The Real Cost of Online Project Management Software

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The real cost of project management software is not its price but the ratio of its price with improved returns. The work management software comes with a number of benefits for soft and hard factors. The integrated impact of improving the hard and soft factors results in client retention, effective project delivery, and improved operations. Here is a quick look on how work management software works as an investment for small businesses.

Risk Management and Forecasting

High chances are that the project managers may miss a catch on the loopholes and risks of the project. The online project management software comes with a proactive approach to forecast the possible risks in a project. The proactive approach has helped the companies save millions of dollars as well as retain clients with perfected and timely delivery.

Task Scheduling

Task scheduling and assigning is one of the most time-consuming activities, especially if the project has been assigned by the Director or CEO and the manager will report directly to the authority. A Harvard Business Review report states that the managers can avoid wasting time by improving focus and avoiding low-priority tasks. The report says that the managers can avoid workplace stress and anxiety by avoiding time-consuming activities. The online project management software reduces the manager’s burden with effective task scheduling. The online project management software has a pop-up function, which reminds the employees about their pending tasks. This function of work management software is useful for boosting day-to-day task completion and ensuring the project completion before deadline.

Cost Calculation

Cost calculation is the primary goal of project management. It reveals the intensity of investment and the predicted profits from a project under the current scenario. Project managers can set the anticipated goals in the work management software to determine the possible changes required for achieving those profits. This kind of prediction requires extensive human research and consumes time. The online project management software can calculate the anticipated profits and provide a detailed analysis of changes required for achieving these profits, consuming less time and reducing the chances of error.

Employee Performance Reporting

According to a report published by the Association for Talent Development, State of the Industry 2014, an average organization in the US spent $1,208 per employee for their training and professional development. The report states that the organizations with 500+ employees spent $838 per employee on an average. The organizations with less than 500 employees spent $1,888 per employee.

This estimated cost of employee training does not include the research cost of determining professional imperfections in the employees. This simply means that the investment does not justify the need of training among the employees. The organization might spend less money on a needy employee and an equal amount on an employee who does not need training at all. The online project management software provides a clear assessment of the employee activities, which helps the managers evaluate the professional imperfections of the employees. The employee performance reports in work management software can be used to build an intra-organizational research data for planning and scheduling the justified training of employees and reduce the training costs. The employee performance reporting in work management software is also useful for converting an employee into a multi-purpose resource.

Does Online Project Management Software Regulate Effective Communication

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The trend of agile operations and virtual offices began soon after the dot-com era, when small business entrepreneurship became a reality as a united force against the 3% multinational corporations in the US. Small businesses reduce energy consumption and make project completion easier and more flexible for the employees by allowing distance-operations. Communication works as the key to operational and team management, not only in the agile organizations but also in the companies with project headquarters and bases at different locations.

Online project management software was not an invention but a need – a need to cater to the off-location projects and outsourced operations. However, the benefits of these collaboration software applications are more than mere team management. Here is how online project management software regulates effective team management and their resulting benefits.

Top-Bottom Team Collaboration with File Sharing Tool

An established fact is that the exchange of file is easier and speedier when the databases are operated from same server. In online project management software, the cloud services operate as data servers, making file sharing speedier than ever. The file-sharing tool in collaboration software allows information processing with just a few clicks. Files stored on the cloud server are easily accessible. The employees can directly download these files from the servers from anywhere around the world. This enhanced collaboration saves cost resources and reduces the communication budget.

Employee Team Dashboard

The online project management software is designed on the concept of blending artificial intelligence with data structures. The software application carries data of individual employees. Each employee has a dashboard/Home page, which contains detailed information about the project. The dashboard contains recent updates on the project, pop-ups regarding pending projects, graphical representation of the impact of current status of project on anticipated deadline, and more. The visual metrics of performance indicators allow the employees to track their performances. The manager’s dashboard of collaboration software contains detailed visual performance indicators, which helps the managers evaluate the focus of employees. These visual indicators are necessary to predict the most time-consuming tasks for an employee. The companies can use these indicators to design their employee training programs to boost productivity and speed up the project progress.

Messaging Tool

The most important tool in collaboration software application is the messaging tool. The built-in messaging app allows the employees to send/receive messages within microseconds. When the employees operate from the same server, the chances of failure of message delivery become completely zero.

Customizable Team Management

The collaboration software allows the managers to communicate with the employees in the most desired fashion. The managers can customize the tasks of employees and deliver the changes within microseconds, ensuring the immediate implementation of the changes. The customizable team management tool makes change management easier for the managers.

Communication is the foundation of information technology. All advancements in this information age, from dot-com to glass and 5D hologram technology, are based on effective communication techniques. The online project management software is the right tool to improve inter-organizational and intra-organizational communication.

The Impact of Team Management Software on Agile Task Management

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The need of agile software development came into consideration during the initial years of dot-com internet. The IEE Computer Society published 9th issue, 34th volume of the journal. The Computer issue highlighted the need of extreme programming to adapt with the future workforce culture. This need is quite evident in current era of virtual offices, when the employees complete their office tasks from miles away using team management software.

The purpose of agile is to reduce the production cost and the chances of uncertainty. Agile task management is the key to improve productivity and maximize the benefits of agile. The ideal team management software improves team coordination and communication, making task management easier for the managers. Following are some benefits and impact of team management software on agile task management.

Task Scheduling

The team management software is used to schedule the tasks. These software applications provide a scheduled list of tasks for individual employees along with a detailed report of pending and completed tasks. This makes it easier for the employees as well as for the managers to keep a track of the tasks. The project management software schedule the tasks based on their priority order. Ideally, the task management tool prioritizes the tasks according to the nature of the project. The employees can check their pending tasks even when working from another city or country.

Shared Task Management

A common perception is that the employees working in the office premises can work on the shared project. Agile task management tools provide the options of task distribution, communication, and updating, allowing more than one employee to work on the shared task. The shared task management tool contains a small pop-up option. When this option is turned on, the tool keeps reminding the employees sharing a project regarding their responsibilities.

Time and Performance Tracking

The team management software measures the activities of employees and sends the reports to the managers. This kind of reporting is necessary to keep a track of the employee activities. The chances of distractions in agile operations are high therefore, the reports of performance tracking tool make it easier to allocate resources and finalize the payrolls. This tool is also useful to determine the most time-consuming activities on a project. Sometimes, the employees may hesitate communicating their professional imperfections with the managers. The time and performance tracking tools enable the managers to concentrate on the employee imperfections and improve them for speedy project completion.

Task Reporting

A detailed task report provides an insightful understanding of a team’s productivity. A manager may spend hours in team planning and monitoring but these efforts are useless if the productivity turnout is not equal to the anticipated turnout. Task reporting features enables the managers to determine the individual employee performance, assess the company’s investments on employees, and focus on multi-resourceful employees for effective planning and execution. Task reporting is more useful in the companies, which entirely operate on agile techniques.

The team management software is also useful for booking the resources. The companies can outsource a project and collaborate with the third parties using agile task management software. The free flow of information, communication, document sharing, and task reporting keeps both parties updated about project completion.

 

How Collaboration Software Applications Assist Change Management

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Change management is a three-step systematic approach to cater with a change brought in either by the organization or the individuals. The steps include adaptation to the change, change control, and bringing the change into effect. The project managers require a proactive approach to deal with the change, ensuring that the change does not affect the business environment or progress of the project. The online collaboration software applications are highly assistive in task management due to certain change.

Equity Distribution to Assist Top-Down Transformation

For a project progress, the more things change, the more the project progress delays. Until recently, most of the change management gurus have highlighted the intangible and soft issues like motivation and leadership skills. Practically, change management relies on tangible and intangible elements. The intangible elements are based on personal expertise of a project manager. The managers can improve change management by improving the less-fashionable elements including communication, measurement/recording, and the management of communication and measurement.

The task management software applications make recording, measurement, free distribution of the documents, and communication more flexible, allowing balanced equity distribution for implementing the change from top to bottom. The online project management software also works as collaboration software. A Harvard Business Review research reveals that companies, which neglect the hard factors often fail implementing the change at higher level.

Schedule Rehabilitation

The most important change occurs when an employee quits the project without giving a deadline. A majority of the companies believe that a senior employee turnover costs them around $25,000 and a millennial employee turnover costs them around $15,000 annually. A Huffington Post research reveals that an employee turnover may cost around $45,000–$60,000, which is 213% of the salary of an employee at the executive position. The costs of change include the cost of training, interview expenses, cost of on-boarding, lowered engagement, time cost, low productivity of new hires, and more. The collaboration software application reduces these costs by tracking the productivity of new hires, assigning the projects from day 01, and maintaining a schedule that benefits the project and organization. If the productivity reports of the employees reveal low levels than the designated ones, then the collaboration software can be used to reschedule the tasks. The task management software tools rehabilitate the tasks and provide an estimation of the anticipated completion deadline.

Transformation of Resistivity to Change

The Neuroscience of Leadership, a study by David Rock and Jeffery Schwartz reveals that the human resistance to change is a physiological function, and not a psychological one. The brain requires more energy to accept the change, which makes it difficult for the managers to accept and implement a change. The task management software tools make it easier for the managers to implement the change with distribution of information, energy, and ideas. They can use the email feature of collaboration software to distribute ideas, focus, and motivation. The task management software can be used to distribute information along with a real-picture of change using graphical illustrations and anticipated schedules. It helps the managers transforming resistance to change into acceptance.

The task management software applications are also useful in employee assessment and tracking the potential outcome of an investment, which a company makes in a new hire.

Features to See in an Online Project Management Software and Their Benefits

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The online project management software application is a tool that translates human efficacies for project development, scope definition, resource management, time allocation, cost estimation, scheduling, budget development, documentation, reporting, and more. Companies can improve time effectiveness by automating the responsibilities of project manager using work management software. Following are the essential features to see when choosing online software for project management.

Reporting

The most important function of online project management is to automate the responsibilities. However, reporting is required before scheduling the responsibilities. Online project management software that requires manual entry for scheduling the tasks will not help reduce time consumption. The online project management application should provide you daily or weekly reports. Most of the software applications have customizable features for managing report generation. The reports may include text reports or graphical illustrations in online project management software.

Collaboration and Communication

The work management software operates as a channel of communication among the employees. It allows convenient file sharing including contact information, employee data, scheduled work, important documents, and more. The software provides free reporting and emailing tools to ensure effective team communication. The software application produces individual employee dashboards based on employee data structures. Customized data divisions allow efficient and responsibility-based distribution of information.

Documentation Distribution

MS Excel is one of the most important tools in project scheduling and responsibility distribution. However, the chances of human error are always there, especially when the users are not handy with the use of MS Excel. The online project management software allows free file sharing and document distribution to ensure that all employees working on a project receive and share the information. It eases the process of planning or making any changes to the existing plans.

Resource Management

The project resources include human resource, meeting rooms, documents, time, tools, machinery, and such. It is difficult for the managers to keep an eye on all the resources and allocate them according to the human resource. Resource mismanagement is one of the key factors of delayed or failed projects. The work management software provides efficient and customizable resource management tools.

Cost Calculation

Cost is the backbone of a project. It defines the ratio of profitability with spending. Cost calculation includes intensive mathematics and calculations. Again, the chances of human error may lead to a failed project. Sometimes, wrong calculations may lead to unprofitable conclusions. The work management software application provides easy cost calculation solutions. Most of the cost calculations are based on daily entries, including the expenses and savings. The online project management software should update the cost calculations automatically when a resource is added or subtracted.

Online work management software applications help in reducing time consumption and adding flexibility to project management. The advantages of project management information systems and software programs are not limited to the project managers only. These applications assist the productivity of the project and improve tangible contributions and managerial tasks.