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 Software