Today, 4 out of 5 project managers say that they can't perform effectively without good business project portfolio management software.

Their position is understandable as the success of many small and medium-scale businesses depends on the accomplishment of set projects.

Project managers are constantly saddled with the task of managing teams, setting priorities and meeting deadlines.

To accomplish these projects, they must have, not just a proper grasp of project management, but knowledge of the trending business project portfolio management (PPM) software in the market.

This article highlights the top five mid size business project portfolio management software available in the market at the moment.

What are business project portfolio management software?

Although many digital transformation projects are falling flat, the project portfolio management (PPM) software has come to stay.

Project portfolio management software are tools that help the organisation have an overall view of multiple projects, their progress as well as their sustainability.

These software offer several levels of project data, combining enterprise solutions and cloud concepts to help the organisation work more effectively. They can be used by project management consultants and businesses of all sizes.

What are application portfolio management tools?

If you’re into software development, then you should be looking into portfolio management tools that are specifically built for applications.

With these tools, you will have a framework that will allow you to effectively identify and efficiently manage the applications you have in your company. An in-depth look at application portfolio management tools comparison will help you make the right choice.

Benefits of business project portfolio management software

Many businesses are leveraging technology solutions like project management software because of the many benefits they provide.

In fact, 8 out of 10 project managers hold the view that business success depends largely on project portfolio management. Below are a couple of the benefits a PPM software offers to businesses of all sizes.

Provision of a clear and informed project selection process

With a good project portfolio management software, the business can select the appropriate projects for execution. An effective PPM software helps the business embark on only projects that align with the business vision, goals, resource availability and risk.

Promotion of collaboration

One of the benefits of a project portfolio management software is the improvement of collaboration among project teams.

This is especially so for large businesses. PPM helps to align all projects to an umbrella strategy and ensures teams work hand in hand to achieve corporate goals.

Better use of resources

When your business uses a project portfolio management software, your resources will be efficiently channeled in the right direction.

By having constant oversight of every project, the project manager can prioritise projects and put money where it is most needed. A good PPM also lets you investigate projects that are redundant and withdraw funds where necessary.

Top five project portfolio management software you should know

Zluri

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Zluri is one effective and modern application portfolio management software that helps you to easily identify and manage your applications.

This software helps you to optimise in a single platform, all your SaaS applications. With Zluri, you have oversight and control over all your applications.

Key features & benefits

Wastage elimination: Zluri’s features let you get rid of wastage like neglected and duplicate apps, unused licenses and auto-renewals. This brings efficiency to your operations. You’re able to channel resources effectively.
Automation of IT tasks: Zluri enables you to carry out the automation of your IT tasks like onboarding, off-boarding, renewals, and procurement, among others. This benefit takes away the stress of manually handling these activities, thereby leading to better productivity.
Securing the SaaS ecosystem: Zluri brings your SaaS ecosystem into complete visibility. It helps you discover and remove apps that have security issues as well as remove apps that are not compliant.
Insights and pre-build reports: with these reports, you become more informed when making purchases and renewals. This enables you to make profitable business decisions.
Third-party integrations: this application portfolio management software has an exhaustive number of third-party integrations available. With this feature, you can work more effectively with other applications.
Easy navigation: smooth, simple and intuitive navigation on the management software is one of Zluri’s main features.

Pros

● Visibility of the SaaS stack

● Time- and labor-saving

● Has the largest app library

● Makes your SaaS stack more efficient

● Eliminates shadow IT

● Good customer service

Cons

● Could use more integrations

monday.com

This software is well packaged to help teams manage both simple and complex tasks. It comes with features that facilitate monitoring, collaboration, tracking, and reporting, among others.

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Key features & benefits

Workload management: monday.com lets you manage your workload easily with a feature that helps you classify tasks in groups. This way, you can assign tasks to groups or individuals seamlessly.
Increased and efficient communication: with monday.com, collaboration becomes easy due to effective communication features. You have options for file sharing and hyperlinks. You can also call and email workers or coworkers straight from the software.
Facilitation of detailed analytics and reporting: monday.com has columns that let you track real-time progress as well as use data more productively. With clear, straightforward and visually attractive reports, you can get actionable insights from the data provided.
Intuitive UI: the user interface of monday.com is very appealing, easy to use and intuitive. You have access to a customisable dashboard that lets you carry out your tasks more efficiently.

Pros

● Mobile friendly

● Customisable dashboard feature

● User-friendly and attractive interface

● Third-party apps integration

● Efficient customer service

Cons

● The activity log is limited

● Could use a feature to leave comments for team members

Wrike

Wrike is a flexible platform that facilitates great collaboration among multifunctional groups.

It is very effective for team building. With the software, teams can discuss, prioritise and schedule tasks in real time. In addition, Wrike offers the platform free to teams of up to five members.

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Key features & benefits

Variety of usable templates: Wrike provides a variety of usable templates that can help with product creation, onboarding and project management. This helps with your creativity and speeds up your work processes.
Access to Kanban boards and Gantt charts: The Gantt charts on Wrike help with the planning and management of projects. With it, you can visualise your projects’ progress. Likewise, Kanban boards help you track the progress of your project at each stage of the development process.
Robust analytics: with this feature, you have access to up-to-date, engaging and visually captivating analytics. The business tool available on Wrike offers advanced analytics needed for effective decision-making.

Pros

● Comprehensive software options

● Easy to use

● Visually appealing

● Detailed project reports

● Gantt chart and Kanban features

Cons

● Not so easy for new users to navigate

Planview

This cloud-based tool is quite effective for planning and managing projects. It was created to assist businesses in moving their work processes from strategy to execution.

With Planview, your teams, whether lean, agile or unstructured, can work efficiently from different locations.

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Key features & benefits

Enterprise architecture software: this feature provides IT and enterprise architects with effective project management tools. This makes them deliver on their goals more productively.
Strategic roadmap: Planview lets you create a roadmap for your project management and execute your plans successfully. With it, you can define, track and measure progress.
Enterprise innovation management: this solution grants you the visibility needed to manage all your ideation processes from one platform. It promotes customer input and employee engagement. Subsequently, it brings sustainability to your business.
Strong collaboration tools: Planview provides tools that facilitate great collaboration among teams. The tools help you to plan and manage collaborative work.

Pros

● Timesheet tracking feature

● Kanban boards and Gantt charts features

● Easy navigation

● File and document sharing features

● Integrated email

Cons

● Could use reporting features

Keyedin

Keyedin is one of the well known portfolio management software.

It harmonises many project methodologies to help achieve business goals. It has a full-scale interface with several features that can benefit your business.

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Key features & benefits

Corporate alignment: Keyedin helps you align every project portfolio with business goals and product strategy. This ensures that every team member works in line with corporate goals and objectives.
Product-centric: its product centric model helps you manage roadmaps and value streams. This software was specially built to help you manage and scale your product.
Prioritization of projects: Keyedin has a feature that paints a ‘what if’ scenario that assists you in prioritizing the most valuable projects in your portfolio. With this, there will be more progress on projects that are important to the organization.
Mix methodologies feature: this feature brings Agile, Waterfall and other project methodologies together in one portfolio, making you perform your tasks more effectively.
Insights gathering: with an effective self-service reporting engine, Keyedin helps you gather insights and monitor trends.