What is Enterprise Project Management Software?

Introduction

A recent industry study shows that less than 15% of enterprises measure the business results of their project efforts. This leads to wastage of company resources as projects become unproductive.

Enterprise project management (EPM) software offers organizations the features required to effectively manage all their projects at an enterprise grade. With this platform, companies can view projects strategically, permit executives to delegate resources to priority projects, and determine how various projects fit into their organizational objectives. The system empowers enterprises to streamline all related projects to facilitate maximum effectiveness. Leading EPM tools provide a range of modules including project portfolio management (PPM), file sharing, calendars, internal messaging, and more, which contribute to a company’s strategic business objectives.  

Features of Enterprise Project Management Software

Project Portfolio Management (PPM)

PPM is the chief functionality in EPM platforms. This module assists you to delegate your organization’s resources efficiently to achieve operational and financial goals. Companies that manage several projects concurrently need to centralize and balance their projects and PPM helps them in this regard. Portfolio managers in big corporations use the PPM module extensively for their work. But this tool requires consistent maintenance to stay viable and effective.

Mobile Access

Cloud-hosted EPM programs present mobile applications and access which enables staff members to update information on the system from any place.

Dashboards

Customizable dashboards allow you to assess vital project data. You can filter out unnecessary information to access only crucial data. Utilize simple dashboards to see a breakdown of offered resources, and leverage complex dashboards to analyze project value.

Calendar

Advanced EPM applications present a projects calendar that provides a monthly view of active projects and project deliverables. These programs offer functionalities such as resource assignment, task individualization, and progress completion. They also allow you to produce individual calendars for every team member. Further, you can get rid of unnecessary information from these calendars to enable team members to effortlessly view pending tasks and upcoming deadlines.

Internal Messaging/Video Conferencing

Leading EPM solutions facilitate internal video conferencing which can be leveraged for remote communication. But this capability is more expensive than internal messaging and note-taking tools. Internal messaging is another feature that facilitates effective collaboration and communication within the EPM platform.

File Sharing

EPM software allows employees to upload and share documents. Team members can view and edit files easily to simplify data transfer. Advanced file sharing functions like permission settings and audit trails help to ensure confidential information is kept secure and organized. If your staff members work extensively in the field, invest in a cloud-hosted system that can be accessed and updated from anywhere. However, if information security is essential to you, select an on-premise platform though it may offer only restricted file sharing functionalities.

Benefits of Enterprise Project Management Software

Improved Project Outcomes

With a quality EPM tool, you can significantly boost the performance of your projects. The software can deliver long-term benefits in terms of company-wide improvements in employee engagement, work quality, and budget performance.

Increased Visibility

Large organizations may find it difficult to get a clear overview of resource availability, budget performance, and project status across multiple interconnected and overlapping projects. Modern EPM solutions enable portfolio and project managers to gain real-time insights into budget performance and team utilization for the company as a whole and not just for individual projects. This grade of visibility is important for effective budgeting and long-term planning. Executives also gain as this improved visibility assists them to effectively track progress and take proactive steps to avert project risks.  

Decreased Costs

EPM software also helps organizations to reduce expenses. Older EPM platforms were typically on-premise systems that needed heavy upfront investments in infrastructure and licenses. However, cloud-hosted applications are more cost-efficient and easier to deploy. Plus, they offer comprehensive functionalities in a single platform which eliminates the need to invest in multiple software programs as well the labor required to manage and maintain them. In addition, EPM tools also help to eliminate or reduce change orders, unnecessary overtime, and other avertable expenses.

Enhanced Efficiency

A good EPM system can help to boost efficiency across the enterprise. Team members and projects will appreciate how much more effectively and swiftly they can communicate and work with this software. Innovative features like online collaboration capabilities and real-time Gantt charts help users to be more productive and ensure each team member clearly understands what tasks they need to perform for successful project execution and completion.