Project management software is not a new technology. Hence, these days, with numerous kinds of cloud-based project management software available, you might be thinking that it has reached its peak. Yet it is actually undertaking a major evolution, thanks to more advanced technology and the demands of customers who use it. Below are specific factors that are driving advancement:
Novel Controls and Variables
Big data continue to get bigger, with even more variables for monitoring and controls for keeping variables more accurate and relevant. Instead of just enabling functionality for creating descriptions, tasks, milestones, etc. within a project, newer project management software is now beginning to use more specific classifications and keeping tabs on a much wider array of metrics.
More Modern Applications
These days, project management software can also be used for different applications, and not just solely for project management. The insights and data collected from conventional project management can be used for different applications such as reviewing the performance of your team, for instance. Majority of supervisors and project managers use project management software for describing, assigning, tracking, and closing out project tasks for team members. Hence, it is simply practical to use data from the software for reviewing the performance of each member in a project. Some companies are even using project management software for enterprise planning, depending on statistics gathered from active projects for estimating efficiency and profitability of future projects.
According to Digital Journal, 60% to 85% of big data projects fail, usually due to the inability to draw conclusions accurately from their collection of big data. The most efficient solution here is data visualization, which involves a more intelligent way of organizing data so that it will be easier to understand what the data is trying to tell you. More and more types of project management software are implementing these data visualization modules so that managers and supervisors can more easily understand what is happening to their projects and what they need to improve on.
Targeting and Customization
There are also select types of project management software that try to distinguish themselves by targeting specific industries, instead of all industries in general. Likewise, others are trying to target specific businesses by offering more customized features. Either way, they are becoming better targeted to specific markets and easily customizable. This is due in part to the increasing need of companies to differentiate their brand and the ever-increasing number of competitors that seem to crop up regularly.
Machine Learning and Artificial Intelligence
Machine learning and AI are being employed in virtually all areas of technology, and this includes project management software. Some types of project management software now utilize advanced digital assistants for automating specific tasks.
With all these new features, it might be time to assess the project management software you are using to see how it stacks up to other software. With these newer features and functionalities, you want to make sure that your company takes advantage of these to help ensure faster, easier, and more efficient project management.