Project Portfolio Management Tools - Invensis Learning

Businesses take on several different activities on a day to day basis. These activities are part of projects undertaken by the organization to meet strategic goals and objectives. Staying organized can be difficult. The traditional methods to manage project portfolios can be costly and time-consuming. How do companies adapt to this growing need? By investing in the digital age – Project Portfolio Management Tools. 

For instance, consider all communication and activities need to be monitored from one communal point. Software is a great tool to fulfill this necessity. Access can be granted based on their role in the organization’s hierarchy, leaving decision-making in decision-makers’ hands. A PPM (project portfolio management) software makes the revision process of all project related information easier. It maintains a firm record of costs, objectives, communication, resources, risks, and other essential factors. 

Top 10 Project Portfolio Management Tools

Considering an investment? Here are the top ten project portfolio management tools on the market;

Monday.com – Best for Workflow Customization

  • Monday.com is an aesthetically pleasing and easy to use portfolio project management tool that offers all the features of conventional management software with easy to use interfaces
  • The software allows you to designate and prioritize activities. Once categorized, they can be seen at varying levels of detail with a tracking feature to gauge progress
  • The customizable platform lets you input workflows unique to your organization
  • Budgets can be planned, tracked, and managed from a single screen
  • Monday.com does not offer detailed reporting but strong integrations with commonly used business software like Trello, Dropbox, and Google Calendar

Celoxis – Best for Resource Management

  • Celoxis is a comprehensive portfolio management tool that is employed by industry heavy hitters such as Adobe, Deloitte, and HBO
  • It offers deep resource allocation capabilities. This allows you to designate resources based on optimizing workloads
  • Options to manage capacity planning, project requests and demand management can all be done from the same interface
  • Tracking finances of a project have never been easier with budgeting, costing, and profit understanding mechanisms that can be adjusted in real-time
  • Introduce custom workflows and seamless integrations with business-critical software like Salesforce and Microsoft Excel

KeyedIn – Most interactive User Interface

  • KeyedIn Projects brings together the strategy and portfolio management. Businesses can conduct a comprehensive analysis on projects to deduce benefits, investment requirements, ability to meet organizational goals, etc
  • The software allows businesses to create more accurate projections based on desired results. The company can experiment with role and resource allocation to deduce the most efficient and effective path to take
  • Risks, problems, and growing concerns can all be tracked at a granular or birds-eye level. Project managers can create workflows and Gantt charts, ensure firm collaboration, and experiment with management styles for better results
  • The simple to use interface allows all teams members to access a comprehensive yet easy to maneuver dashboard

Hive – Perfect for Scaling Up

  • For companies with larger numbers of employees, introducing the Hive may be a great option. Industry giants like Starbucks and IBM have already seen the value and implemented the same
  • It offers hundreds of integration options, analytics, and the ability to move between granular and birds-eye perspectives on business activities
  • Hive works great with teams that range from 10 members to thousands

Sciforma – Introducing IT into Product Development

  • Sciforma offers features critical to PPM, including resource and time management, addressing growing demands, planning for projects and portfolios, and encouraging collaboration
  • The platform provides management for multiple environments. This helps make more comprehensive strategies for the business to execute. The extensive planning and strategizing capabilities maximize the IT department allowing your business to introduce a software solution that offers a 360-degree perspective
  • Budget driven prioritization, running simulations, deploying projects, reporting, capacity planning, and agile integrations can all be managed internally with a dashboard to offer a comprehensive overview
  • Sciforma offers a large number of integrations, including Quickbooks and SAP

Bubble – Project Prioritization at its Best

  • Bubble’s USP revolves around its dynamic dashboards with strong drag and drop capabilities. This makes prioritizing simple. The software focuses on ease for the end-user, not just a large suite of features
  • The tool offers a 4 step process for deployment and comprehensive user guides for easy incorporation into a business environment
  • The information-sharing happens mostly visually on the platform, making it easier for teams to use and understand. The one-click report generating feature adds to the ease of use
  • While it may not offer workflow tracking, it does offer prioritization. This provides an aerial view of what the business needs to execute first in order to stay in line with business goals

ProjectManager – Maximizing Reporting

  • The cloud-based software can be run on the go without any installation. The tool lets project managers plan multiple projects while assigning tasks and resources and managing progress
  • Scheduling and reporting are available to create real-time reports that are either custom or based on the software’s pre-settings 
  • A time tracking tool is also available to maximize productivity
  • Integrations are available through Gmail, Microsoft Office, and others 

Wrike – Manage Real-Time Workflows 

  • This award-winning software is being used by 20,000 businesses across the world. For companies that run large ships, Wrike is able to handle an unlimited number of members, starting with your five-person team
  • It offers several AI features that help optimize portfolio creation. The easy to use interface allows you to move between management tools such as Kanban boards, Gantt charts, and workflows with a drag and drop function.
  • The reporting feature allows you to keep track of real-time activities, while the easy to navigate interface makes scheduling a breeze
  • 400+ inbuilt integrations are offered with the application, including Salesforce and Google

Zoho Projects – Multiple Project Management 

  • Zoho Projects offers high-end customization and flexibility features to fit both traditional and agile leadership methods
  • Creating visual depictions of workflows and responsibilities is as easy as clicking a few buttons. Information such as hourly rates, invoice creation, and project budgets are all available in easy to consume infographics
  • The space offers high customization abilities to integrate business preferences and offer free assistance with onboarding and customer service
  • This PPM tool is one of the few that allows you to chart dependencies; this allows you to prioritize more accurately based on ensuring the maximum number of projects succeed
  • Zoho’s unique marketplace allows you to shop for 3rd party integrations while providing several additions of your own 

Changepoint – For Aggressive Financial Management 

  • Looking to run tight reigns on the resource, time, and financial investments that go into project execution. Changepoint offers a financial analysis centric tool that allows for better planning
  • Project Portfolio managers looking to monitor cash flows, revenue forecasts, costing, and margins should consider introducing this tool. Additionally, it offers a multi-currency feature for use in any country
  • It offers several additional features, including building Gantt charts, handling task management, and incorporating workflow tools. However, the reporting features are minimal.
  • The tool can be deployed via cloud, SaaS, or the web with a number of integrations available

Final Thoughts

Project portfolio management tools are crucial to introducing efficient and effective methods to keep the business organized and optimized. Clear information flows mean concerns are easy to pick out and trace back to their root. Monitoring business activities is now simplified to a dashboard, statistics, and, when required, a report. 

Before deciding what tool to invest in, comprehensively assess each of these tools. Investing in software that works well with your organization as opposed to what’s on-trend helps create practical decisions and save on unnecessary expenditure. Do your research before making a decision. There are many courses and certifications in portfolio management and project management available for individuals, working professionals, and project managers to help them gain more knowledge of the subject.

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