Project Portfolio Management (PPM) software: purchase guide
What is an Online Project Portfolio Management (PPM) tool?
Definition
Online Project Portfolio Management (PPM) tools have been developed to make project management processes practical and efficient. It is a solution that can accelerate and improve the monitoring of all projects conducted by a company. These management tools give users all the means to collect, categorize and prioritize their ideas.
How does it work?
In general, a PPM tool allows you to efficiently manage simultaneous projects. This management requires the execution of various tasks.
Using these tools will allow you to perform all these activities easily and quickly. This type of application integrates programs that will automate the majority of tasks under the responsibility of administrators.
Online applications offer essential modules dedicated to optimizing a company's portfolio and correlating them with project planning and execution. The goal is to meet deadlines while ensuring that projects are launched on time and on budget.
What are the main functionalities of a PPM SaaS tool?
Managing a strategic plan requires a good tool to optimize the capacities of resources and to ensure the running of the company. For this, a PPM tool must include few functionalities.
Activities Management
Planning the activities that will ensure the implementation of several projects can become a tedious task. Using a PPM tool will allow project managers to easily manage their activities thanks to a friendly-user detailed plan. This plan usually includes the necessary attributes and assignments for each project.
This functionality allows the manager to better manage what to do first so that the most important projects are the first to be carried out. It also avoids neglecting the others in progress.
Cost Management
Using a PPM tool helps to strengthen the financial organization. It provides complete and transparent visibility of the expenses necessary to carry out a project. It also provides good visibility of possible constraints and additional costs (in the worst case). This will allow the user to evaluate the financial situation of the company and to take decisions.
Performance analysis
Gaining a detailed view of the state of a portfolio is an effective way to manage project planning. With an intuitive and comprehensive dashboard, all key indicators will be made available to managers to analyze the feasibility of projects.
Who should use an online PPM tool?
All companies that need to manage a project portfolio can use this type of solution. Whether a small structure or a large firm, regardless of size or even sector of activity. Using a PPM tool provides a clear roadmap and therefore well-formulated projects.
Why use an online PPM tool in your company?
Advantages
- A PPM tool allows classifying projects according to their importance
- The use of this kind of software allows you to manage different projects at the same time
- The company's resources can be optimized thanks to essential functionalities
- It facilitates decision-making on whether or not the project is feasible.
- It significantly reduces the risk of deficit
- Communication between teams becomes easier
- It allows foreseeing future needs
Disadvantages
Few free PPM tools satisfy companies due to a considerable lack of functionality.
How to choose an online PPM tool?
PPM tools each have their own properties. These few important points should therefore be taken into account before choosing the right tool.
- According to the needs of the company: the choice of a PPM tool depends above all on the company's objectives. Managers must determine their projects in advance in order to find a tool capable of meeting their technical and functional needs.
- According to the dispersion of information: project portfolio management is generally done in teams, so a collaborative tool is recommended. Progress can then be monitored from several locations simultaneously. This type of tool allows data to be shared so that everyone on the project can track it.
- Depending on costs: using this type of tool should reduce expenses in the realization of the company's projects. In this sense, it is advisable to calculate the cost of the subscription before investing, otherwise, you may exceed your budget. In other words, the support of the tool, its maintenance, and updating often require separate pricing.
The best free and open source PPM tools
The best known professional PPM tools
For small businesses
- PowerSterring
- Bubble Innovator
- Genius Project
- ServiceNow
For SMEs
- Planisware
- 4c Portfolio Manager
- TALAIA OpenPPM
- Kantree
Project Portfolio Management is a sensitive task for a company. This is why it is essential to use a high-performance tool that meets its real needs.
