ROI of a PPM tool: what to expect?
Using a project management tool (PPM) can provide many benefits to your company, such as better organization and prioritization of projects, more efficient management of resources and improved communication. Measuring the return on investment (ROI) of a PPM depends on the type of tool you use. If you choose the right tool, a positive ROI is possible. In this article, we look at the benefits of a PPM and how to estimate the ROI.
1 What is a PPM tool?
Project management tools (PPM) are software designed to help teams plan, track and analyze their project activities. PPM tools provideorganizations withseveral benefits, including increased visibility and collaboration. These tools also enable organizations to improve project portfolio management, better manage time and resources, reduce risk and improve communication. PPM tools are essential for organizations that manage more than 5 projects.
Allows you to schedule and predict tasks
A project management tool allows you to plan, schedule and track your tasks to ensure you are not overwhelmed with work. It also allows you to estimate the time needed for each task and avoid time errors estimated at over 95%.
Provides information on resources
From a resource management perspective, a PPM tool provides you with an overview of resources. It provides essential information such as headcount, costs and development opportunities. This gives you all the information you need to evaluate your company's resources.
Allows for planning and risk reduction
The PPM tool also helps to reduce risks. It allows you to analyze the various risks associated with the execution of a project more effectively and to better guard against failure. This ensures that risks are properly addressed and that you can stay on schedule, up to 80% faster than traditional methods.
2. the advantages of a PPM tool
A project portfolio management (PPM) tool is a powerful tool that can help organizations achieve their goals and objectives. PPM tools provide real-time visibility into the status of projects and enable decision makers to make informed decisions and make optimal use of their resources. PPM tools can help companies reduce costs by more than 15% and improve customer satisfaction by up to 30%.
A simple and easy to use tool
A good real-time project management tool should be easy to use. It is recommended to choose a tool that allows you to create projects without going through an overly complex process, which can save up to 70% of the time spent on creating a project. This way, you can focus on the smooth running of your project.
A solution adapted to your PMO
The use of a PPM tool can be adapted to your PMO. Thanks to this, you can benefit from various advantages such as the avoidance of employee usage that could be a hindrance, as well as the possibility to easily integrate all your information, which allows you to efficiently manage all your projects.
An intuitive interface
To facilitate the management of your projects, you can opt for a PPM tool with an intuitive and user-friendly interface. This will allow you to quickly access the data and information you need. In addition to being easy to use, this tool will also allow you to easily visualize all relevant information, which will help you better monitor the project and make decisions faster and more efficiently.
3 How to choose a good PPM tool?
Choosing the right project management tool (PPM) is a critical step for companies looking to improve their business processes. There are over 500 PPM tools on the market, but identifying the right one can be a challenge. When looking for a PPM tool, there are 4 main criteria to consider: functionality, integration, user interface and price. The first and most important being functionality, you need to make sure that the tool meets your specific needs and offers the functionality you require.
Take into account current and future needs
When selecting a PPM tool, it is necessary to consider the short and long term requirements of the business. This can help you choose a tool that will be useful for the next 5 to 10 years. It is a solution that allows you to avoid investing in a tool that will not be useful in the long term.
Learn about the advantages and disadvantages of each
It is essential to understand the advantages and disadvantages of each tool before deciding which one to choose. You also need to make sure that the tool you choose meets your needs and that implementation is quick and easy. It is also important that the tool is easy to use for all employees of the company, with a quick learning curve and minimal training (less than 4 hours).
Avoiding a tool that is not adapted to the project
To choose a good PPM tool, it is important to ensure that it fits the project. For example, if you need to manage projects longer than 12 months, then you need to select a tool that allows you to make estimates for up to 24 months. If you need to work on projects of less than 12 months, then you should select a tool that can allow you to estimate for a period of at least 6 months.
Negotiate a good price
To get a good price during a negotiation, it is important to choose the right PPM tool. This will allow you to use all the features and get a good price. To do this, you need to make sure that the PPM tool is compatible with your information system to reduce the risk of misinterpretation.
4. the different steps before the implementation of a PPM tool
Implementing a PPM (Project Performance Management) tool is a strategic decision that can significantly improve business performance. This implementation requires careful planning and well-defined processes. What are these processes? How can we ensure that the implementation goes smoothly? In this article, we will examine the 7 steps to follow before implementing a PPM tool.
Define the needs of the company
In order to implement a PPM tool, it is essential to determine the business requirements. For example, you need to determine what management tools you need. You also need to decide whether you prefer a SaaS or on-premise PPM tool. For example, you need to determine whether you want a tool that works locally or remotely via the cloud (SaaS).
Choose the right tool
To choose the right tool, it is essential to determine the type of tool you need and define the necessary functionality. You also need to ensure that the tool is compatible with existing programs and can be tailored to your specific needs.
Choosing the right solution
To choose a PPM solution, you must first determine your goals and how you want to achieve them. You also need to determine which tools to integrate with the PPM solution to select the one that best meets your needs. Finally, you need to check whether the chosen solution is compatible with the other tools you use, to ensure optimal operation.
PPM tools are essential for companies that want to optimize their projects, processes and work methods. Companies that have implemented a PPM tool have seen a 15% increase in profits, up to 20% increase in productivity and a 10% reduction in costs. It's important to choose the right PPM tool to meet your business needs and take the time to implement it properly. Once this is done, you will be able to realize the full benefit and maximize your return on investment.