What Are They and How Do They Work?
With organizations around the globe increasingly relying on software for automation of project management processes, there is an increased interest in Project Management Information Systems (PMIS). Project Managers are looking to improve the accuracy of their project data and leverage specific key performance indicators (KPIs) and reporting capabilities to make the best possible business decisions.
By nature, Project Managers are continually faced with navigating the many moving pieces and challenges that come with managing and delivering on a project. Dealing with the complexity of managing project budgets, resources, and the overall project timeline is the responsibility of the Project Manager from day 1. Having a Project Management Information System or PMIS can be a highly useful tool for organizations that are centered around delivering and executing projects. Here, we’ll explore what a Project Management Information System is and how it works.
At its core, a PMIS is a process or software solution designed to collect and use project data and information to make better project decisions. A Project Management Information System can be as simple and straightforward as an internal process for maintaining a file system that contains Microsoft Excel documents or be as robust as to include a full-service suite of enterprise software that touches many areas of your organization.
As far as the particular features and functionality of your PMIS, the capacity of your specific system will differ based on the purpose of its design. Its primary purpose is to help facilitate the management of your projects by assisting with planning, monitoring, and executing project outputs.
Typically, you’ll see that no matter the specific PMIS you’re looking into, they share some of the same common elements and capabilities. Workflow management, delegating tasks to team members, scheduling, data collection and reporting are just some of the functionalities Project Managers will want to see included in a PMIS.
Reasons to Consider a PMIS
There are a number of reasons Project Managers and organizational leaders would want to look into a PMIS. Having a Project Management Information System in place can give you a leg up while managing projects. If looking for a one-stop-shop of sorts in which Project Managers can view project stats and keep the project on track, a PMIS is likely a good solution.
By tracking everything from costs, budgets, and even resource schedules, your PMIS can help you as a Project Managers avoid any slips in the project plan and ensure your project stays on track. Some systems even offer instant notifications for when projects begin to slip. With quick updates from the PMIS, the team can instantly make any required adjustments, reassign resources, and implement new processes.
Teal-time updates from the PMIS allow your team to instantly make necessary adjustments, reassign resources, and implement any new processes. After you’ve taken action to correct any problems, Project Managers can monitor efficacy. Having a PMIS that efficiently tracks a rapidly changing project and project management landscape can grant you an effective competitive edge that helps you keep projects within their predetermined budget and scheduled timeline. This alone can contribute significantly to the ROI of implementing a PMIS.
Key Benefits of a PMIS
Beyond ease of use and the peace of mind that comes with having a software system in place for monitoring your projects, the value a PMIS can add to your organization can be seen in the form of cost and time savings.
Preventing a project from getting off track in the first place is oftentimes a crucial cost and timesaving measure Project Managers can put into place that helps ensure project success. At its core, a PMIS can offer valuable project insight that will benefit and protect the project bottom line. While even a manual Project Management Information System such as Excel spreadsheets offer the ability to handle and store data, the benefits of a cloud PMIS can offer are unparalleled. Project management information systems benefit your organization through better collaboration and agile processes, while also allowing users and project managers alike the ability to comprehend the finer details, particularly when it comes to larger and more complex projects. Many PMIS will allow you to track individual’s tasks and activities within the PMIS. You’ll see increased communication and transparency, especially when it comes to the workforce management capabilities of a PMIS. Greater communication, collaboration, and having the ability to define responsibilities will result in better project performance and help to deliver on the project charter and timeline.
Options in the Marketplace
When it comes to Project Management Information Software options in the marketplace today, the best options for you and your organization will likely depend on your organization’s size, goals, and unique needs. At a high level, the competition consists of players such like Microsoft, Oracle, Huddle, and Mavenlink.
Selecting the PMIS best suited for your organization can be a tricky process to navigate and taking stock of your current-state and road mapping your journey to implement a PMIS can be a particularly helpful first step in determining the best course going forward. Elire’s team of ERP project experts are here to help determine the best course of action to help you achieve all the benefits a PMIS has to offer. No matter the size, industry, or maturity of your organization, chances are you will benefit from having a PMIS in place.
Explore our series on Oracle’s Project Portfolio Management Software here, starting with our post “Oracle Project Portfolio Management Overview”. Oracle Project Portfolio Management (PPM) is an integrated solution that dramatically improves the way project-driven organizations work. It enables efficient and effective project management while ensuring smarter business decisions based on a single source of project truth. For organizations already leveraging Oracle Cloud, PPM is oftentimes the best solution for project-based organizations.
For help evaluating your organization’s unique position and to ensure you’re making the best decisions for your projects, reach out to [email protected] with questions and to set up a time to discuss with our team.