Project management software: a worthwhile investmentPublished February 17, 2016 | By Achim Neumann, PresidentAs a company grows, it takes on projects of increasing complexity. With multiple employees and external contractors added to the mix, it can be very difficult to effectively track work flow without purchasing project management software.Why is this a worthwhile investment? Below, we will discuss the benefits of implementing this useful tool…It helps managers stay organizedEven simple projects can go off the rails if its constituent parts haven’t been organized in an easy to understand manner.With project management software, managers can see what needs to be done before other team members can execute on their responsibilities, making it clear what they have to focus on in the moment. The best applications will tell the manager who needs to be assigned to complete a specific task, and the estimated amount of time for its completion.Activities that waste time can be streamlined or eliminatedThe ability to use time efficiently and effectively is key to any project’s success. Project management software allows managers to track time spent on various tasks, the results of which can then be analyzed to identify bottlenecks.Whether instructions are unclear, or legacy processes are wasting effort, actions can be taken to ensure work is moving along at an acceptable pace.Sharing documents and cross-team collaboration will become much easierOne of the biggest innovations in project management software in recent years has been the addition of a central space within these programs for the sharing of work documents. This way, excessive e-mailing can be avoided, increasing overall productivity. Additionally, some programs have chat functionality, which permits multiple team members to discuss problems related to the project instead of wasting time walking across the office to meet with each other.Employees will use their time more efficientlyOf all the challenges that managers deal with, ensuring that their employees are staying on task is perhaps the greatest one. Any decent project management software suite will track the amount of time that team members are spending on their assigned tasks. If one of them is taking longer than expected, it allows the project manager to check in with the employee in question.Whether it is a lack of understanding regarding a specific element of their assignment, or misplaced priorities, corrective action can be taken so that the team member uses their time in an efficient manner going forward.Using a Project Management Software Can Become An Asset When Buying a Business or Selling a BusinessOften, before a business is ready to be sold or bought, there is an extended period of time that owners/managers must prepare the business to be transitioned to new owners. This includes creating an inventory of assets, defining processes, etc. Using a project management software can actually add value to your business valuation as it greatly eases a business’ transition. Someone can easily be taught how to use any major project management software and it will standardize your processes/logistics. A project management software can also include all current projects, important documents, client info, etc. in one neat and tidy package.