Top Five Project Portfolio Management Tools for 2020

The Top Five Project Portfolio Management Tools for 2020: A lot happens inside a company. What we see as a final product is an outcome of hundreds of dedicated hours by multiple people. Companies work on projects. Either these projects are worked upon one at a time, or many are run simultaneously. Two projects are seldom alike, while some are simple, some are complex, some are short-termed, and some stay around for months, and even years, some confine themselves to one dimension, while some are multidimensional.

Hence, you need to devise a project portfolio strategy. The efficient management of the project portfolio ensures a desirable success rate. There are tools out there that help with project portfolio management.

Project Portfolio Management Tools for 2020

The following list compiles the top five project portfolio management tools available in the market:

1. PlanStreet

Making its place among the top project portfolio management tools and topping this list is PlanStreet. Ever since it came into being, PlanStreet has dominated the market and earned its position among the top project management software. PlanStreet is one of the fastest-growing platforms crafted, especially for efficient project facilitation. Top-notch functionalities are available via different modules. The software first analyses the requirements of its customers. Once a proper sketch is drawn, it provides suggestions for much better and desired results. Thus, PlanStreet users end up getting an edge over the others.

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PlanStreet has a feature for street tracking feature, which assists in maximum utilization of the present staff, and for the right time. Are you running your project on a tight budget? PlanStreet lets you track your finances efficiently. Not a penny is overspent, and the budget is not exceeded. With Planstreet, you can plan, manage, and keep track of multiple projects at once – thanks to high coordination dynamics. This way, you will end up enhancing the performance of projects in their entirety. The cherry on top, PlanStreet offers compatibility through almost all the platforms out there.

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Overall, PlanStreet is the one-stop destination for all your needs. Project Portfolio Management, especially, can’t get any better.

Price: Planstreet comes at a very affordable price of $15 per user, billed on a monthly or yearly basis. In the present scenario, it is one of the most affordable tools.

2. Planview

Following PlanStreet, next on the list, we have Planview. Planview comes with some features you never knew you needed for project management. These features, if used correctly, can be handy for your project management, especially your project portfolio and resource management. Planview offers tools for efficient and effective data management. Usually, when a project is worked upon, side assignments and problems show up during different stages and points. These are almost inevitable. With Planview, you can easily highlight these issues and side tasks and deal with them before they pose a threat to your project as a whole. Also, Planview lets you prioritize portfolios without a hassle and thus yield better results.

The massive review section of Planview speaks for itself. Almost all the reviews and recommendations point out and put special emphasis on the reporting and analytics features that the software offers. Accessing data, visualizing it, and sharing it is very easy. If the data is too complicated to understand textually, Planview’s visual metrics assist you and make the data easily understandable. The user interface is intuitive and simple. Scalability is clearly observed, adding to overall ease of use.

Price: Pricing hasn’t been made public yet. You need to contact the vendor to inquire about the price.

3. Planisware

Coming next on the list and the third of the 3 Plan’s of Project Portfolio Management Tools is Planisware. Planisware is essentially a Project Management software with tools for Project Portfolio Management as well. It helps you with various aspects of project portfolio management. You can strategize and direct your business using different utilities offered, like road-maps, buckets, and others. The first step towards managing your portfolio is defining it. Defining the portfolio is followed by prioritizing it. Effective portfolio management is only achieved after the portfolio is defined and prioritized correctly. Management of project portfolio is done by making use of different investment scenarios, working simulations, etc.

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Planisware’s effective resource scheduling, capacity planning, keeping track of time, etc. lets you gain visibility of available resources and thus manage them most productively. Scheduling, deliverables management, and others allow you to gain control of your projects. Planisware provides social networking, reporting, knowledge management. These help in improving team collaboration and yield better results.

Users seem to be pretty satisfied with customer support. They deem the Planisware customer support team to be very responsive to users’ complaints and inquiries. The requested information was provided in time, and system demonstrations were executed just in time too. They are very considerate towards the users’ requirements as well. There was no underselling or overselling of the product on their part. This level of transparency is always attractive.

Price: This is where Planisware goes weak. The pricing starts at $250,000. It’s a one-time payment, without any free version or free trial whatsoever.

4. CA Rally

CA Rally has earned its place in the list in the 4th position. It is basically an agile platform. It assists organizations in aligning strategy, tracking the project(s), and managing timely delivery. Users are helped in all the different phases of the project – ranging from capacity planning to release tracking. This makes sure that the vendor lets organizations match their customers’ expectations effectively, all while empowering the teams to gain success and learn and improve continuously with time.

CA Rally is an agile platform that supports all teams, irrespective of their agile methodology, or the framework. CA Rally’s Team Planning view lets users break down different features into multiple stories and sketch their sprints accordingly. Also, the Team Planning view enables them to pinpoint risks and dependencies. In the end, the users can produce a release plan with a timeframe and scope that’s realistically sound. Another view is the Release Tracking view. This view lets the users and teams visualize progress, thus enabling them to pinpoint areas posing problems, and make necessary adjustments to deliver seamlessly. Work Views enable the management of the work of multiple teams. Team Board is another attractive feature.

Price: CA Rally comes with multiple plans. It starts at $245 per month, supporting a company of 10 users. There’s another plan that starts at the price of $1500 per month for a company consisting of up to 50 users divided into different teams. You can choose a plan that fits you best.

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5. ServiceNow

Last but not least, we have ServiceNow. It is basically an American cloud computing company; its headquarter is in Santa Clara, California. It has one of the oldest roots since it was founded in 2004. ServiceNow promises you visibility – be it the demand, available resources, and your project portfolios. You can achieve better alignment of your efforts with a devised and effective corporate strategy. This enables you to work faster and deliver better resource allocation through each project.

From idea to execution, ServiceNow’s Project Portfolio Management offers you ultimate visibility. You can plan and prioritize your project quite simply, keeping track of all the planned and unplanned work in a single place. Agile management, testing, and tools for better collaboration let you enhance productivity and deliver better service. When you improve your collaboration, business needs are met adequately. ServiceNow enables you to align various IT resources with strategy. Process automation lets you work faster than ever, giving you the insight that leaves no room for project delays.

You can also create and manage an extensive range of projects. Management of comparatively smaller tasks to pretty large project portfolios is easy, no matter how complex the activities are, no matter the extent of relationships and dependencies. Development tasks can also be effectively organized into projects. These projects can later be developed into programs and portfolios. Once this is achieved, you can collaborate, report, and keep track of your project plans with added information. All of that leads to better decision-making.

Price: ServiceNow has a starting price of $10,000 per year. You can contact ServiceNow for other pricing details.

This concludes our list of best five Project Portfolio Management Tools in 2020. Every software covers one aspect or the other, each one with its ups and downs. Go through their key features, pricing, user reviews, and then choose the one that appeals to you the most. A good tool is the one that caters to all your needs effectively. Choose accordingly and yield the desired results.

Gerald Thomas

Gerald Thomas is a freelance writer, with years of experience, creating content for varied online portals. He has expertise in writing about lifestyle, food & many more.

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