As the company grows and the team grows, the number of projects increases too. This situation takes you to a point where it gets difficult to consolidate information across the company. Project Portfolio Management Tools give you room to see the big picture and keep projects aligned.
Project Portfolio Management Software is known as a decision-making tool that helps the CEO, CIO, CFO, and other executives determine the right project priorities. To come up with the right project priorities you need to access all the different factors and then can analyze project by project cost and benefits.
Project Portfolio Management helps project managers be more organized and is useful for administering resources and maintaining communications. Project Portfolio Management tools provide visibility, oversight, and tools to help companies prioritize and manage current projects and resources as well as future demands and needs.
Benefits Of Adopting PPM
Adopting the PPM tool means prioritizing project portfolios that contribute to improving the organization’s health and upgrading its value. And many efficient organizations are using the PPM tool to manage their day-to-day activity. This tool lets the Project Managers optimize tasks, budgets, resources, and projects to create high-yield portfolios.
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Better decision making
PPM Tool drives better business decisions. This tool makes it easier for project managers to foresee the outcomes by giving them insight into past project metrics. This also helps to filter the projects that are not adding value to the organization by analyzing their performance report.
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Faster turnaround
By automated streamlining, work PPM Tools keep the work cycle well perfect and increase productivity. These tools don’t let the business lose focus on strategies that give better results. Small turnaround time also gives an edge to the businesses over their competitors.
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Control Costing
An effective PPM tool balances the project expenditure and project overspending. Various factors can cause overspending like poor estimation, improper scheduling, wrong resource allocation, and no visibility into project data. Organizations using PPM tools have noticed decreased overspending as they have accurate project estimates and efficiently allocate resources.
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Enhance Project delivery success
PPM tools help organizations minimize cost overruns, undefined requirements, technical problems, and unresolved issues that can lead to project failure. They are designed to plan the projects based on their resources, strategic alignment, accurate estimate costs, and increase the chance of successful project execution.
10 Best PPM tolls for 2023
| Best For | Platform | Deployment | Free Trial | Price | |
| eResource Scheduler | Small to large size organizations | Windows, Android, iPhone, Mac | Cloud based and open REST API | Available for 14 day | $4 per user |
| Monday.com | Small to large size business | Window, Android, iPhone | Cloud based, open API | Available | $17 for 2 user |
| ClickUp | Small to large size business | Windo, android, Mac,iOS | Cloud based and API | Available | $5 per user |
| Wrike | Medium to large size business | Window, Mac, iOS, Android and Linux | Cloud hosted and Open API | Available for 14 day | Different plans available |
| Teamwork | Small to large size business | Web-based, Windows, Mac, Linux, iOS, Android | Cloud BAsed | Available for 30 days | Free plan and price starts at $10 per user per month |
| Smartsheet | Small to large size business | Mac, iOS, window, android | Cloud Based and Open API | Available | $7 per user per month |
| Mavenlink | Small to large size business | Window, Mac, Linux | Cloud based | Available | Different plans available |
| Project Manager | Large Size Business | Window, Mac and Linux | Cloud based | Available for 30 day | Three plans available starting from $15 per user per month |
| Jira | Small to large size business | Window Mac and Linux | Cloud based | Available for 30 day | $10 per user per month |
| Planview | Small to large size business | Window, MAc and Linux | Cloud Based | Available for 30 day | $29 per user per month |
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eResource Scheduler
Best For Small to large size business
Pricing: Starts from $4 per user per month with a 14-day free trial
eResource Scheduler is a leading Project management tool for teams working worldwide. With eRS you can plan, track, and manage projects flawlessly. It provides effective and efficient communication and collaboration between all the team members. It is easy to handle complex projects with eRS. Project Scheduling, Finance, and Timesheets can be managed proficiently with eRS.
Key Features:
- Easy work scheduling
- Effective resource mapping
- Flexible delivery and integration
- Real-time data
- Quick notification
- Easy visualization through Gantt Chart, Calendars
- Configurable timesheet
- Approvals showed on a single screen
- Cost, revenue, and profit data
- Rates as per the role, resource, and project
- Configurable settings
- Cost, revenue, and profit reports
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Monday.com
Best for Small to large size business
Price: Starts for $17 for 2 users, offers a free trial for the product.
Monday.com is a project planning tool, easily accessible by employees working remotely. This tool can be used for planning, managing, and tracking the project. Monday.com is good to handle all types of projects.
- Automated notification
- Can able to assign work
- Easy to map milestones, prioritize, and can set deadlines
- Various views to track the project through calendar view, files view, chart views, etc.
- Easy integration with other tools.
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ClickUp
Best for Small to large size business
Price: Starts from $5 per month per user best suitable for small-size teams, for midsize teams $12 per month per user, and $19 per month is best for multiple projects.
ClickUp is another PPM tool that is used for managing multiple projects. With this tool, managers can plan, track and create any type of work. ClickUp allows you to connect with multiple team members in real time.
- Customized Dashboard.
- Visual widgets to track the project progress.
- Uploading of existing projects.
- Can easily break down the tasks into subtasks.
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Wrike
Best for: Medium to large size business
Price: 4 Pricing plans, Professional- $9.80 per user per month, Business- $24.80 per user per month, Marketers- ask for quotation, and enterprise- ask for quotation.
Wrike is good for project management and collaboration. With Wrike, managers can set goals, align goals, and can manage resources. Many add-ons come with an additional price.
- Dynamic Request form and Gantt Chart.
- Through the proof tool collaboration is easy.
- Better visibility on project health through Dashboard.
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Teamwork
Best for: small to large size business
Price: There are four pricing plans. Free. Deliver- $10 per user per month, Grow- $18 per user per month, and Scale- call for quotation.
Teamwork is an all in-one project management tool. A feature-rich platform that helps to deliver projects on time and within budget. Teamwork helps in managing projects, teams, clients, etc. Easy to track the billable hours.
- Real-time data
- Time Tracking
- Support unlimited clients
- Template
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Smartsheet
Best for Small to large size business
Price: $7 per user per month, $25 per user per month
Smartsheet is a project management and collaboration tool, with additional features that make project portfolio management a seamless activity. Features like automated alerts, quick sharing with multiple teams, budget management, resource management, and time tracking, make it easy to manage the project portfolio.
- Collaborative platform to connect with all team members
- Automate the repetitive tasks
- Forecast resource requirements
- Manage crucial processes
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Mavenlink
Best for Small to large size business
Price: There are four pricing plans, Enterprise, Premier, Professional, and Teams- Quotation available on request.
Mavenlink offers Team Collaboration, Resource Planning Project Management, Project Accounting, and business intelligence.
- Project planning templates, Gantt Charts, Portfolio Management, task assignments, and critical path analysis make project management easier
- Time tracking, expense reports, time card invoicing, and online payments make project accounting more accurate.
- Resource Planning, Resource Scheduling, and Forecasting make it easy to plan the resource.
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Project Manager
Best for: large size business
Price: There are three plans, Personal- starts from $15 per user per month, Team- $20 per user per month, and Business- $25 per user per month.
A project Manager has the functionalities for collaboration, managing tasks and teams, and planning. This tool helps in managing the team and tasks across multiple projects. Can be integrated with Google and Gmail.
- Time Tracking.
- Real-time customizable Dashboard.
- Will help to create the project plan.
- Tasks Management Features.
- Easy document storage in one place.
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Jira
Best for: small to large size business
Price: $10 per user per month.
Jira offers project planning, project tracking, and sharing with stakeholders.
- Visual timeline for managing teams and projects
- Easy to track work that will help deliver the project on time
- Accessible communication with all team members.
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Planview
Best for: small to large size company
Price: Starts at $29 per user per month
Planview PPM will accelerate the development of the project. Managing the project from start to end is a breeze. Planview offers visual and real-time reports.
- Planview comes loaded with Strategic Planning, Financial Planning, Project Management, Investments, and Roadmapping.
- Features Collaborative workstreams, Kanban board, Gantt Charts, Workspace overview, Workload view, and document collaboration.
Conclusion:
Project Portfolio Management Tools offer businesses capabilities to manage multiple portfolios of projects. This order of arrangements allows the organization to gather important information. Data insight into the project’s progress fosters better decision-making. Reviewing the project metrics also supports smart financial decisions and helps keep the team aligned with organizational goals.
Above mentioned Project Portfolio Management tools come with handy features to minimize risks, utilize resources to their fullest potential and strengthen decision-making. In other words, these tools not only help to streamline the organizational processes but also improve project execution strategy and value all the stakeholders.
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