How to find the best project management tool
Effective project management and knowledge sharing is crucial for the success of any organisation. The right project management tool can streamline workflows, enhance team collaboration, and ensure timely delivery of projects. However, with an overwhelming number of options available, choosing the best tool for your specific needs can be daunting. This article will guide you through the key factors to consider and provide insights into finding the ideal project management tool to elevate your team's productivity and efficiency.
Why do you need a project management tool?
When you’re considering a project management tool, it’s essential you understand why such a tool is necessary. Companies worldwide lose millions in productivity due to unstructured work and inefficient knowledge sharing. One study found that workers waste over five hours each week either searching for vital information or recreating existing institutional knowledge. This wasted time leads to delayed projects, missed opportunities, employee frustration, and significant financial impact (Panopto, 2018).
Another study revealed that organisational information is spread across a maze of diverse enterprise systems, with 90% of this information being unstructured data and less than 1% ever analysed. Critical information often gets lost amidst the vast volumes of data, preventing organisations from gaining valuable insights to make crucial decisions and maintain a competitive edge (aiimi, 2022). These inefficiencies highlight that we desperately need improved project management tools and effective knowledge management practices to reduce wasted time and enhance productivity.
Which project management tool to use?
Ironically, the abundance of project management and collaboration tools can overwhelm project teams and lead to further inefficiencies, so thorough research is essential before purchasing a tool. A quick online search will produce countless project management tools promising to solve various problems, so you can easily find a tool for any imaginable scenario. But the main issue you’ll face during your research is that many articles either feature sponsored placements or are written by tech enthusiasts rather than project professionals, calling into question the credibility and independence of the article. For example, the software company Wrike claims that their own platform is the top project management tool on the market, which completely undermines the trust of readers (Wrike, 2024). Especially since we asked project managers what tools they used, and some of them hadn’t even heard of Wrike!
To give you a head start and support your research, we asked project professionals on LinkedIn to share which project management tools they find most effective, and we gathered independent views based on the real-life experiences of project professionals. We included Asana, Monday, Smartsheet, and Wrike in the poll to capture a broad spectrum of project management tools, each offering unique features and functionalities that cater to various project management needs and preferences.
Asana is known for its user-friendly interface and task management capabilities,
Monday excels in visual project tracking and customisation,
Smartsheet offers robust spreadsheet-like project planning and automation, and
Wrike provides comprehensive project scheduling and resource management features.
Although Asana came out on top, the other tools also received a range of votes, making it difficult to draw any definitive conclusions about what was ‘best’ or ‘most used’. This goes to show that different tools are used in different circumstances and for various purposes. It emphasises the importance of finding the tool that best fits your specific needs and project requirements.
How to find the right project management tool
When deciding on a project management tool, it's essential to first identify where your problems lie and then look for a targeted solution. For example, if your projects are consistently behind schedule, this could be for various reasons, such as a lack of experience or competence within your organisation, or because your team members are stretched thin and conflicted between multiple projects. Depending on the scenario, the solution could look very different. Purchasing a project management tool won't solve a lack of competence within the organisation, so it's crucial to correctly identify the root of the problem.
When you decide to buy a project management tool, there are two very important questions you need to ask yourself (and your team). How many users will there be and what sort of features and functionalities do I need? This will influence the price of the tool and the overall user experience. These are also the first things that sales representatives will ask you about when you start the purchasing process, so knowing what you want can help you stay informed when they share all their offers.
1. Number of users
The type of project management tool you need will depend on the size of your organisation. For smaller teams or start-ups, basic tools that streamline task management, scheduling, and communication may suffice. But as your business grows and your projects become more complex, you will likely start to feel the need for more advanced tools. If you decide that a tool would be beneficial even on a smaller scale, make sure the tool you choose is scalable, especially if your goals are to scale your business.
2. Key features
Another crucial step is defining the features and functionalities required by your teams. Talk to them about their needs, think about the business goals and wise up on what’s on offer. Without this, you may end up with unnecessary functionalities and overpay for a project management tool. Additionally, consider how the project management tool integrates into your existing systems and whether your team will be able to use it right away. Some tools may have a steep learning curve, which could impact their initial benefits, but might be worthwhile in the long term.
Keeping your organisation’s unique needs and requirements at the forefront will help you filter through all the available options and choose the right project tool for the job. Generally, the principle of 'less is more' is a good rule to follow, and opting for one tool that integrates all aspects of project management is key to centralisation and efficiency.
So, what's the best project management tool?
The best project management tool is one that goes beyond task management, budgeting, and scheduling. A significant aspect of project management involves stakeholder management, and this is where expertise in assurance frameworks and processes is so important. Assurance provides stakeholders with the confidence that projects will meet their objectives, manage risks, maintain quality, and deliver expected benefits. Inefficiencies and poor performance can quickly erode stakeholder trust, making assurance an essential component of effective project management. Unfortunately, inaccessible data, lack of robust assurance frameworks and costly external assurance providers lead organisations to ignore assurance processes altogether. This oversight can have negative or even catastrophic impacts on the organisation’s broader strategic objectives.
To streamline assurance processes and reduce costly dependence on external providers, Firewood has developed a cutting-edge assurance application. The Firewood Assurance Service Tool (FAST) revolutionises the traditional assurance review model to benefit and elevate organisations by building up internal capabilities and reducing reliance on external assurance providers. FAST is a unique platform that facilitates end-to-end assurance processes and activities. It features a unique library of best practice frameworks and guidance, which can be tailored to create customised assurance frameworks. This empowers your organisation to adopt and adapt best practices to fit your specific needs, enhancing the overall effectiveness of your assurance processes.
Many of us experience FOMO and the urge to immediately buy something just because it’s recommended or popular. But when it comes to choosing a project management tool, you need to take your time, conduct thorough research, and determine what’s truly best for your organisation. There is no single best project management tool; the key is to evaluate them in the context of your organisation’s unique needs and requirements. If you find yourself overwhelmed by the plethora of project management tools available, the Firewood team is here to help. Whether through our personalised services or our innovative assurance tool, we are committed to making your project management processes smoother and more efficient. We can’t wait to hear from you.