Project management is a multi-faceted business discipline which is crucial to the ultimate success of your organisation’s projects.  The days of running projects with only the experience of your team and a few Excel spreadsheets are fast coming to an end as the technology revolution surges forward. More and more companies are leveraging the power and convenience of purpose-built software to manage project work and saving significant amounts of time and money as a result. So what are the main benefits of adopting software to supplement and improve your organisation’s approach to project management?

1. Centralise all aspects of your project in one platform

The first and most obvious benefit to running your projects on software is the ability to streamline your project work by centralising everything in one platform. The value of having one central place where all your project’s activity, documents and finances are stored can not be overstated. Cloud-based software fulfils this function by storing everything that takes place on your project from start to finish. From task tracking to team collaboration, file uploads, comments, finances and reports, everything can be accessed from one location, making the life of the project manager significantly easier and freeing up a lot of time that would otherwise be spent searching for crucial information that has been stored elsewhere.

2. Automate administrative tasks

In addition to streamlining your projects and your portfolio, good software will automate the administrative side of things, freeing up more time and ensuring that the potential for human error and forgetfulness is minimised. From task reminders to resource allocation, finances, reports and more, project management software can and should be leveraged to facilitate the smooth running of projects by automating functions which traditionally would have required someone to manually carry out. As technology improves, this benefit will only get better, putting organisations that embrace project management software in a great position to gain competitive advantage as time goes on.

3. Improved team communication and morale

The benefits of improved team communication should not be underestimated. Whether it’s internal staff or subcontractors, everyone working on a project needs to be on the same page at all times and purpose-built technology not only facilitates this but ensures that communication is always logged in the correct projects and tasks, alerts and reminders are automated and everyone can always review project-critical communication whenever they need to. The challenges of managing teams working in different locations are also remedied with good cloud-based software by giving everyone the ability to log in to a central platform and collaborate regardless of where they are geographically – improving team morale significantly.

4. Create and share reports in seconds

The days of manually piecing together reports for clients and stakeholders in Excel are coming to an end as more and more companies discover the benefits of simply being able to generate a report with the click of a button. By using purpose-built software, all activity, timings and forecasts are logged and accessible at all times, meaning you can produce reports in a fraction of the time. Not only does this approach free up time but it also ensures your reports are always completely accurate and your client gets a better overall experience as a result.

5. Documents are easier to find and share

One of the fundamentals of good project management software is the ability to store and manage documents intelligently. A good system will include the ability to link your project’s documents directly in the project or task they’re associated with so that they’re easier to find. Not only that, but a good platform should also allow you to share documents directly from the platform. This adds a layer of security that manually attaching a document to an email doesn’t and, if you’re trying to share larger documents or files, you never have to worry about your email not delivering. You may also have documents that go through multiple rounds of markups or amends – if this is the case then you should look for a system that allows ‘multi-version documents’. This functionality essentially allows you to upload and store multiple versions of the same document so that you can always recall previous versions with ease.

6. Accurate, automated finance management

A huge benefit to using project management software is the ability to remove the potential for human error and automate your project finances. By defining items and materials that you use regularly across projects, you can rapidly build estimates and allocate the corresponding purchase orders and bills to each item in seconds. You are also able to monitor your expenditure, comparing budgets against actuals to ensure your project finances are on track. With the correct calculations already built in, the need for flimsy spreadhseets to calculate your project finances are gone and if you use an accounting package like Xero, a good project management platform will allow you to integrate the two systems. This will not only allow you to seamlessly sync your project finances with your business accounts but will ensure a level of accuracy that manual input can not guarantee.

As the technology revolution continues and the millennial generation matures, it is clear that businesses which are not reviewing and adopting software where necessary, risk falling behind. The benefits that purpose-built project management technology provides are only improving and companies that embrace this trend early will emerge with competitive advantage. From efficiency and accuracy to team communication and morale, software is revolutionising how businesses manage projects, and the opportunity to leapfrog competitors is now.

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