively manage and organize. Like many PPM tools, EPM software is the more appealing project management software solution to a lot of larger companies and organizations, mainly because of its scale. EPM solutions are fully capable of facilitating the day-to-day project management processes and the delivery of individual projects with greater capacity.

Enterprise project management software is the ideal solution for businesses that face multiple projects on a daily basis. This is because most big companies and enterprises often work on a bunch of different projects at the same time and the platform has the capacity to handle project resources demand as well as to effectively manage, track and evaluate the activities, due dates and work breakdown structures for all of the organization’s ongoing set of projects across all teams and departments.


How to Choose Project Portfolio Management Software

Project portfolio management (PPM) tools serve as a real-time workspace for project managers and their team members. They can provide a centralized view of any and all current projects, while executing the day-to-day activities in a seamless and efficient manner. For businesses and organizations looking for new project portfolio management software to effectively manage their projects, there are a few important factors they should carefully consider before making that purchase.

Scalability

Make sure the software is easy to scale up or down to match your current needs and that it allows multiple users to login and use the service at the same time. When choosing a software solution like PPM software, or any professional services and software products for that matter, it’s important to think ahead in terms of business growth and resources demand. The software vendor or service provider should allow you to easily switch your subscription package to fit the requirements of your business.

Flexibility

Projects come in many different shapes and sizes and not all businesses have the same requirements or strategic objectives. With vastly diverse business objectives and definitions of success, it’s crucial to find the right project portfolio management solutions capable of providing flexible workflows to properly accommodate any and all project types. Whether you’re dealing with simple or complex projects on a day-to-day basis, your project management tool should be flexible enough to match your current and future needs.

Mobile support

The modern project development and management process is no longer dominated by workers and team members sitting behind a desk, inside their offices, in front of a computer terminal working on task assignments and portfolios. Nowadays, a lot of people work remotely as part of a team, using mobile devices like tablets and smartphones. With that said, the PPM tools you choose should be optimized for mobile use so everyone involved in your project can work collaboratively, regardless of time or location.

Team collaboration

Project portfolio management solutions should have the ability to improve team collaboration and communication in order to streamline workflows, activities and business objectives, as well as to promote user engagement across teams, departments, organizations and sectors. Task management, data sharing, resource allocation and utilization can be smoother and more efficient with proper cooperation among all parties involved, including stakeholders and clients.

Price point

At some point during your search for good project portfolio management software, you’re going to have to consider upfront cost and cost of ownership. A lot of businesses often look to pricing as a primary factor when deciding which software product to purchase. However, pricing is not nearly as important as value. What are you getting for the price you’re paying? This is the more important question you should be asking.

With that said, opting for a software vendor or professional services provider that offers user training, good software implementation and quality customer support can add great value to your purchase. Make sure to ask about additional or hidden fees when you’re asking the vendor for a quote. If they offer a free trial of the software service, be sure to take advantage of that offer as well, just to get a feel of the product’s features and capabilities.


Benefits of Project Portfolio Management Software

Project portfolio management software is a highly effective and practical software solution when implemented correctly. It can do wonders to a project manager’s day-to-day activities and processes, especially when it comes to task management and resource utilization. Well-implemented PPM tools can provide the following benefits to any team, department or company.

Increased productivity

Project portfolio management solutions provide organizations with the functions and capabilities they require for proper project planning that is based on resource capability, availability and project resources demand. It also allows for more precise estimates for project costs, better project scoring to align with strategic objectives and reassured success of project execution.

Improved decision making

Project managers often make a lot of decisions on a day-to-day basis, especially when dealing with complex processes or multiple projects at once. Good PPM software solution can help users get to the right decisions quicker, since the platform can provide all the important information they need in a centralized location. This makes the decision-making process more efficient and accurate.

Minimizes project risk

For most businesses and organizations that manage multiple projects at varying complexities, it is critical to create portfolios that reduce risks as much as possible. With that said, project portfolio management software can help minimize risks in a project through various features and capabilities, like risk management, the ability to manage threats effectively with project planning, proper allocation and utilization of available resources, capacity planning and so on.

Easy to use

Most software platforms nowadays, including project portfolio management solutions, are specifically designed for modern-day users. With user-friendly PPM tools, project managers and stakeholders will have a far easier time using the platform to effectively manage their projects. Today’s software products require a minimal learning curve and should be easy to adopt throughout the entire organization.


Common Features of Project Portfolio Management

API Application Programming Interfaces (APIs) are programmatic intersections with external products or platforms that allow for custom integrations with your own solutions or other solutions you are using.
Batch Permissions & Access Control user or group access and permission settings for software or other systems.
Calendar Management Manage and update calendars for scheduling or consolidation of events across teams, departments or business functions.
Collaboration Support In-application functionality to enable project collaboration between 2 or more parties.
Contact Management Manage large amounts of personal or business contacts in a centralized system.
Contact Sharing Share contacts across teams or platforms to give access to others or to migrate address books across different systems.
CRM Integration This indicates whether integrations with Customer Relationship Management (CRM) software are supported by a software application.
Customer Management Manage customer databases and/or track outstanding shipments, payments and more.
Database Databases are commonly tables of entries allowing you to store data and query information at will.
Data Export Exporting functionality can be used to streamline the migration of data sets and information across systems, platforms or applications.
Data Import Importing functionality allows you to use data sets from other systems or platforms to cut down on data entry requirements or to more easily migrate records from similar applications you have used in the past.
Email Integration Integration with email clients or providers to create and send emails as well as view received emails within an application.
File Transfer Transfer large files to colleagues, customers or other stakeholders. This is often used for files too large to transfer via email and other conventional transmission methods.
Google Apps Integration Integration with the G Suite, including Gmail, Google Docs, Google Sheets, Google Calendar, etc.
Multi-Account Support for several different accounts, for example different social media platform accounts.
Multi-App Support for several different mobile platforms such as iOs, Android or web applications.
Multi-Site Support for several different websites in the same application.
Multi-User Supports more than just one user account and generally allows for collaboration with colleagues.
Password & Access Management Manage passwords or access to systems for yourself or your organisation.
Project Management Manage projects from conception through the planning stage to delivery and post-project reporting phases. This allows organisation teams to organise resources, plan budgets and improve efficiency in the delivery of project objectives.
Report & Compliance Attain tailored reports and checklists.
Resource Management Manage company's internal and external resources efficiently.
Social-Media Integration Integration support with social media platforms, such as Facebook, Twitter, Instagram, Tumblr and others.
Software Integration Connect third-party software.
Task Scheduling/Tracking Schedule and track tasks and deliverables in form of to-do-lists.
Timesheets Track employee attendance, sick days and hours worked for payroll purposes or billable hours for professional services.
Workflow Management Workflow management focuses on streamlining the coordination of tasks related to the work a business does.

Latest User Reviews of Project Portfolio Management Products

WorkSavi
Andrew Goode MBA, FCIM, MSc
03 Nov 2020
"Work Savi Review"

Used on remote working basis with team to brainstorm projects and create project plans. Was simple for team to use and get ideas map...

ProProfs Project
Pratham Doshi
06 Nov 2020
"Helps us coordinate tasks faster"

Coordinating and collaborating with this tool is really awesome. I mean the notification reaches to the people who are a part of a p...

Basecamp
Nur Anum khalifah
11 Nov 2020
"All in one communication & task management..."

I can track on my colleague task & project progress. It has an immaculate & comfortable to navigate the dashboard and features on th...

Trello
Joe Sam Werner
24 Nov 2020
"Better than Monday? Great Team Planner"

Easy drag and drop features- intuitive UX and team management- Members can assign card tasks to others - with their photos- and drag...


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