5 Project Management Tools Every Business Needs

Leveraging the power of technology is one of the most effective approaches for promoting the growth and success of your business. It entails using innovative tools to automate processes and complete tasks more efficiently. As a result, you can save resources and increase your profits.

Every business function in your organization can benefit from modern technologies, one of which is project management.

What Is Project Management?

Project management refers to managing your resources and team members to complete goals and deliverables. It also involves planning and monitoring your company’s projects to track risks and progress. No business can overcome market competition without project management.

For the long-term growth of your business, you must have project management skills. The core competencies to plan and complete projects include communication, time management, problem-solving, collaboration, and technical skills. Having them can help promote your operational efficiencies and productivity.

And to support the management functions of your business, you can invest and install the following project management tools in your business:

1. Project Tracking Software

Project tracking software is one of the most important modern tools you need for your business. This computer application enables you to track the progress of your project. This way, you can know whether you’re on the right track to achieving the objectives.

But aside from allowing you to check if you’re able to meet project deadlines and milestones, the right project tracking software can also help you be on top of your budget. This way, you can compare estimated and actual costs.

In addition, with manual processes, you’ll have to keep asking employees updates and questions like how the project is progressing or when they intend to complete the work. But with project tracking software, you can still be aware of your project’s status without interrupting your team members.

2. Task Management Software

Task management software is another important project management tool that can help your business streamline its processes. It helps create custom task workflows to match the project with your business needs. It also helps you to identify which tasks should be worked on and when to complete them.

Besides, task management software can improve collaboration in your teams. Most task management tools can allow employees to work on a project from different regions. And the more collaborative your teams are, the higher the chances for your business to grow.

Project management team updating Gantt chart schedule or planning on computer, two business people in office

3. Communication Tools

Effective communication is necessary among teams in your organization. It ensures information can flow smoothly from one person to another. But this might not be possible if you utilize outdated communication methods.

For instance, a method like direct mail can cause delays in the completion of projects. This approach can take several days for the intended recipient to receive your communication. With modern communication tools, however, team members can conveniently collaborate in seconds.

One of the communication tools you can invest in is a real-time instant messaging tool. This software lets you talk with employees remotely via audio and video calls. It’s one of the best tools for holding staff meetings.

4. File Sharing Tool

Aside from having an efficient communication system within your organization, you also want seamless collaboration of ideas and sharing of company files and data. This is where file-sharing tools come in.

File-sharing tools are computer programs that enable you and your employees to create, store, and share data on online platforms. With such modern tools, team members can share information easily and collaborate on a project in seconds.

5. Document Management System

When working on a project, you’ll likely have to deal with several documents, whether in digital or physical form. These may include everything from invoices to contracts and other critical data. And ideally, these documents should be easily accessible to all project stakeholders.

While storing documents manually through physical storage can work, it may not be as efficient since it may take time for your employees to access and sort through them. Not to mention, tracking the changes to these data can take a lot of work.

For that reason, implementing a document management system for your files can be beneficial. Such tools can help you efficiently track and manage digital documents for easy access and review. For instance, Affinda’s tool relies on Python to extract text from image, which enables the extraction of text data from image-based or scanned files, which simplifies the search and facilitates efficient document management. You can also get cloud solutions for data backup and recovery.

hand working with project manager and icons about planning tasks and milestones on schedule, cost management of Ui computer

Tips For Selecting The Right Project Management Tools

With modern tools like those mentioned above, you can streamline your operations, resulting in increased productivity. However, with various options in the market, it can be overwhelming to look for and decide which software can support your business better.

To help you with this, you can adopt the following tips to simplify the process:

Identify your needs: Various project management tools are designed to address specific management problems. This is why you need to determine your business’s needs. It can help to list all the problems or constraints your business is currently facing. This can help you assess your options better and disqualify tools that aren’t designed for your needs.
List all the top options: Once you identify your needs, research and create a list of the top software in the market. You’d want your list to feature the industry’s most recommended or positively reviewed tools. Moreover, you can also consider their online ratings and client feedback for a more comprehensive list.
Test each software: The best way to know whether you’re investing in the right project management tools is actually to test them. Doing so will let you know whether they have the right features to accommodate your needs. For a better assessment, it can also help if you allow your team members to try them. This way, you can make an informed decision as a whole team.

Final Words

Project management is an important aspect of your business. It enables you to monitor the status and progress of your projects while also helping you manage your resources smartly. With that in mind, leveraging modern tools can help streamline and boost the efficiency of your operations. You can consider this post as a starting point to help you find the right project management tool most suitable for your business’s needs.