Best Project Portfolio Management Software - PPM in 2024

A good quality PPM software can help your company to finish projects in time and satisfy clients. However, how do you zero in on the best project portfolio management software for your business as there are scores of online PPM programs in the market? This buyer’s guide will help you out by giving you a list of pointers on which features to look for as you go about your process of selecting one, be it the best project portfolio management software for small business or enterprises.

In this guide, we’ll take a look at the features and benefits common among project portfolio management software. We will also give you the top examples that are worth checking and trying out.

Best project portfolio management software providers offer free trial plans or demo that allow you to test drive the app’s features and functionalities free of cost and do a comparison with other tools. You can use the free trial period to understand how a particular app can boost your company’s productivity and growth. You can start by signing up for and trying out the following PPM software platforms that have received the highest SmartScore rankings and customer satisfaction rating in our project portfolio management software reviews: Wrike reviews, JIRA, Projectplace, and Mavenlink.

Aside from these high-scoring PPM software, it might be also worth your time to check out the other products in our top PPM software list. Furthermore, you should also read individual product reviews to have a better idea of what features and benefits each of these software can offer.

• Small and mid-sized companies can use project portfolio management tools to plan and execute their projects successfully.
• Large enterprises and multinational organizations can use the solution to schedule priorities, manage tasks and more.

Any business or organization that deals with different projects is likely to find utilizing a project portfolio management software beneficial. Regardless of the kind of projects you handle, a PPM software can help you complete them more efficiently and in accordance with the standards of your organization and clients.

• Wrike: Wrike is a flexible project management solution that allows multifunctional groups to collaborate and get things done effectively in one place.
• JIRA: JIRA is designed to help users capture, assign, and set priorities to their tasks.
• Projectplace: It is packed with efficient and useful business management tools, real-time communication features, and online collaboration functions.  
• Mavenlink: Mavenlink is a simple, intuitive platform that enables users to manage all project and team activities.
• Workfront: Previously called AtTask, Workfront is a leading project and work management software.

The following versions of PPM software are widely used:

• On-premise software: This type of software is installed in-house on your company’s computer servers. You need to download the software and maintain it yourself.
• Individual software: These are web-based applications that facilitate project management involving individual tasks and projects.
• Medium-sized systems: These are also web-based tools that are used as central project management systems.
• High-end systems: This type of software is designed as central project management applications for large enterprises.

To know which type of PPM software is right for your business, you should first understand what your needs are in the first place. It will also help to assess your team’s technical and technological capabilities first so you can better evaluate which kind of project portfolio management platform will prove faster to adopt and implement.

Our in-depth comparisons indicate that the following common features are usually found in most PPM software:

• Portfolio coordination – Helps to coordinate portfolios and collaborate effectively
• Portfolio budgeting – You can allocate the needed funds and resources for project portfolios
• What-If scenarios – Helps to analyze risks and predict outcomes
• Workflow – Establish an efficient workflow to ensure project success
• Request management – Manage all your requests efficiently and fulfill them on time
• Cost tracking – Keep track of project costs to ensure you stay within budget
• ROI and forecasting – Forecast and calculate the return on investment
• Risk analysis – Analyze risks and tackle them effectively to ensure successful project completion

While the exact features found in PPM software vary from one system to another, the features above are the fundamental ones that you may find common among project portfolio management platforms. You can learn about a software’s features better by checking out reviews and subscribing to free product trials.

PPM software offers the following uses and benefits:

• It provides an overview of project portfolio
• You can assign tasks and track progress
• It can handle budget analysis and management
• You can generate custom reports on individual projects and the entire portfolio
• Users can define criteria for project selection
• The software offers tools for prediction and forecasting analysis
• You can get alerts and notifications on performance changes
• It enables resource management of inventory and staff
• It provides planning and analytics tools that promote better decision-making
• PPM software offers flexible solutions that meet the varying needs of organizations and stakeholders
• It has functionalities that allow for improved risk assessment and management
• Overall, PPM software helps teams increase project completion and turnaround success

Keep the following trends in mind as you narrow down your search for the right PPM software:

• PPM is a Differentiator: Competition is intense in any industry and the ‘reputation’ on social media means you cannot afford any mistakes in executing projects. To differentiate your organization from the competition and to gain an edge you need to use well-defined PPM processes to protect current assets and make the right project management decisions.
• PMO is Playing a Big Role: To execute large projects with ease, you need to have a solid project infrastructure in place. This emphasizes the role of the Project Management Office (PMO) which coordinates all PPM processes, ensures all data is made available on time, and facilitates additional project improvements.
• Benefits Management is Becoming Important: Companies invest in projects for business benefits. With increasing competition and margins under pressure, enterprises are focusing more on project ROI and constantly monitoring whether the predicted project benefits are being fully realized.
• Project Automation is In: Large projects are becoming more complex and there are also interdependencies between projects. This makes it essential to tightly manage portfolio processes and execution of projects. The need of the hour is therefore for greater transparency and deeper insight. This is paving the way for sophisticated automation of PPM processes to save on resources, automate reporting cycles, and avoid human errors.
• The Rise of Lean PPM: Lean portfolio management is the manner of managing project portfolio while applying the principle of lean thinking. More managers hope to improve efficiency while reducing waste and losses. As this trend rises, we are likely to see PPM software offer features supporting it further.
• Artificial Intelligence. This is not at all surprising as AI is practically everywhere. When it comes to project portfolio management, AI is seen to affect several aspects. As AI is all about deep and automated learning, it can help further streamline and speed up processes, from planning to decision-making and reporting.

The following issues can prevent your company from successfully adopting and using PPM software:

• In-House Politics: Ingrained company culture can be an obstacle to the adoption of any new technology including PPM software. To overcome this issue, you need to take all stakeholders on board and convincingly educate them on the value and benefits of using PPM software. You can even appoint a PPM ‘evangelist’ for the cause.
• Failure to Tackle Staff Resistance: Resistant employees can lead to the downfall of your plan to use PPM software effectively. If your staff has a low level of program and project management maturity, then you may need to look at options like outsourcing your PMO functions or hiring external experts.
• Big Brother is Watching: Your business may require to collect timesheet data to keep track of employee productivity and ensure effective utilization of manpower. However, your employees may think the company is acting like a big brother and watching over them with an eagle eye. To relieve their apprehensions, you need to educate your staff about the benefits of PPM software such as increased utilization and productivity, and that timesheet data is important for analyzing portfolio health and tracking project progress.

We hope this buyer’s guide has helped you in identifying the main features to look for in project portfolio management tools. Be clear about your business needs and do your homework thoroughly to zero in on a suitable PPM software for your organization.

Moreover, you can also further make the most of project portfolio management software if you apply and follow some best practices. These will help enhance your processes in general, especially when combined with the capabilities of a reliable PPM software.

• Maintain Project and Resource Inventory: Such inventories give you a clear view of all the elements of your projects. Managers should check projects for redundancies and evaluate areas where improvements can be done to promote efficiency. Both human and material resources should be assessed and allocated wisely as well.
• Develop Project Evaluation Criteria: To see whether your team is able to complete projects according to the standards of your organization and clients, you should have project evaluation criteria in place. This will also help you assess whether your PPM software is effectively helping you accomplish projects and if you need to start using one.
• Have a Risk Management Plan: Issues are bound to arise from time to time. To keep the inevitable from wreaking havoc on your projects, have a risk management and mitigation plan in place.

Now that you know what a PPM software can do for your organization, you are probably already considering getting or subscribing to one. When you start your search for the best project portfolio management software for your business, remember that what’s great for another organization may not be ideal for you. This is why it’s vital to identify and assess your needs.

Once you have a clear idea of what features and functions you need from a PPM software, you’d know what to check when you begin subscribing to free trials. A free trial helps you learn more about the software’s features and see for yourself how it can help enhance your team’s productivity.