1- Reduced project risk
A project manager can never remove risk from a project, but he can do his best to minimize risks and tackle the risks intelligently with a backup plan. A project management software can go a long way to minimize risks. A project management software provides a 360° view of the project, detailed project plans, a Gantt chart view of the sequence of tasks, thus making it possible for the project manager to gauge the future events and possibilities, in turn enabling him to identify, minimize and manage risks.
A project management software automatically provides regular reports about the health and status of the project which helps to identify the risk in advance.
2- Better decisions
Project management involves taking every day decision to execute tasks in order to finally deliver the project. For a project manager or senior manager to make the right decision, he or she needs to have the right information, or data and understand the context or situation. A project management software provides a global view of the project in which the project is divided into small manageable parts where the tasks are itemized, the resource allocation for each task are displayed and the timeline laid out in detail highlighting each milestone. A project management software provides an accurate view of how all the tasks are related or interdependent to each other. All these combination of data enables a project manager to make better decisions.
3- Improved collaboration and communication
Many project management software packages have an activity or notification feed which improves communication between team members. Some others also have task lists integrated with a comments system that allows team members to communicate immediately. Thus, reducing the need of emails.
Most project management software allows the upload and quick sharing of documents ensuring all the important documents are on a central and accessible space, therefore encouraging collaboration. Almost all project management software have a detailed dashboard consisting of widgets which give the overall health of a project in various forms: charts, histograms and graphs. Thus, improving collaboration and communication between project teams.
4- Saving time and money
One of the major time-consuming responsibility of a project manager is to gather the right information and data from a diverse range of sources in order to make the right decision. Hence a project management software is a huge asset not only for the project manager but also for the entire organization. A project management software acts as a centralized system where every team member and stakeholder inputs information or data which is easily accessible to the project manager to make the right decisions and move the project forward towards its final delivery.
Without a project management software, many organization manage projects using spreadsheets or off the shelf tools. Different spreadsheets for different themes can become very tedious leading delayed and uninformed decisions which could cost more in the long run.
5- A safe, well documented operating asset
To conclude we can say that a project management software is a vehicle that moves the project forward to completion. In other words it is a very useful asset. It captures the project knowledge from all angles to generate appropriate procedures and workflows in less time. It ensures that the procedures and workflow are consistent, up to date and easily accessible to any project stakeholders. It provides an historical audit trail of all the project tasks, decisions and milestones. All the procedures and workflow fed with the right project data ensures that the project moves forward, in a step by step process towards completion.