The concept of project portfolio software makes it easier for businesses and organizations to complete projects efficiently. Now that we’ve released our beginner’s guide on the in and outs of project portfolio management, let’s take a look at the best kinds of PPM software for the upcoming year.
( Also Read: What is Project Portfolio Management (PPM)? )
What is Project Portfolio Management Software (PPM)?
Project portfolio management software is a solution used to manage, organize, and assist with planning out estimates and projects for clients. It’s best to use software for project portfolio management because it can help out a team with project performance as well as assess risk factors that can come along with any said projects.
Best Project Portfolio Management Software for Businesses
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Open Project
Features:
- Project Management
- Project Planning
- Team Management
- Project Portfolio Management
Pro&Cons:
- Best for projects from proposal to concept to the closing process
- The free and open-source platform
- Limited tools and functions
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Celoxis
Features:
- Project Management
- IT Project Management
- Project Portfolio Management
- Project Tracking
- Resource Management
Pro&Cons:
- Poor UI and difficult user interface
- Not the best for small teams
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Smartsheet
Features:
- Project Management
- Advertising Agency
- Agile Project Management Tools
- Business Process Management
- CMMS
- Campaign Management
- Clinical Trial Management
Pro&Cons:
- Limitations with row and cell
- Very simple to use
- Lack of specific formatting choices
- Great ROI and support department
- Versatile templates and dashboards for different departments
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Sciforma
Features:
- PPM
- IT Project Management
- Idea Management
- Project Management
- Resource Management
Pro&Cons:
- A flexible platform that’s best for Enterprise PMO cases.
- Excellent Project Management feature
- Cluttered interface
-
Rational Plan
Features:
- Project Management
- Collaboration
- PPM
- Task Management
Pro&Cons:
- Software is great for organization, task management, and collaboration
- Compatible with other software such as MS Project
- Lack of interactive interface
- No automatic planning
-
Project Manager
Features:
- Project Management
Pro&Cons:
- Great for small and large companies
- Flexible and multilingual software
- Lacks the ability to obtain account reports
-
Runrun.it
Features:
- Team Communication
- Workflow Management
Pro&Cons:
- Software is best for IT companies, consulting, digital marketing, and service centers
- Provides detailed reports
- Unorganized task management feature
- Complicated ease of use
-
Wrike
Features:
- Remote Work
- Advertising Agency
- Agile Project Management Tools
- Bug Tracking
- Business Management
- Business Process Management
- Campaign Management
Pro&Cons:
- Best software for midsize and enterprise companies
- Good custom workflow, fields and reports feature
- Great organization and task management
- Pricey software
- The scheduling feature can be buggy and customer service non-existent
-
Favro
Features:
- Product Roadmap
- Agile Project Management Tools
- Application Lifecycle Management
- IT Project Management
Pro&Cons:
- Great for product roadmaps
- The software can be used by fast-growing entrepreneurial companies and start-ups
- Ability to implement other apps with their own software
- Super easy interface
-
Changepoint PPM
Features:
- Project Management
- PPM
- Resource Management
- Strategic Planning
- Time and Expense
Pro&Cons:
- Very flexible solutions
- Best for worldwide visibility and internal visibility
- Easily customizable with delivery reports
- Excellent project status reporting
-
Corporator Business Management Platform
Features:
- Risk Management
- Business Performance Management
- Compliance
- Dashboard
- GDPR Compliance
- GRC
Pro&Cons:
- Best for medium to large-sized organizations
- Good functionality in regards to risk management, strategies, and KPIs.
- Capable of deploying changes quickly
-
GoodDay
Features:
- Project Management
- Bug Tracking
- Gantt Chart
- Kanban Tools
- Marketing Planning
- Product Management
Pro&Cons:
- Great for start-ups, mid-sized companies
- Gives great insight with reporting
- Great user interface
- Easier interactions
- Tasks can be viewed in multiple ways
-
Nifty
Features:
- PPM
- Agile Project Management Tools
- Business Process Management
- Collaboration
- Project Management
- Project Tracking
- Remote Work
Pro&Cons:
- Good software for all company sizes
- Very simple to use
- Excellent customer service; very open to feedback
- Time decay can be a drawback
- Slow software overall
-
todo.vu
Features:
- Advertising Agency
- Agile Project Management Tools
- Business Management
- Campaign Management
- Collaboration
- IT Project Management
Pro&Cons:
- Best for freelancers, and companies of any size
- Amazing time tracking reporting
- Great support overall
- Good time tracking
- The interface can be confusing and outdated
- UX can also be outdated
-
Samepage
Features:
- Intranet
- Agile Project Management Tools
- Collaboration
- Diagram
- Document Management
- Document Version Control
- Employee Communication Tools
Pro&Cons:
- Software great for teams of all sizes
- Helpful in improving team management
- Easy to use software and organized
- Team and the sub-team feature can be confusing
- Can be difficult to get around for first-time users
-
monday.com
Features:
- Resource Management
- Advertising Agency
- Agile Project Management Tools
- Application Lifecycle Management
- Bug Tracking
- Business Management
Pro&Cons:
- Teams of any size can use this software
- Interface and intuitive and customization is suitable for any type of project
- Sharing progress and organization are good
- There can be a lag with the software’s interface
- Lack of Bandwidth/CDN
- Absence of repeating or scheduled tasks
-
Bubble
Features:
- App Design
- No Code Platform
Pro&Cons:
- Best for businesses of any size
- Software great for people with or without coding knowledge
- A cloud-based platform that assists in building design applications, data storage, and workflow automation
- Slow user experience
-
Zoho Projects
- Project Management
- Collaboration
- Gantt Chart
- Issue Tracking
- Productivity
- Project Tracking
- Task Management
- Time Tracking
Pro&Cons:
- Good for small to large-sized teams
- Good team collaboration and time tracking
- Confusing interface for first-time users
Benefits of Project Portfolio Management Software
Aside from a few benefits mentioned earlier with project portfolio management software, here are more reasons why installing software for project portfolio management is right for your project management team.
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Stay on the right track with your projects
One of the main benefits of project portfolio management software is that it can ultimately help management teams stay on the right track. It enhances the organization and improves the work performance and strategy of a project.
-
Provide business insight on an executive-level
When trying to get insight for your business, you want to feel that your business can be acknowledged enough to be on an executive-level. When using PPM software, businesses can achieve executive-level decisions with their projects and gain more insight on how to create a better business.
-
Allocate your resources
Resource management is one of the main departments that can benefit from PPM software. Moreover, when allocating your resources, it’s important to remember that project portfolio management can assist with distributing work to available staff. Hence, why it’s one of the best perks to have when using PPM software.
-
Find and fix any performance issues
Performance issues will tend to have problems along the way. That’s why with project portfolio management software, your ability to find performance issues can be resolved with faster indication.
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Assess risks
Aside from fixing performance issues, PPM software can also assess project management risks that can happen within a project. It allows you to find those risks and assess them all at once under the same type of software, making it more efficient to use.
How to Choose the Best PPM Software for Your Business
Using these four qualities as a guide will help you filter out the best project portfolio management software for your business. PPM software should have the ability to not only align with your project objectives, but also general beliefs that contribute to your business.
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Risk Management
Finding, assessing, and controlling any type of threat on PPM software is a priority. Looking for the right software that can provide great risk management can help you find the best PPM software for your business.
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Resource Planning
As for resource planning, think about the size of your company as well as the staff that works mainly with PPM. Because resource planning serves the purpose of allocating tasks to all types of resources, it’s important that a PPM software can perform utilization when it comes to planning out the distribution of resources.
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Pipeline Management
Improving digital marketing starts with pipeline management. Looking for a PPM software that can take care of your pipeline management can help your business make decisions more effectively, and accurately analyze reports of projects within a pipeline.
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Financial Distribution
Managing a budget is another essential part of a business. PPM software should have a feature that can allow you to carry out the financial distribution. When a PPM software offers this feature, use it to your advantage since it will become great use to your business and project portfolio management.
Final Thoughts
Installing project portfolio management software or PPM software provides an enhanced sense of satisfaction for your customers. As a business, it’s important to remember the wants and needs of your consumers as well as the overall management of your projects and resources.
PPM software should be able to help businesses align priorities that are committed to plans, resource management, pipeline management, and team collaboration. It’s a great method to better work organization and an effective way to increase productivity. Overall, using project portfolio software for your business can make project planning effortless.
