Project Management Software

Project management software describes a range of solutions that allow individuals and teams to track the progress of complex projects from their conception to their completion and/or launch. Currently, there are hundreds of these programs on the market, ranging from basic free online programs all the way to highly complex products that allow the user to manage every aspect of the venture from lead generation all the way to final payment.

In order to help you navigate this complex market, we wrote this buyer’s guide in order to improve your understanding of the functions, features and buying decisions that need to be considered when you assess your options—and there are many. Here’s a brief overview of what we’ll cover:

What Is Project Management Software?
A Comparison of Top Project Management Solutions
Common Features
What Type of Buyer Are You?
Market Trends to Understand
Recent Events You Should Know About

What Is Project Management Software?

These systems are designed to track the development of projects that take weeks, months or years to complete, providing managers and other team members a single access point for all the relevant information. The best software on the market will include (but is not limited to):

• Planning
• Budgeting
• Invoicing
• Managing inventory
• Assigning human resources
• Managing tasks (including assigning and tracking tasks to completion)
• File sharing
• Bug reports

The primary goal is to increase company efficiency by making the entire project cycle visible to all team members. Team members are each given a unique login, allowing them to customize their view, report progress and monitor the progress of others.

Most employees find themselves to be more efficient in this environment; it allows people to identify problems before/as they arise, and it eliminates any question as to the current status of any outstanding tasks. It also provides a single access point for all company-related information, eliminating lost communication or documents.

Project status view in Workfront

Industries that commonly use project management and task tracking software include construction, large-scale manufacturing (e.g., aerospace), software, high tech, marketing, research and consulting/professional services. Help desk, quality control and customer relationship management are additional uses for certain types of project manager software.

A Comparison of Top Project Management Solutions

There are many popular accounting solutions on the market, and it can be hard to know what distinguishes one product from another and which is right for you. To help you better understand how the top accounting systems stack up against one another, we created a series of side-by-side product comparison pages that break down the details of what each solution offers in terms of pricing, applications, ease of use, support and more:

Common Features

What Type of Buyer Are You?

Individuals. Since project management for an individual tends to be a far simpler endeavor, there are a number of low-cost solutions that provide very basic scheduling, task management and file-sharing capabilities.

Small businesses. Companies with more than a couple of employees will want a system that allows for collaboration, but usually don’t want the added expense of advanced budgeting, invoicing, resource allocation or other intelligent features.

Development-oriented companies. This includes any business for which a single project, once complete, results in multiple sales (e.g., software) as distinct from single-project-single-sale businesses (e.g., construction). These companies will want very strong collaborative capabilities—including very robust document sharing, version control and bug reports—possibly with resource allocation as well. These companies typically will not want invoicing, customer management or other advanced features.

Large/specialty buyers. Construction is the best example of an industry that uses highly specialized project management systems, incorporating budgeting, inventory management and many other features to manage the life cycle of an entire project, from lead generation all the way through to final payment. Similar needs extend to other industries (e.g., custom IT solutions and large scale manufacturing), each of which will have highly specialized solutions specific to that industry. Companies that manage concurrent, complex projects may want to explore project portfolio management (PPM) suites.

Market Trends to Understand

Cloud-based solutions. With the growth of the Internet, more and more Web-based software companies are cropping up offering low-cost solutions based entirely in the cloud. These typically offer subscription-based pricing, rather than forcing companies to purchase, install and maintain their own solutions. This makes it available to businesses that otherwise might not have afforded it, including to self-employed individuals who need something more powerful than the basic tools they started with. For a more in-depth review of cloud-based systems, review our buyer's guide for online project management software.

Mobile applications. Many project managers need access to their software in the field as well as the office. As a result, many companies have developed mobile apps to accommodate this growing trend. Make sure to take your mobile needs and the availability of a mobile app into consideration when evaluating different systems.

For information on products particularly suited to Mac devices, check out our Mac project management software guide.

Recent Events You Should Know About

PPM market estimated to reach nearly $5 billion by 2020. Research from MarketsandMarkets estimates that the project and portfolio management (PPM) market will reach $4.63 billion by 2020. Key areas of growth stem from the the rising bring your own device (BYOD) trend, an increasing demand for mobile and cloud technology and the rising complexities within projects that call for greater resource optimization.

Atlassian acquires Trello. In January 2017, Atlassian acquired Trello, a visual project management solution that uses a board or a card-wall to organize tasks. Atlassian offers similar visual management tools within its suite of JIRA products: JIRA Software, Core and Help Desk. However, while JIRA includes a comprehensive list of features and capabilities designed to serve an array of user needs, Trello rose in popularity due to it’s simplicity. It will be interesting to see how this acquisition impacts both products over time.

Microsoft releases visual PM tool: MS Planner. In June 2016, Microsoft officially launched Planner, a visual project management (PM) tool now part of the Office 365 suite. The work management solution is designed to allow teams to better organize tasks, track progress and collaborate on a shared board. Users organize tasks in columns or “buckets” based on status or who tasks are assigned to. Whereas MS Project is designed for advanced project and portfolio management needs, MS Planner will serve small teams who need a simple collaboration and task management tool.