Project Management Software Development Cost, Features and Benefits

What is Project Management Software? Project Management Software Development Cost, benefits, must-have features. How much does it cost to develop project management software?

Working on any project leads to dropping sticky notes, messy whiteboards, tracking goals, and continuously asking your team members if they completed their tasks. It can be quite frustrating.

However, project management software provides all the necessary tools and features to handle all the chaos and deliver the product or services quickly.

But, what is project management software, its benefits, and must-have features? How much does it cost to develop such software? Let’s find out!

What is Project Management Software?

Project management software refers to the application software used by businesses to manage the workflow of the organization. Using project management software makes it easier to plan projects, assign tasks, and keep tabs on team members to meet deadlines and deliver goals.

Read: Comparison of Project Management Methodologies

In short, such software helps companies track, map, and schedule projects and tasks digitally. It also provides a virtual space for your team to collaborate on an ongoing project, allowing quick and efficient monitoring of the workflow. It can also remind the team about incomplete tasks or upcoming deadlines to boost productivity.

Read: How to Develop an Event Management Software

Benefits of Project Management Software

Developing project management software comes with multiple benefits, some of which are given as follows:

Centralization

The project management software solutions help an organization build a central workspace that can serve as a knowledge hub for your team, minimize inaccuracies, improve planning, and estimation of projects more accessible.

Real-Time Collaboration

As project management solutions bring all the data to one centralized location, it becomes effortless to tag team members in comments, authorize tasks, document sharing, etc. Unlike emails, messaging, and sticky notes, conversation from a collab between two or more members doesn’t get lost.

This software solution also helps keep the entire team in the loop about every change in the project workflow. Also having more knowledge about who is working on what helps improve progress monitoring, faster work progress, and reduced confusion.

Improved Resource Management

Whenever you require resources such as staff scheduling, skilled or unskilled workers, a record of working hours, facility budgets, and more, project management software can assist you with that. It helps in managing time, schedule, and capacity with the features it entails such as Gantt charting, time tracking, work calendars, etc.

Easier Project Analytics and Reporting

Apart from storing data, you can also use project management software to analyze the given set of structured and unstructured data to obtain insights on different project aspects for strategizing next moves, communicating information, and reducing time.

Process Standardization

With the growth of team members, processes become more complicated and sophisticated. New joiners can also face problems in understanding what they have missed so far.

However, having project management software allows one to customize standard views and workflows, making it easier for the new members to catch up with the previous progress.

Read: Global Business Management Software Development

Must-Have Features to Consider For Project Management Software Development

While developing project management software, you need to consider a few features. These are:

Real-Time Collaboration

This feature allows the entire team to work together on a project using add-ons like chat rooms, video conferencing, instant messaging, screen sharing, etc.

Cost Management

The cost management feature is used by businesses for cost tracking, project change controlling, budget planning, time management, etc. to improve profitability as well as productivity. It should also monitor and report potential losses or cost overruns.

Template Creation

The project management software must allow you to customize templates for every project and process while reducing the need to create a plan and schedule from scratch.

Sharing Files and Documents

Most of the tasks in a business process require different individuals to work at different stages. It makes it essential to have a file-sharing feature in the software as it allows team members to collaborate, share, and solve issues in any document or file together.

Reporting

With reporting features in the project management software, one can get a complete view of the progress made in the project so far so that you can easily manage the deadlines and provide deliverables on time.

Time Management

To calculate the productivity of the team and track time spent on assigned tasks, having a time management feature is a must-have. It not only allows managers to keep track of progress but also allows stakeholders to estimate the time the project might take to be completed. It should also offer an option to the team members to log the time spent on different tasks and share notes about what was accomplished at the given time.

Unique Calendars

To keep track of your working days and hours, and to deliberate any shutdown periods and vacations, you need to have calendars in the project management software that can be modified accordingly.

Invoicing

WIth invoicing feature, you can track all the expenses and payments done by you or the client. Invoices are also legal documents needed by businesses to request and receive payments from their clients.

Bug Tracking

This feature will help the team to track, report, and fix bugs and issues projects might encounter shortly.

Read: Business Intelligence Software Development

Cost to Develop Project Management Software

Developing project management software can cost you anywhere from $20,000 up to $125,000. Project management software development cost depends on multiple factors like the geolocation of the development team, complexity, size, features, tools, technologies used in the software, and so on.

Read: Construction Management Software Development

Conclusion

So that was all about project management software development and we hope you find the article interesting. And now you might have understood how useful project management software can be for your business.

However, if you still have any queries or concerns regarding the development process, cost, or tech stack, then get in touch with our experts, share your requirements, and we will help you develop a software solution that not only meets your requirements or improves process efficiency but also remains under your budget.

FAQs: Project Management Software Development

What is project management software?

Project management software refers to the application software used by businesses to manage the workflow of the organization.

How much does it cost to develop project management software?

Developing project management software can cost you anywhere from $20,000 up to $125,000.

What are the features to implement in project management software?

Some of the features that you should consider implementing in the project management software are:

• Real-Time Collaboration

• Cost Management

• Template Creation

• Sharing Documents:

• Reporting

• Time Management

• Unique Calendars

• Invoicing

• Bug Tracking