What is the ROI of Project Management Tools?

We are constantly trying to manage multiple tasks, people, meetings and projects at work. It can be difficult to communicate and organize with all these moving parts. Project management software can help you stay on top of your tasks in a busy office. But what about the return on investment for project management software? Is it worth investing in project management software? Project management software has more benefits than you might realize.
Make the most of your time
There are only 40 hours in a work week, so every minute is valuable. A project management tool can help your team maximize their productivity in a limited amount of time. This is one of the key benefits. Project management software can save an average employee nearly 500 hours per year. This is roughly one-quarter of a typical workweek. Employees can be more productive and achieve more work in a shorter time. This can lead to greater employee satisfaction.
Communication & Collaboration
Communication is essential for completing projects, regardless of industry. Teams must communicate clearly with each other and internally to achieve their goals. According to 31% of companies, miscommunications about project objectives are the main reason projects fail. Project management platforms often have tools that allow you to assign and prioritize tasks. You can also allow multiple users to be assigned the exact same task. Multiple team members can view and edit a project simultaneously, which can reduce the amount of emails and clarifyments that are sent back and forth. It also allows for better collaboration. Due to the COVID-19 pandemic most companies work from home. Project management is more important than ever because teams can’t coordinate in person.
Organization & Efficiency
Organization is a key aspect of project management. Organization is a key aspect of running a successful business. Managers can use a project management tool to help them see the bigger picture and delegate tasks as needed. It can also help employees stay organized by helping them prioritize their projects. This helps to ensure that less items are left unfinished and that the team is more productive.
Money Management
Project management has many intangible benefits. However, it also offers monetary returns. Your organization can stay within budget by being organized, collaborative, efficient, and time-efficient. Global Project Management found that 66% of companies using project-management software were able to complete projects within their budget. This compares to 47% of businesses without project management software. Tracking project management is a great way to stay within budget. It can also help you predict future budgets more accurately.
Implementing project management software in your workplace can have a high return on your investment and result in more successful projects and better performance. Project management software can streamline communication, organization, efficiency, and employee satisfaction. These tips will help you choose the right project management software for your team if you are looking to make an investment in project management software.
Contributed by Bismarie Plasencia, a Digital Marketing Manager at CROOW. CROOW is a project management software that allows creative teams to work together with project managers in order to accomplish more work.

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