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Project Management Software: Which Is the Best for Your Business?

There are many types of software to suit various business applications nowadays. One of the key solutions is project management software, which is a tool that business owners and managers use to keep track of the progress of their deliverables. It is designed for more efficient monitoring and completion of business tasks, as well as easier collaboration among team members, allowing for proper documentation and knowledge sharing throughout the project.

There are different types of software solutions, including web, individual, open API, on-premise and cloud-based project management tools. Your choice for your organization depends on your budget and the magnitude of your project, among other elements. It is, therefore, essential to get expert advice on which suits your business best.

On-Premise Software

This option is installed in your servers and computers. You will typically pay an annual or one-off proprietary license fee for its use. On-premise project management software allows your files to remain on your premises, giving you control over the software.

However, you will need to conduct frequent maintenance, and there is a high capital cost for the upgrades on your servers and computers when installing the software. Moreover, your ability to access the software is limited since you can only do so from your own servers.

Cloud-Hosted Software

In this option, the project management tool is installed in a vendor’s server, and you can access it anywhere through the Internet. There is generally a monthly fee paid for the use of the software. Cloud-based software has low capital, and there is no need for frequent maintenance and troubleshooting since the vendor handles these.

With this software, you get a centralized platform for efficient documentation, sharing, communication and collaboration without the need to invest in new hardware and infrastructure. You will also enjoy protection against data loss since this is assured by cloud service providers.

Individual Software

You can use this for small projects that generate little data. Some businesses also use this to test the right software for their business’ project management before picking the best fit. Individual project management tools are lightweight and web-based; thus, not as complicated as others. Though they might offer minimal applications, they are straightforward and simple for anyone to understand.

Open API Software

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This provides the ability to add features on already existing software. It is suitable for businesses that want to tweak a few elements to suit their needs. Though expensive, they will be a precise fit for your organization’s projects. But you should make sure that the elements you add or change do not affect the tool’s operation.

Irrespective of the type of project management software tool you choose from the above options, there are some key features you should base your choice on. These include an easy collaboration of different departments, project tracking, documentation and accurate dashboards for reporting. With project management shifting from individual teams to focus on harmonizing the goals of different teams throughout the organization, these tools are essential for the accomplishment of this departmental harmonization.