Project Management Offices (PMO) are not a fleeting fad; rather, they are now the norm. According to a PM Solutions Research survey, the majority of organizations have PMOs or intend to implement one over the coming year.  Astoundingly, 75% of small, 83% of mid-size, and 95% of large businesses have PMOs, demonstrating that they have become a standard feature in the corporate landscape.

Given that many companies have a PMO, one might assume that they also have project management software to organize statistics and track project stages, but this is not always the case. Companies, especially less mature organizations, will often utilize resources such as Excel and/or SharePoint for task management in order to forgo additional software costs.  While these are fantastic programs, dedicated PMO software can provide real-time reports with precise intel, enabling PMOs to make better and quicker decisions to improve project success while staying on budget.

Projects are often multi-faceted and complicated and require effective planning, impeccable organization, and constant monitoring.  It is often the case that multiple projects simultaneous occur, necessitating the need for a tool that can keep up with all of the ever-moving pieces.  This is where project management software can greatly improve efficiency and lead to greater outcomes – the software organizes the flood of data, so that you do not drown in information.

PMO managing projects, people, costs, and tasks on a daily basis can harness the power of software, such as  Zoho Projects, Liquid Planner, or Teamwork Projects,  to strengthen a company’s competitive advantage.  PM software tracks essential information that can be utilized to generate accurate revenue figures, provides real-time reports based on information acquired over long periods of time, and allows PMOs to manage additional revenue-generating projects.  The following are a few additional features and advantages offered by PM software that can greatly improve the overall performance of a PMO:

  • Planning. Project management software allows the PMO to plan the steps of a project while taking into consideration past successes and failures.
  • Scheduling. It is important to fully apprise teams of what is expected and when.  You can easily create project schedules and analyze team tasks to ensure that your plan is being followed and that you are providing enough team support to complete assignments.
  • Resource Allocation. Tracking resource spending is an important part of cost analysis. Software can measure resource spending and allow you to allocate the resources by task and team member.
  • At the end of the day, most businesses are created for the purpose of generating wealth.  However, it is difficult to know if a company is profitable if you do not have a handle on the financial figures.  Software allows PMO to keep track of gross income and expenses so that they can budget accordingly to reach profitability goals.  Additionally, some PM software can access data from other projects for multi-project analysis and integrate with other programs.
  • Communication truly is key, especially when working on a team project.  Most PM software now offers social-media type experiences that incorporate real-time chats, videos, and project walls that operate like feeds.  These resources allow, even remote team members, to collaborate effectively on projects while keeping a running, historical list of all actions.
  • Cloud-based applications allow users to create documents, store them for safe keeping, and share them with their teams. Document sharing enables workers to find and edit more documents, specifications, and project reports, fostering greater transparency, efficiency, and communication.
  • Risk Management. If a person could see the future, it is likely that they would make adjustments to ensure that they only have positive experiences and receive favorable outcomes.  While it may not be possible to accurately forecast the future, PM software comes close by allowing PMO to forecast outcomes, based upon hard data, to mitigate risk.
  • Technology is continuously and rapidly developing, leaving some of the workforce at a technical disadvantage.  IT companies are privy to this fact and design PM software to be intuitive and user friendly.  Even those that are technically challenged can utilize the software with minimal training and short ramp-up times.