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Why are PM Tools Crucial to Project Success?

Last updated on Nov 23,2022 304 Views

Project Management (PM) tools are a necessity for project success. To keep your project on track, you need to have a system in place that allows you to track progress, handle tasks, and communicate with team members. Without PM tools, your project will likely fall behind schedule and exceed the budget. Let’s discuss the importance of PM tools and how they can help you achieve project success.

What Is Project Management? A Bird’s Eye View

Today the business realm is unintentionally dependent on project management for project success. Project management (PM) is the process of planning, executing, and monitoring projects. It includes setting goals, milestones, and deliverables, assigning tasks, tracking progress, and managing risks. Be it launching an app or organising a company event; project management is key to ensuring that projects are finished within the planned budget and timeline.

Check out these quick stats that signify the importance of project management today.

  • In a study by PM Solutions, 86 per cent of respondents said that project management is critical to business success.
  • The Project Management Institute’s “Pulse of the Profession” study found that organisations with project management practices are twice as likely to meet their project goals.
  • A study by the Standish Group found that project management can improve project success rates by up to 30 per cent.

So what are the elements that make project management successful? We are blessed with technology that aids project management like never before. PM tools are one of the most crucial elements to project success. 

Project managers can save time and resources by automating project management processes and workflows. PM tools also enable project managers to collaborate with team members more effectively and track project progress in real-time.

History Of PM Tools

Project management tools have been around for centuries, dating back to the early days of organised human civilisations. These tools were manual and consisted of nothing more than a list of tasks and deadlines. The first project management tool was probably the project schedule, which was used to track the progress of large construction projects such as the Great Pyramids of Egypt.

As project management evolved, so did the tools. In the 1950s and 1960s, PM tools began to take on a more formalised structure. It was driven by the increasing complexity of projects and the need for more accurate project planning and control. The first project management software programs were developed in the 1970s, and these early tools were used to help manage the Apollo space program.

Project management tools have come a long way since those early days and now play an integral part in project success. Today, PM tools can be used to track project progress, create and manage project schedules, assign resources, communicate project information to project stakeholders, and even help project managers to make better decisions.

Want to discover how project management is the real saviour? Check out our Advanced Certificate in Operations, Supply Chain, and Project Management, which gives a detailed insight into project management and more.

Also Read: How To Become A Better Project Manager? Top 10 Tips

Significance Of PM Tools In Business

Project management tools are significant in business for a multitude of reasons. They help project managers keep track of deadlines, budgets, milestones, and project tasks. In other words, PM tools are crucial for project success.

For instance, PM tools can help project managers avoid scope creep. Scope creep is a common project management issue that occurs when the project manager does not have a clear project plan. Without a clear project plan, managers can easily lose sight of the project goals and objectives. As a result, scope creep can occur, leading to project failure.

In addition, project management tools can help project managers communicate with project stakeholders. Communication is a key element of project success. If project managers cannot communicate effectively with project stakeholders, the project will likely fail.

Reasons Why Every Project Needs Project Management Tools

reasons why every project needs product management tools

Project management tools can largely benefit projects. Project managers use various tools to complete their work and achieve project objectives in project management. If you are a project manager and have not yet thought about PM tools, here are a few logical and compelling reasons why PM tools are crucial to project success.

Seamless Collaboration

The ease of collaboration offered by PM tools is unmatched. These efficient tools allow project managers to assign tasks, set deadlines and track the progress of every team member in one place. Such convenience often comes in handy when project teams are geographically dispersed. It ensures everyone is on the same page and project goals are promptly met.

In the evolving remote working culture, these tools pave the way for project managers to manage their project team as if they are in the same room. There is no need to wait for project updates or chase team members for project status; PM tools have your back.

There are instances where project teams need to work with external stakeholders such as clients or vendors. PM tools offer a centralised platform for all project-related communication ensuring that everyone is up-to-date with the project’s progress. If you want to optimise the ease of collaboration, PM tools are the way forward, as they will make project management a cakewalk.

Efficiency Resource Allocation

When discussing project management tools, it is impossible to leave out efficiency and resource allocation. For a project to be successful, every aspect must be well-oiled and work together like a machine. It is where PM tools come in; they help ensure that every aspect of the project is accounted for and that resources are used efficiently.

These radical tools help to keep track of all the different moving parts of a project and ensure all the resources are used efficiently. It helps ascertain what resources are ideally required for the project, ensuring that project costs don’t balloon out of control.

Efficient allocation of resources can save time, money and efforts of a business incurred on a project. PM tools are an essential part of any project manager’s toolkit and are crucial to the success of any project. Choosing the best tool for the project is necessary, as different tools offer different features and benefits. Do your research and select a project management tool to help you effectively manage your project and ensure its success.

Quick Data Sharing

We all know it is frustrating to search through different PM tools to find the needed information. Project management tools easily share project data with team members, clients, and other stakeholders. With quick data sharing, project managers can keep everyone on the same page and ensure those project deadlines are met.

With easy data sharing in real-time, project managers can reduce the chances of project delays and increase project transparency. Clients and team members will appreciate seeing the project status at a glance, and project managers can avoid potential project pitfalls.

For instance, during software development, the management wants to convey the project’s progress to clients. In the past, they would have to email or call project managers for an update individually. With PM tools, the project manager can quickly create a project status report and share it with the client. It saves time for the project manager and the client and helps keep the project on track.

Unparalleled Team Workflow

Getting everyone in the team together can be a project in itself. PM tools make it easier for everyone to stay on the same page by providing a centralised platform for communication and collaboration. They also make it easier to keep track of deadlines and progress so that you can avoid those dreaded project delays.

PM tools make it easier to manage and monitor project progress and milestones. Doing so will help ensure that the project stays on track and is completed within the specified timeframe. The workflow will eventually lead to project success as it typically comes in handy during project execution.

Suppose a product launch is scheduled for three months, but the project team lags behind the project schedule. In that case, project management tools can expedite project processes and get the project back on track. Without any jitters, the project can be completed on time, and objectives can be met effectively.

Effective Project Monitoring

These tools allow project managers to monitor project progress effectively and ensure all the objectives and deadlines are met. By keeping track of project milestones and tasks, project managers can identify potential problems early on and take corrective action to prevent project delays.

Monitoring the project at each phase becomes imperative to project success. Doing everything manually can be extremely time-consuming, and project managers simply don’t have the luxury of time. By using PM tools, project managers can automate project tasks and get real-time reports on project progress.

For instance, a project manager can use project management tools to create project timelines and Gantt charts. These project management tools help project managers keep track of project milestones and tasks, saving time and effort.

Also Read : Fundamentals of Project Management Explained

Tips To Select The Best Project management Tool For Your Project?

Choosing the right project management tool is crucial to project success. With so many options, how will you determine which is right for your project? Check out factors you can consider to pick the best project management tool:

Tips to select the best project management tool for your project

The size of your project: A simple project management tool like Asana or Trello may be all you need. But for larger projects, you’ll need a more robust tool with more features, like Basecamp or Jira.

The complexity of your project: When the project is simple and doesn’t involve many moving parts, a basic project management tool will suffice. But if your project is more complex, with multiple teams and stakeholders, you’ll need a tool that can handle more complexity.

Your project budget: There are both free and paid project management tools on the market. If you’re working with a tight budget, a free tool like Asana or Trello may be your best bet. But if you have the budget, a paid tool like Basecamp or Jira may be worth the investment.

The features you need: Different project management tools offer different features. Prepare a list of the must-have features you need for your project, and then choose a tool that offers those features.

Your project management style: Some project management tools are more flexible than others. For a more streamlined and structured approach to project management, you’ll want a tool that offers more features and options. But if you prefer a more flexible, informal approach, a simpler tool may be better.

The project management software you’re using: If you’re already using project management software like Microsoft Project or Primavera, you’ll want to choose a project management tool that integrates with those software programs.

Your team’s preferences: Ultimately, the project management tool you choose should be one your team is comfortable using. Take feedback from your team regarding their input and preferences before making a final decision.

Choosing the ideal PM tool is crucial to project success. By taking the time to consider your project’s needs and your team’s preferences, you can choose the right tool for your project.

The Bottom Line

Project management tools are crucial to project success because they help project managers to plan, execute, and monitor projects effectively. By using PM tools, project managers can ensure that project goals and timelines are adhered to. The use of these tools are project management can help to improve project efficiency and project quality.

As a project manager, you must be acquainted with the efficiency of project management tools available to you. If not, it’s your cue to invest in project management software and get with the times! Not only will this make your project management process easier, but it will also ensure that you can deliver successful projects.

Want to know about the benefits of project management tools and how they can help you deliver successful projects? Look no further than our Advanced Certificate in Operations, Supply Chain and Project Management. It will help you understand the project management process and project management tools in detail. With hands-on projects and industry-based case studies, this course will give you the practical experience you need to be a successful project manager. Enrol now and get started.



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Why are PM Tools Crucial to Project Success?