For many years Microsoft Excel has reigned as the undisputed champion when it comes to the tools that have been used for data management. Whilst it had plenty of limitations and wasn’t particularly well liked by many who were using it, it has been an incredibly reliable tool. Where it excelled was for all of those quick one-off projects, for projections and for some finance tasks. Where it falls down is that it does not help to support those activities that contribute a significant amount of value to an organisation, through critical financial management, strong governance and by enforcing accountability for any operational and financial results. Using Excel for these tasks is simply beyond the scope of what they are actually capable of doing and has the potential to damage the way in which a company works.
It didn’t take the pandemic for many organisations to see that they needed a different, and better way in which they could do many of the tasks they had previously relied on tools like Excel to help them achieve, but it did help speed things along. With more and more people opting for flexible working patterns, and companies embracing things like digital nomads and satellite offices, project budgeting tools and software have had to adapt to keep up with the changing face of the modern project team. After all, what is project management, if not something that can adapt to the evolving situation around it?
Let’s look at some budgeting tools and software modern teams might want to consider.
Project budget management software
There are a number of different types of project management software, ranging from personal to-do lists to the more comprehensive “all-in-one” solutions. These different options can help to make the production of work much easier for businesses of any size and shape and can assist in defining the overall methodology of your project management.
When it comes to choosing which project management software is the right one for your organisation it is important to consider what you need to look for in the right project management tool. One of the main benefits that you will find from a good project management software solution is that it serves as an all-in-one tool that can offer you a wide range of features. These features will include:
- Seamless team collaboration
- Shared task lists
- Gantt charts and timeline visualisation
- Resource management
- Reporting and analytics
- The ability to have a number of users
Check the pricing
You will also find that typically project management tools offer a range of different pricing tiers which means that they are more adaptable to different sizes of teams and different needs. Some options may also include plans that are free for small teams or individuals and comprehensive packages that are better for larger organisations or those companies who need more advanced features.
A good project management software tool is one that should be able to grow with your organisation. Anyone who has achieved a prestigious project management certification, such as APM, PMI or PRINCE2, or has many years’ experience as a project manager will know that no two projects are alike. You might find you need more users or to expand the functionality of your software without too many performance issues so scalability in software is essential.
Should it integrate?
When it comes to streamlining your workflows, it is important that the software you select has the right integration capabilities with any of the more commonly used business services and tools that you might already have. This could include your cloud storage services, communication platforms or productivity suites. The one thing you definitely want from your software is for it to be easy to use as this will help with widespread adoption across your organisation. It will also make your team members happier to use it, and of course will ensure that any new employees you might add to your teams can be trained quickly and easily in the use of the new software.
You should consider exactly what you need your software to be able to do for you before choosing which one will be most suited to your company’s needs. Just as each team is different, so is every project so you want to consider if it will be adaptable to a range of projects.
Project budgeting tools
Keeping any project, no matter how big, or small, on budget can become an overwhelming task at times, particularly if you don’t have the right tools. You need something that can help you to track your spending, manage all of your project resources and help you to deliver your project on time.
There are plenty of different project budgeting tools out there that can help you to manage the budget of your project whilst also keeping an eye out for those unforeseen expenses and cost overruns that you want to avoid. Let’s look at some key features you might want to consider.
You should think about how user friendly those budgeting tools you are considering are. The right tool should act as a central platform from which sharing and collaborating are easy across your team. Automation and third-party integration are also incredibly important features that you should consider.
Perhaps two of the most important features to consider for your budgeting tools are security and the reporting features that it might have. The first because you need to protect any sensitive financial data that you are holding.
The right tool is the one that’s right for YOUR business
The right software and tools can be a significant boost for your organisation. However with so many differences to be found between the different features that each can offer you it is important to take your time to find the right solution for your business. Consider exactly what it is that you need to achieve before scouring the market to find a solution that will help you with this.
