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Modern business projects are complex and sophisticated processes involving plans, tasks, budgets, and people. These elements must be optimized to deliver the project successfully and efficiently.

 

What is project management?

 

Before we get to project management software, let’s look at what the word project management actually means. Broadly speaking, project management consists of five steps.

 

The first step is the initiation, where we define the project’s goal.

 

This is followed by the planning stage, when a plan is drawn up that includes the tasks to be done, the deadlines, the resources we will need, and the budget.

 

Once the plan has been developed, we can move on to implementation, the third step in project management.

 

The fourth step runs in parallel with implementation. The implementation process must be monitored to ensure that everything is done in the best possible way. If anomalies are detected in the monitoring process, it may be advisable to return to the second step and modify the plan or adapt the implementation process to the plan.

 

The fifth and final step is to close the project. Having achieved the objective set in the first step, the documents and reports related to the project are collected and archived, the team working on the project is disbanded, or a new project is assigned to its members. Thinking of the project as any other product can be even simpler: the inputs change due to the workflow and form a new value.

 

Project management software – luxury or necessity?

 

Project management software is helpful for all companies, regardless of their economic sector. It helps with every step of project management, from planning to delivery. It makes planning easier, helps you become more organized, and ensures that processes are accurate, predictable, and efficient.

 

Although project management can be used in various ways, its main purpose is to plan and track project components, resources, and stakeholders.

 

How can project management software be defined? It is a set of functionalities (i.e., tools) used in project planning, resource allocation, and change management, enabling project managers and users to control costs, manage budgets, ensure quality, produce the necessary documentation, manage processes and tasks, and communicate and collaborate between project participants.

 

More and more companies are recognising the potential of project management software. According to statistics, 77% of the companies surveyed use some form of project management software, and this number is expected to increase significantly in the future. Even more significant is the figure that 87% of high-performing companies in the top league use such software, while the remaining 13% have not (yet) implemented project management software in their company.

 

The software has become indispensable for modern managers thanks to its help in planning and organization.

 

Project management software offers many opportunities for all sectors, as projects are carried out similarly in all companies. Project management has the following features:

 

Task management

Project planning

Project monitoring

Real-time collaboration

Document sharing

Calendar and scheduling

Time tracking

Project cost tracking

Risk management

Budgeting and forecasting

Report

“Bug and error management

Intuitive use and navigation

 

In the following parts of our article series, we will discuss the benefits of project management software. We’ll break them down into six broad categories: communication, budgeting, clients, collaboration, monitoring, and scheduling.

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