Best Project Portfolio Management Software

When companies receive a wide range of projects, they typically encounter a diverse set of stakeholder requirements and demands. In all such cases, having robust project and portfolio management software can significantly improve the chances of success.  

Choosing and planning projects, as well as carrying them out, are important tasks that require skilled management. To make the most of resources and money, it' s essential for companies to manage all their projects efficiently.   This is where Project Portfolio Management, or PPM, comes into play. It helps companies achieve their goals by managing their projects and eliminating delays. If you wish to dig deep into project portfolio management software, then keep reading!

What Is Project Portfolio Management Software?

In order to efficiently manage numerous projects and portfolios, businesses get their hands on project and portfolio management software. It aids in organizing resources and activities, as well as the maintenance of connections between portfolios. Project portfolio management software blends cloud concepts with an organizational solution to help businesses work more efficiently by providing several layers of project information.

The management of the project portfolio is done under the direction of portfolio managers or the project management office (PMO). It primarily entails analyzing and assessing the project's material, technical, operational, and financial resources.

PPM software is critical for optimizing project portfolios and increasing revenue and ROI. Project controllers, project managers, and other internal and external users who work on company projects use it. PPM software can be used as a stand-alone solution or in conjunction with project management tools.

Some vendors offer portfolio management and project management solutions that can be used separately or together. PPM software can easily be integrated with accounting and ERP systems to keep an eye on the costs across various portfolios.

Why Use Project and Portfolio Management Software?

With the proper PPM software, businesses can streamline their operations, track progress, and achieve their strategic goals seamlessly. There are a plethora of reasons why you should use project and portfolio management software. A few of them are written below. Let' s take a look at them!

1. Collaboration Across Projects and Portfolios

PPM software provides a centralized platform for efficient teamwork and communication for teams. It allows team members to work on multiple projects simultaneously, ensuring that nothing is overlooked.

This one-of-a-kind software allows for team communication, task delegation, progress monitoring, and real-time updates. This level of collaboration is important to a project' s success because it ensures that everyone is on the same page and working toward the same goals.

2. Analytics and Performance

By collecting information on crucial elements, including job time, cost, and team member allocation, project and portfolio management (PPM) software assists organizations in monitoring the development of their projects.

Businesses can use this software to compile precise project data and make data-driven decisions. Using PPM software allows businesses to avoid the time- and error-consuming shortcomings of manual tracking and reporting.

PPM software also provides real-time data, allowing businesses to make quick and informed decisions. This is far more efficient than manual processes, which can be time-consuming and prone to errors.

3. Strategic Alignment Across the Company

PPM software provides a wide range of tools for setting and tracking shared objectives. This promotes greater alignment throughout the organization and improves performance.

This capability allows companies to gain a better understanding of how each project contributes to their overall strategy and prioritize their resources more effectively.

By leveraging project and portfolio management software, companies can identify high-value projects, allocate resources strategically, and ensure that their initiatives align with their long-term objectives.

Who Uses PPM Software?

Multiple organizational stakeholders get their hands on the best project portfolio management software. These include:

1. Head of Project Management Office (PMO)

PPM software is necessary to manage the workload of the PMO, who is responsible for managing all of an organization' s projects. PPM software enables the PMO to monitor project development, allocate resources, and guarantee that projects are in line with the strategic objectives of the company without any hassle.

PPM software is also used by PMO teams to deeply monitor standard implementation and make necessary changes if necessary.

2. Project Managers

Project managers use PPM software to plan and manage individual projects. They can easily define various tasks, allocate resources, track progress, and communicate with stakeholders. Additionally, it is crucial for them to ensure that everyone involved in a project abides by the norms that the PMO department has defined.

3. Executives

Executives use PPM software to have an overview of the organization' s project portfolio. It serves managers and executives with robust tools for data analysis, reporting, and dashboards.

These tools provide real-time analytics on the status of projects, costs, risks, and compliance, helping them to make wise choices that boost business performance and optimize portfolios.

4. Partners and Contractors

PPM software plays a significant role in facilitating collaboration and communication between organizations and external partners or contractors. The software provides an efficient platform for such collaboration, making it easier for partners and contractors to work seamlessly with the internal team on various projects.

Partners and contractors can keep constant track of the project's progress and get regular updates, ensuring they are informed of any changes or developments. This transparency ensures that everyone involved in the project is on the same page, leading to better collaboration.

Benefits of Project Portfolio Management Software

Project portfolio software is a powerful tool that organizations use to manage complex projects and streamline their project portfolio. It plays a significant role when it comes down to organizations achieving better outcomes and higher project success rates. Some of the most prominent benefits are written below. Let s take a look at them right away!

1. Better Decision-Making

PPM software gives managers and executives a significant advantage by providing data-driven insights that help them make better decisions. It provides real-time information on project status, risks, costs, and compliance, enabling decision-makers to identify problems early and make informed decisions to reduce risks and optimize resources.

Companies that get their hands on the best project portfolio management tools ensure that their projects are always aligned with their strategic goals, resulting in better outcomes and higher project success rates.

2. Faster Project Turnaround

PPM software gives project managers immediate access to information about the status of their projects, assisting teams in quickly identifying and resolving problems.

PPM software also makes it easier for team members to collaborate, which decreases delays and keeps projects on schedule. By automating repetitive tasks and providing standardized processes, PPM software decreases the amount of time needed to complete administrative tasks resulting in faster project turnaround.

3. Boosts Collaboration

PPM software makes teamwork easier by providing a central platform for sharing information, communicating updates, and working on projects together. With PPM software, team members can easily access project information and talk to each other easily, no matter where they are.

This avoids unnecessary confusion and ensures that everyone is on the same page. Plus, it keeps all the conversations and notes in one place, so nothing gets lost or forgotten.

4. Reduces Overspending

Top PPM software can help businesses save extensive money by keeping real-time track of project costs and budgets. This enables managers to easily spot areas where costs are higher than expected and to take necessary action for the same.

PPM software can also track resource utilization to ensure that resources are used effectively and that unnecessary expenses are eliminated. Companies can use the savings from reducing overspending to invest in other important areas of the business.

5. Enhances Project Delivery Success

PPM software also assists businesses in achieving project delivery success by offering a standardized project management framework. The best project portfolio management software offers tools for project planning, execution, and monitoring, assisting in ensuring that projects are finished on schedule, within budget, and in accordance with the necessary quality standards.

PPM software also promotes collaboration and communication, which boosts the chances of the project being successful by ensuring that everyone is working toward the same objectives.

6. Balanced Resource Allocation Across Portfolios

PPM software allows managers to balance resource allocation across portfolios by providing real-time visibility into resource utilization. Managers can determine whether resources are being used too much or too little by examining this data and making the necessary adjustments.

The software also includes tools for ranking projects based on their strategic importance to ensure that the most important projects receive the resources they require.

Features of Project Portfolio Management Software

This software serves organizations with the robust tools they need to make informed decisions and optimize their project management processes. PPM software has many features that can benefit organizations. Some of the most common ones are listed below.

1. Portfolio Management and Monitoring

PPM software helps organizations manage their project portfolios by identifying and selecting projects that align with their strategic goals. Project portfolios are created according to customer requirements and the company' s ability to complete projects.

As customer needs change over time, the portfolios need to be updated to ensure they remain up to date. Top PPM software provides real-time information on portfolio performance which helps stakeholders to efficiently monitor progress and make informed decisions.

2. Resource Planning and Allocation

PPM software provides tools for planning and allocating resources efficiently. Project managers can identify the required resources for each project, allocate resources based on project priority, and monitor resource utilization in real-time.

This feature plays a key role when it comes down to moving resources around when unexpected changes occur. These changes need to be updated across the entire project portfolio so that everyone can see how their work fits into the bigger picture.

3. Project Management and Execution

PPM software helps project managers plan, execute, and monitor projects without any hassle. The software provides helpful features such as task management, scheduling, and progress tracking, which assist project managers in keeping projects on track.

Traditional project and portfolio management software is primarily used to execute individual projects, whereas PPM allows for efficient planning and better management of portfolios.

4. Project and Portfolio Risk

PPM software provides a wide range of tools for managing project and portfolio risks. By having the best project portfolio management tools by your side, identifying and assessing risks, developing risk mitigation plans, and monitoring risk in real-time becomes a mere cakewalk.

5. Collaboration

When you have PPM software by your side, seamless collaboration is an assured output. With the help of this software, team members can easily communicate, share essential pieces of information, and collaborate on projects without any issues.

6. Project Portfolio Optimization

PPM software provides a plethora of tools for optimizing project portfolios. Organizations can prioritize projects based on their strategic importance, allocate resources efficiently, and monitor project progress in real-time.

7. Alignment Capabilities

PPM software serves robust features that enable organizations to align their projects with their strategic goals. Stakeholders can easily identify projects that align with their strategic objectives, monitor project progress, and make informed decisions to optimize project portfolios.

8. Lean Management

Project portfolio software provides multiple tools for lean management. These play a pivotal role when it comes down to identifying waste and optimizing their processes. Organizations can identify areas where resources are underutilized or overutilized, enabling them to modify their resource allocation.

9. Performance

The software provides metrics such as project status, budget, and resource utilization, enabling stakeholders to monitor project performance and make informed decisions. With these real-time performance metrics, organizations can easily monitor project progress and spot numerous areas for improvement.

10. Financial Analysis

Though the PPM software doesn' t serve any kind of accounting features, it allows users to make appropriate budgets and keep an eye on project expenses.

For companies that offer professional services, most of their spending goes toward the resources used to complete projects. Moreover, other expenses, such as travel, materials, and necessary items for business operations, are included in the overall cost of each project.

With this, stakeholders can identify areas where costs are higher than expected, enabling them to take corrective action to bring projects back on track.

How to Choose the Right PPM Software?

With so much PPM software available, choosing the best one becomes a challenging task. Following are some main considerations that you must take into account when purchasing a project portfolio management software.

1. Scalability

When selecting enterprise project portfolio management tools, it is crucial to take into account both current and future requirements. This majorly entails considering how many departments and users the software will need to accommodate, both now and in the future.

By choosing a scalable software solution, you will be able to easily handle team expansion and the addition of new stakeholders without incurring the expense of any kind of software upgrade.

2. Collaboration and Communication Needs

It' s important to factor in collaboration and communication requirements when purchasing project portfolio management software. This involves figuring out how your teams will work together on projects and how you will share project updates and progress.

By doing so, you can easily land on the perfect software that promotes smooth collaboration and clear communication between various team members, stakeholders, and clients.

3. Mobile Accessibility

Mobile accessibility is a highly important consideration. It determines whether the software can be used and accessed on portable devices such as smartphones or tablets.

Also, make sure that the software you intend to purchase offers mobile apps compatible with iOS and Android devices, such as smartphones and tablets. Consider mobile accessibility to ensure that your team remains connected and productive even when working remotely.

Top 5 Project Portfolio Management Software

Since you are now aware of the benefits provided by project portfolio management software, it&rsquo s now time to explore the most popular ones. The top 5 project portfolio management software are written below. Let' s dig deep!

1. Smartsheet

Smartsheet is a modern work management platform that connects people, technology, and processes, enabling everyone to drive meaningful change. This unique software is used by businesses of all sizes.

Key Features

• Automated workflows
• Accessible from any location/device

Pros

• Highly customizable
• Powerful analytics
• Robust data protection

Cons

• Add-ons required for time tracking
• Steep learning curve

Pricing

• Free Plan
• Pro: $7.00 (1 user per month)
• Business: $25.00 (3 users per month)
• Enterprise: contact vendor for exact pricing

2. Microsoft Project

Microsoft Project is available in both on-premise and cloud-based versions. The software includes planning tools that help users organize their projects, track their progress, and manage daily operations. As a result, users always stay informed about their project direction and can easily make well-informed decisions.

Key Features

• Stay organized
• Improve everyday collaboration
• Select optimal portfolios

Pros

• Effective presentations
• Desktop & mobile flexibility
• Customizable templates
• Free trial

Cons

• No integration with non-Microsoft platforms

Pricing

• Project online premium: $55 per user/month
• Project online essentials: $7.00 per user/month
• Project Standard: $589.99
• Project Professional: $1159.99

3. Planview

Planview Portfolios is a comprehensive tool designed to effectively manage project portfolios and enterprise architecture. It comprises two essential components: Portfolio and Resource Management and Capability and Technology Management. The platform is accessible as either a cloud-based service or on-premise software.

Key Features

• Tracking and management of investment performance
• Analytics and Reporting
• Strategic Planning

Pros

• Easy-to-use interface
• Intuitive insights

Cons

• No advanced reporting capabilities

Pricing

• Contact the vendor

4. Zoho Projects

Zoho Projects is a project management tool that helps organizations streamline their processes, reduce costs, and improve project outcomes. With this software, you can easily create, prioritize, and track multiple projects, allocate resources, and analyze project performance in real time. Its user-friendly interface allows for seamless project management, making it a valuable tool for organizations of all sizes.

Key Features

• Milestone Tracking
• Task Management
• Budgeting/Forecasting

Pros

• Easy to use
• Advanced communication features

Cons

• Inconsistent customer support

Pricing

• Free Plan
• Premium Plan: $5/month per user
• Enterprise Plan: $10/month per user

5. Teamwork Projects

Teamwork is an exceptional choice to consider if your business requires a project management system. It has earned a reputation as one of the fastest, most user-friendly, and best project management systems on the market. With exceptional features that outshine those of other systems and none of their weaknesses, Teamwork sets itself apart as an outstanding option.

Key Features

• Supports Multiple Projects
• Project Templates
• Document Management
• Email Integration

Pros

• Streamlines Communication
• Solve Problems Faster

Cons

• No image markup tools

Pricing

• Free Forever
• Starter plan: $5.99/month per user
• Deliver plan: $9.99
• Grow plan: $17.99/month per user
• Enterprise plan: Contact the vendor for exact pricing

Potential Issues with Project Portfolio Management Software

Organizations use Project Portfolio Management (PPM) software to efficiently manage multiple projects. This software provides a centralized platform to oversee and prioritize projects, resources, and budgets.

However, despite the numerous advantages of PPM software, it can also present some potential drawbacks. These mainly include:

1. Complexity

This is a major concern with PPM software, as it can be challenging to set up and configure the software to the organization' s specific requirements. It typically requires the expertise of skilled IT professionals, and employees may also need training to use the software effectively.

Furthermore, managing the extensive data collected by PPM software can be overwhelming, which demands considerable effort to keep it organized, up-to-date, and accurate.

2. Cost

Introducing and upkeeping PPM software can represent a substantial investment for organizations. Expenses may involve the software itself, hardware, and IT professionals required to maintain and support the system. Certain PPM software may also require a subscription or license fee that can accumulate over time.

3. Compliance

PPM software manages confidential information regarding projects, budgets, and resources, making it crucial to adhere to pertinent regulations and data protection laws.

Not being able to comply with these requirements can have serious legal and financial repercussions and cause significant harm to an organization' s reputation. It is imperative to prioritize data security and ensure compliance with relevant regulations to safeguard the confidentiality and integrity of sensitive information.

4. Flexibility

The top PPM software  can sometimes have significant flexibility issues. The productivity of teams and the success of projects may be hampered by software that isn' t adaptable enough to meet the particular needs of different projects and teams.

Additionally, it can be a challenging task to integrate PPM software with other business systems like accounting or HR software since it restricts data sharing and integration.

Trends Related to PPM Software

There are various trends related to PPM software, and some of them are written below. Let&rsquo s take a look at them!

1. Cloud

Despite the fact that most PPM products were developed decades ago and can be delivered on-premises or in the cloud, cloud-based PPM software is gaining huge popularity in the market.

Despite this, many large corporations prefer to host and manage the product on their own servers. Medium-sized businesses that want to avoid investing in hardware and specialized IT personnel are more likely to use cloud-native PPM software.

2. Work Management

This trend related to enterprise project portfolio management tools involves expanding project management software beyond its traditional boundaries by providing features for non-project managers involved in projects.

The lines between work management, project management, and PPM are becoming increasingly blurred, requiring buyers to exercise caution when selecting between them.

Although work management software rarely provides a viable alternative to PPM due to its lack of portfolio management features, it does provide critical additional features such as advanced collaboration.

3. Automation

Advanced technologies like artificial intelligence (AI) or robots have the potential to automate numerous tasks performed using PPM software.

However, such technology is still not equipped to define and monitor business strategies. While project management and execution are highly likely to be automated, human involvement will continue to be essential when it comes down to portfolio management.

4. Globalization

PPM is utilized by large enterprises with numerous geographical locations, requiring the software to be supported in countries across the globe. This necessitates that PPM complies with a variety of national and international privacy laws alongside providing multilingual and multi-currency support.

Furthermore, integration with video conferencing and team collaboration software also plays a key role in enabling global teams to work together with any issue.

Conclusion

So, this was all you needed to know about project portfolio management software. By now, you would have surely understood that project portfolio management software assists in prioritizing projects, allocating resources, and monitoring project progress.

It furnishes decision-makers with a complete insight into their organization' s project portfolio, enabling them to make well-informed decisions regarding future investments.

By implementing appropriate PPM software, businesses can mitigate project risks, enhance collaboration, and effectively achieve their objectives. In essence, PPM software is a valuable tool for streamlining project management processes and gaining a competitive edge in the industry.

With our skilled professionals, we can help you get the implementation of your project portfolio management software with ease.

Project Portfolio Management Software Related Research Articles:

• Project Portfolio Management (PPM): A Definitive Guide