Why Does Your Company Need A Project Management Software?
Projects fail, and this is the crudest of realities. According to an estimation, 60% of the project failure is attributed to insufficient resources, missing deadlines, and lack of expertise and management.
Project Management is a multifaceted, multilayered concept and is steeped in complexity. Project Control solutions help organizations effectively manage internal complexities. Project Management tools are the one that is designed for companies to leverage maximum profits.
You could download project management softwares from RarBG in order to know and learn more. In the following article, we will be discussing the efficacies of Project Management software.
Facts And Data On Project Failure
There are certain crude facts that prove that human calculations on projects often meet in a fiasco.
- According to a study, around 70% of the project fails to meet the deadlines. As a result, delivery to the customers timely becomes impossible.
- Around 42% of the companies don’t really understand the need or importance of project management.
- Around 55% of the project managers complain of budget overruns, and consequently, the project meets a sad end.
- According to a calculation, 9.9% of the dollars are wasted owing to performance issues.
- In every 10 seconds, around $1million is wasted by companies worldwide. The accumulated waste aggregates a loss of $2 Trillion per year.
- The Organisations that invest in Project Management go on to waste around 28times less money.
Why Do Organizations Need Project Management Software?
The need for project management softwares is felt with increasing efficiency. As a result, organizations are now relying heavily on project management softwares. Now there are obvious reasons.
1. Project Planning
The enterprises have learned through experiences that great effort and resources are spent on project planning.
But faulty project planning turns out to be the base reason for project failures. Through Project Management softwares, you would be able to get accurate AI predictions.
Efficient Project planning and scheduling offer a somewhat clear picture and indication regarding how to move ahead.
2. Project Monitoring
Keeping track allows the possibility for inventory management and recording the maintenance.
In addition, project management tools like ARES and PRISM allow organizations to monitor the progress and performance of projects.
The success of the project depends quite an extent upon Teamwork. Lack of Teamwork disrupts the projects. Project control software provides real-time updates and document management and acts to present interfaces for timelines.
In addition, notifications are sent automatically about the progress and phases of certain tasks. This helps the project maintain deadlines.
4. Budget Management
Budget is among the most important elements that management needs to control. Unfortunately, budget turns out to be a severe problem and issue in project failures.
Project Management Software helps the company maintain the company’s budget right from the initial stage to that of the final delivery. With professional budget maintenance, better tracking of projects is done.
5. Timeline Maintenance
The successful implementation of the budget depends to quite an extent on monitoring progress. There are dedicated softwares that play an important role in monitoring stages of the projects.
For example, project management softwares helps make the right decision for the company.
That is whether more financial and managerial inputs need to be invested urgently to ensure speedy recovery of the lost time. This is because, with a missing timeline, the costs of projects go on the increase.
6. Enhanced Internal And External Communication
Project responsibilities are delegated to different departments. The success of bigger projects depends to quite an extent on the liaison established between the departments.
The key responsibility of the project management softwares is to ensure that different segments of the organization collaborate in real-time.
Using effective project management tools, effective communications are established among the departments and the stakeholders. As a result, everyone is working with the same real-time information.
7. Decision-Making Processes
The Decision-making process in a project is a tricky part of organizations. Careful planning, monitoring, and decision-making go hand in hand.
Proper project management tools and practice help management make key decisions on different segments.
The success of a project depends on many factors. However, these factors help a long way toward addressing the project needs.
Therefore, the stakeholders must make sure that adequate use of softwares is made to ease internal complexities.
Magdalena Polka is a Business Solution Designer and an Information Technology / Project Management consultant and author with over 15 years of software development, management and project management experience.