Features to Look for in a Project Management Software with Contract Management Capability
Despite the advancement in technology, the playing field is becoming more competitive for businesses. The need for centralization of the data and functions is increasing. A simple ERP or CRM software is no longer enough to ensure faultless management of all the core areas of business. From project and resource management, and from finance to account management, everything must be a part of a single cloud-based project management software, capable of providing centralized control.
The problem is that many businesses fail to understand their own needs, especially when technology isn’t one of their core competencies. They end up investing in ERP solutions that are unable to provide the level of automation required or even desired.
What Does a Good Project Management Software Look Like?
When it comes to ERP, CRM, or any other technology you need for your business, there are two types of features that you should focus on. Firstly, the solutions should be able to fulfill the quality criteria that are generally expected of an enterprise level tool. Secondly, it should be able to offer specific features that are not a part of generic solutions otherwise.
The general features to look for, include:
- Scalability – It is the golden rule of business technology selection – invest in a technology that has the capability to grow with your business.
- Customization – Your solution provider should be able to customize your project management system according to your needs.
- Visibility – Your project management software should be able to offer a clear view of everything, including the insightful details and information contained in your contracts.
- Control – Your technology should enable you to track your contracts at every stage and status.
- Integration – Integration is one factor that truly empowers the enterprise technology of this era. Your project and contract management system should be able to integrate seamlessly with your ERP and with other third-party tools utilized by your resources.
A Clear Break Down of Features that Make a Project Management Software worth Investing In
It would be unfair to blame businesses for choosing a technology that brings little to the table. There is an ocean of options out there, and it is only natural for someone who is not so tech-savvy to fall for marketing gimmicks.
Indeed, many would claim that their software is the most cost-effective or fully customizable, but that doesn’t imply it will be worth your money. Therefore, when on the search for a software you can pin your success on, you need to be specific about the features it should have.
PROJECT AND TASK MANAGEMENT
A software that is capable of simplifying task management is a solution that will improve efficiency and productivity throughout the enterprise. Find a solution that has a simple interface and interactive dashboard that will streamline the whole process of creating, assigning, managing, and even prioritizing tasks for multiple ongoing projects.
BILL AND EXPENDITURE TRACKING
It is not uncommon for businesses to lose track of their bills and invoices. A project management software that integrates with your ERP can make it easier to create and track invoices. It should have a proper notification system that can almost eliminate the risk of unattended and missing invoices. One of the major advantages of this feature is that you are able to keep an eye on profit and loss and manage expenses accordingly.
Smarter software allows automatic sending of recurring invoices. You can define specific dates or milestones for the system, and invoices would be generated. It makes it easier to send multiple invoices for a contract while keeping track of all the payments involved. Again, this improves visibility
TIMESHEETS & TASKS
A project management software that links to the timesheet, improves overall resource management and evaluation. You can track the time expense incurred by each resource working on a particular project. This can further improve the visibility and expense management.
IN-DEPTH ANALYSIS AND REPORTING
While every project management software claims to have a reporting feature, not all of them live up to the expectations. Reporting is not just about the graphical representation of data, it is about the in-depth analysis that can provide insights that aren’t otherwise apparent.
Lastly, the most important feature to look for is contract management capability. Your software should allow you to link all your contracts with the relevant projects. This feature allows businesses to derive cost and revenues from each contract and project, giving them more control over the expenses.
One more thing businesses should look for is the support and community built around the solution they are buying. A reliable ERP vendor will ensure the safety of your investment.