What is the ROI of a Project Management Tool?

Filed under Becoming a PM, Productivity, Tools | Posted by MMeloni

At work, we are constantly juggling tasks, people, meetings, and projects all at once. With all of these moving parts, communication and organization can become difficult. Project management software can be a great solution to staying on top of tasks in a busy workplace. But what is the return on investment of project management? Is it important to use project management software? There are more benefits to adopting project management software than you might think.

Making the Most of Your Time

With only 40 hours in the workweek, every minute clocked in is valuable time. One of the main benefits of a project management tool is that it can help your team get the most productivity out of that limited time. Project management software can help save the average employee almost 500 hours per year, which is about one-quarter of the typical workweek. Making the time spent working more efficient not only allows employees to accomplish more tasks in the same time, but it can also lead to higher employee satisfaction in the workplace.

Communication & Collaboration

No matter the industry, communication is key to successfully completing projects. To accomplish goals, teams need to have clear communication both internally and externally. In fact, 31% of companies say that miscommunication about project objectives is the number one reason why projects fail. Project management platforms typically have tools with the ability to assign and prioritize tasks, as well as allow multiple users to be assigned the same task. Allowing multiple team members to see and edit a project in real-time can reduce the number of emails and clarifications sent back and forth, and provide for better collaboration. With the majority of companies working from home due to the COVID-19 pandemic, the purpose of project management has become even more important, since teams cannot coordinate in person.

Organization & Efficiency

A key purpose of project management is organization. Staying organized is one of the most vital aspects of maintaining an efficient and successful business. A project management tool aids managers by giving them the ability to view the big picture and delegate tasks accordingly. On the other hand, it can help employees stay organized by helping them prioritize the projects assigned to them. This way, less items on the to-do list slip through the cracks, and the team is more productive overall.

Money Management

While project management boasts many of these intangible benefits, it has monetary returns on investment as well. Staying organized, collaborative, and time-efficient can help your organization stay within budget restraints for projects. According to a Global Project Management survey,  66% of companies using project management software completed projects within their original budget, compared to 47% of businesses operating without a project management tool. Not only is staying within the intended budget a benefit of tracking project management, but it can also help predict budgets for future projects more accurately.

As you can see, implementing project management software at your workplace can yield a high return on investment, and lead to more successful projects and performance. Tracking project management can help your team streamline communication, organization, and efficiency, as well as create higher employee satisfaction. If you’re looking to invest in project management software, check out these tips for choosing the right program for your team

Contributed by Bismarie Plasencia is a Digital Marketing Manager at CROOW. CROOW is a project management tool that helps creative teams unite with project managers to get work done faster and more efficiently.