Find out more about Project Portfolio Management (PPM) Software
What is Project Portfolio Management (PPM) Software?
Project portfolio management (PPM) software empowers managers to execute even advanced projects without complications and complete them on time. PPM software enables you to plan feasible targets and due dates in accordance to the information you enter in the application to ensure you don’t have to rely on guesswork. Moreover, it is easy to connect interdependent assignments, which allows you to understand the overall project picture and ensure there is solid cooperation between departments. A big advantage of PPM software is you can easily identify issues as well as opportunities and adjust your time, resources, and approach to the latest situations. Your project may involve constructing a building, rearranging an internet website, or any other type, this software can make sure you complete it according to client expectations. To learn more, you can check out the top-rated apps in this category, starting with our current leader Wrike.
Most Popular Project Portfolio Management (PPM) Software
Best Project Portfolio Management (PPM) Software
How To Choose The Best Project Portfolio Management Software
A good quality PPM software can help your company to finish projects in time and satisfy clients. However, how do you zero in on the best project portfolio management software for your business as there are scores of online PPM apps in the market? This buyer’s guide will help you out by giving you pointers on which features to look for as you go about your process of selecting one, be it the best project portfolio management software for enterprises or for SBMs.
Get to know each product with free trial
Best PPM software vendors offer free trial plans that allow you to test drive the app’s features and functionalities free of cost. You can use the free trial period to understand how a particular app can boost your company’s productivity and growth. You can start by signing up for and trying out the following PPM software applications that have received the highest SmartScore and customer satisfaction rating on our website: Wrike reviews, JIRA, Projectplace, and Mavenlink.
- Small and mid-sized companies can use PPM software to plan and execute their projects successfully.
- Large enterprises and multinational organizations can use the solution to schedule priorities, manage tasks and more.
- Wrike: Wrike is a flexible project management solution that allows multifunctional groups to collaborate and get things done effectively in one place.
- JIRA: JIRA is designed to help users capture, assign, and set priorities to their tasks.
- Projectplace: It is packed with efficient and useful business management tools, real-time communication features, and online collaboration functions.
- Mavenlink: Mavenlink is a simple, intuitive platform that enables users to manage all project and team activities.
- Workfront: Previously called AtTask, Workfront is a leading project and work management software.
Types of PPM Software
The following versions of PPM software are widely used:
- On-premise software: This type of software is installed in-house on your company’s computer servers. You need to download the software and maintain it yourself.
- Individual software: These are web-based applications that facilitate project management involving individual tasks and projects.
- Medium-sized systems: These are also web-based tools that are used as central project management systems.
- High-end systems: This type of software is designed as central project management applications for large enterprises.
Key Features in PPM Software
The following common features are usually found in most PPM software:
- Portfolio coordination – Helps to coordinate portfolios and collaborate effectively
- Portfolio budgeting – You can allocate the needed funds and resources for project portfolios
- What-If scenarios – Helps to analyze risks and predict outcomes
- Workflow – Establish an efficient workflow to ensure project success
- Request management – Manage all your requests efficiently and fulfill them on time
- Cost tracking – Keep track of project costs to ensure you stay within budget
- ROI and forecasting – Forecast and calculate the return on investment
- Risk analysis – Analyze risks and tackle them effectively to ensure successful project completion
Benefits of PPM Software
PPM software offers the following uses and benefits:
- It provides an overview of project portfolio
- You can assign tasks and track progress
- It can handle budget analysis and management
- You can generate custom reports on individual projects and the entire portfolio
- Users can define criteria for project selection
- The software offers tools for prediction and forecasting analysis
- You can get alerts and notifications on performance changes
- It enables resource management of inventory and staff
Keep the following trends in mind as you narrow down your search for the right PPM software:
- PPM is a Differentiator: Competition is intense in any industry and the ‘reputation’ on social media means you cannot afford any mistakes in executing projects. To differentiate your organization from the competition and to gain an edge you need to use well-defined PPM processes to protect current assets and make the right project management decisions.
- PMO is Playing a Big Role: To execute large projects with ease, you need to have a solid project infrastructure in place. This emphasizes the role of the Project Management Office (PMO) which coordinates all PPM processes, ensures all data is made available on time, and facilitates additional project improvements.
- Benefits Management is Becoming Important: Companies invest in projects for business benefits. With increasing competition and margins under pressure, enterprises are focusing more on project ROI and constantly monitoring whether the predicted project benefits are being fully realized.
- Project Automation is In: Large projects are becoming more complex and there are also interdependencies between projects. This makes it essential to tightly manage portfolio processes and execution of projects. The need of the hour is therefore for greater transparency and deeper insight. This is paving the way for sophisticated automation of PPM processes to save on resources, automate reporting cycles, and avoid human errors.
Potential Issues in Adopting PPM Software
The following issues can prevent your company from successfully adopting and using PPM software:
- In-House Politics: Ingrained company culture can be an obstacle to the adoption of any new technology including PPM software. To overcome this issue, you need to take all stakeholders on board and convincingly educate them on the value and benefits of using PPM software. You can even appoint a PPM ‘evangelist’ for the cause.
- Failure to Tackle Staff Resistance: Resistant employees can lead to the downfall of your plan to use PPM software effectively. If your staff has a low level of program and project management maturity, then you may need to look at options like outsourcing your PMO functions or hiring external experts.
- Big Brother is Watching: Your business may require to collect timesheet data to keep track of employee productivity and ensure effective utilization of manpower. However, your employees may think the company is acting like a big brother and watching over them with an eagle eye. To relieve their apprehensions, you need to educate your staff about the benefits of PPM software such as increased utilization and productivity, and that timesheet data is important for analyzing portfolio health and tracking project progress.
We hope this buyer’s guide has helped you in identifying the main features to look for in PPM software. Be clear about your business needs and do your homework thoroughly to zero in on a suitable PPM software for your organization.
All Project Portfolio Management (PPM) Software Reviews
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FinancesOnline makes us of our innovative SmartScore™ method to examine all the products in the Time Tracking Software category in orded to help you decide on the best possible software. It evaluates the following factors: essential components, collaboration possibilities, customization, integration, ease of use, help & support, how secure a software is, support for smartphones and tablets, scores in other media. Currently, Clarizen is the leader in this category and we gave it the highest score in our tests. After extensive examination it received the best results among its competitors and we strongly suggest that you include it as one of the choices for your needs.
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Each vendor in the Time Tracking Software category will offer a different set of pricing plans for its service and every plan will include a varied group of tools. Below we list the general pricing for the cheapest plan offered for each app. Keep in mind that advanced features may have an extra cost.
An overview of what kind of devices and operating systems are supported by the listed B2B solutions in the Time Tracking Software category, including mobile platforms and web-based solutions.
Check what languages and geographies are served by the popular B2B apps in the Time Tracking Software category, including apps intended for international markets and created for multi-cultural teams of employees.
Examine which pricing plans are provided by the vendors in the Time Tracking Software category to check which one suits your business preferences and expenses best. Be aware that some services can offer free or freemium accounts for you to test first.
A brief look at what types of clients a given B2B solution in the Time Tracking Software category is designed for, from small businesses and non-profits to big enterprises.