What All MBA University Students Should Know About Project Management Software

The business environment is constantly becoming more competitive, as companies seek to discover and exploit fine margins which give them an edge over rivals. Efficiency with time, money and resources must be maximized in order to achieve excellent results, and project management software has become a vital means of doing so.

Transparency Market Research has forecast that the global online project management software market will reach a value of €5.7bn by 2026. There are hundreds of different options available, but not all suit the needs of each individual business. Managers should first consider several factors, such as the number of users, whether it needs to be cloud-based, and its storage capability. Here is a quick guide on the merits of this type of software.

Each business is a complex web of separated responsibility and expertise. There are often individual teams for marketing, sales, customer service, and much more. With each of these teams having a wide range of assignments to complete and goals to reach, project management software is vital in maintaining oversight of progress.

©Alek Kawka

^{Managers can remotely check project progress.}

Programs such as Teamworks, Microsoft Project or Wrike have been designed to carry out a crucial set of business functions. Managers can easily determine the workload being placed on teams or individual staff members and reallocate resources to achieve success.

As well as tracking the progress of individual assignments and overall projects, MBA degree holders will find them useful for scheduling, budgeting and efficiently sharing important files. A fast-paced working environment also necessitates instant communication so that issues are resolved quickly, and this software is a central location where staff can efficiently converse about specific projects.

An individual company and its clients must understand each other’s goals and work together to achieve them. To facilitate this, project management software is used by companies to maintain a link with its clients, thus allowing them both to share information and ensure that the working relationship is effective.

In addition, a 2017 study of executive leaders carried out by the Project Management Institute found that the absence of clear goals was the biggest cause of project failure. A comprehensive software package can overcome this by creating an avenue for communication and oversight between the company and clients. Consequently, project problems can be identified and rectified at an earlier stage, thus saving money and boosting results.  

New software is often quite challenging to master, and MBA university graduates looking at project management programs for their organizations must recognize that a long lead-in time is required to get employees ready.

Many managers consult with staff about what sort of functions are required, and the reasons for choosing a particular software program. Communication is vital throughout the implementation process, so the concerns of staff are addressed at an early stage.

©WU Executive Academy

^{Employees should extensively be trained to use new software.}

Staff require extensive training to fully understand this software and make the most of it, but its introduction should be seen as an opportunity, not a chore. The best managers consistently explain the benefits of the new program, and how it’ll make the lives of their staff that bit easier. Once training has been completed and the software fully implemented, the entire company is likely to quickly experience increased efficiency and better results.

Join 15,000 + professionals and get regular updates on leadership and management topics. Learn something new every time.