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 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 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.