Project portfolio management software is a must-have, but the market is saturated. The abundance of PPM tools makes it difficult for project managers to know where to start and what features they need.
Luckily for you, this short and sweet guide covers the 8 most critical PPM software features for your next chosen platform. In todayโs world, most project managers use PPM software to manage their work!
In fact, according to TeamStage, 77% of high-performing projects now leverage technology. Reinforcing the need to grasp the key digital features that can take project portfolio management from good to great within your team.
Resource Management is a Vital Feature
The first key PPM software feature to discuss is resource management. A set of tools that help project managers optimize resource allocation and prevent mishaps as they navigate their projects.
Most resource management tools allow users to dive into real-time reporting and analyze the supply and demand of different resources for different projects. In edison365, users can manage any type of resource, whether itโs people or equipment.
This versatility makes edison365 a no-brainer when it comes to resource management for PPM needs. However, there are many other great tools that also tick the box for great resource management!
Why PPM Tools Need Project Reporting Features
Without project reporting dashboards, all other PPM software features are somewhat redundant. Harsh? Perhaps. However, understanding the progress of various projects within a portfolio is critical to your next decision.
Most PPM software should provide you with a way of tracking and managing projects in real-time. This insight helps you make strategic decisions, work efficiently, and avoid setbacks.
Project reporting dashboards also benefit from good integration capabilities, which is something you must consider when reviewing PPM software. For instance, edison365 integrates seamlessly with Power BI and many other reporting APIs.
The Power of Real-time Collaboration
Real-time collaboration functionality is a must-have PPM software feature. The ability to move progress forward from project to project within your portfolio requires the harmonious work of everyone in your team.
It also upholds accountability, and ensures visibility for everyone, at any stage across your projects real-time collaboration flourished in the aftermath of the COVID-19 pandemic, as it empowers teams to work from anywhere in the world.
It is now an expected PPM software feature, and by opting for a platform without it, you indirectly hinder your project portfolio management efforts. With edison365, teams can delegate, manage, and interact with different tasks, projects, and more, making it an ideal PPM tool for medium and large teams.
Risk Management as a PPM Software Feature
Risks occur at every stage of your project as you strive for success. But rather than turning a blind eye to the risks you face; risk management capabilities make for a great PPM software feature.
Platforms like edison365 enable you to identify, track, and mitigate risks before itโs too late! This ensures your projects are delivered promptly and within the original budget set.
In a nutshell, this PPM software feature is your mystic ball into the future of a project, when things progress, and different stages begin. Itโs important to understand how everything evolves, and the positive or negative impacts that presents!
Why Templates are a Must for any PPM Tool
When it comes to project portfolio management, one of the greatest PPM software features you should consider is templates. With customizable templates, you can capture what worked well with your previous projects and portfolio and turn that into a blueprint for success.
That said, not all PPM software offers template functionalities, and if they do, they must be fully customizable. When it comes to edison365, templates are a very powerful way to speed up your project planning and delivery!
In our latest YouTube video, edison365 Customer Success Manager Rob Toon walks us through the creation of forms, and how templates can help you succeed! Take a look for yourself โ and it to your list of must-have PPM software features!
Financial Planning Features
Without financial preperation, managing your projects can be very difficult. Thatโs why financial tracking, and cost analysis tools make for great PPM software features. They take the guesswork out of your PPM efforts and ensure your decisions are backed by the numbers.
Some financial planning features will allow you to budget from project to project, and even the entire portfolio. Others may allow you to track ongoing costs such as resources, materials etc. When it comes to edison365, itโs easy to build cost tables, forecast costs and assess costs at a program level!
Project Portfolio Tracking and Monitoring Features
Although weโve touched on project reporting dashboards, one must-have PPM software feature is tracking and monitoring across your portfolio. From project to program, portfolio progress to groups of dependencies, a birdโs-eye view of everything within your PPM strategy is pivotal.
This not only helps you identify deeper-level risks, prevent undetected hurdles, or discover overlooked opportunities or benefits but also steer the PPM ship with a clear view of the horizon and the path your projects and programs are on!
So, what else can be tracked and monitored to support your PPM strategy? Although we cannot talk on behalf of other software out there, edison365 helps you track and monitor your resource utilization, risks, benefit realization, financial budgets, and more! An all-round tool!
Recommended read: Complete Guide to Construction PPM
The Use of Business Case Management in PPM Tools
Next up is business case management. This PPM software feature helps you move from concept to project with the confidence and research necessary. Although it isnโt a pivotal PPM software feature, itโs definitely nice to have.
After all, your projects start from an idea, and to execute PPM effectively, you need all the help you can get! So, consider business case management to help you in that pre-PPM phase.
With edison365, business case management is simple. Take every idea through a bespoke business case process and validate your best opportunities before you invest in a full-scale PPM strategy. Watch our Customer Success Manager Rob demonstrate how easy it is to turn a business case into a project!
Conclusion: Why PPM Software Features Matter for 2025
These PPM software features are important for many reasons. Firstly, they are pivotal to the success of project delivery, realizing the benefits of your PPM efforts, and delivering value-driven projects. Whilst some may solely aid strategic portfolio management, others are must-haves.
As organizations turn to the likes of AI and cloud-based software to help them achieve their goals efficiently, ignoring the need for PPM software can be damaging. It could result in businesses losing their competitive edge, and falling behind the industry, who have adopted the right tools.
Ultimately, we advise all project managers to begin researching the right PPM software in 2025, ensuring they continue to deliver their best projects with maximum results and impact. Hopefully, this list of key features can act as a buying guide of sorts as you explore different options!
We recommend you read our Smartsheet vs Microsoft Project guide, which outlines the positives and negatives of each platform before you make your decision! Alternatively, you can also compare edison365 and Microsoft Project Online!
Technology shows no sign of slowing down, and as PPM software features go from strength to strength, these tools can reduce mistakes, speed up project portfolio management delivery, and make the daily lives of project professionals easier.
Believe it or not, we are still early into the software revolution that will change the face of many industries and professions, including project managers! Whether itโs edison365, or one of the many other powerful options out there, now is the time to digitalize your strategy once and for all!