Why Project Management Tools Matter in Finance

Project and task management software tools are one of the best investments any company, whether rooted in the finance industry or otherwise, can make.

They offer management the opportunity to work in a more methodical and organised way and when it comes to budgeting, allocation of resources and managing financial risk and potential changes, they are invaluable.


Choosing the right project management tools

Real first person communication and professional training are still the most important elements of working effectively in a non-virtual office setting, but a professional piece of task management software designed for project management can be a powerful weapon in your workplace arsenal.

At their most simplest, they will hone your organisational skills and make scheduling tasks easier. On a deeper level, they can assist companies in gaining solid knowledge and experience in understanding how projects develop and work, and most importantly understanding how they can be improved upon when things go wrong.


Finance management tools matter

Every industry has its own specific requirements when it comes to choosing task managing software for these types of jobs. Within the finance sector, some of the more complex projects undertaken by companies might require major investment in this kind of software, but the advantages it will bring are great, for instance:

  • Making sure a project stays within budget
  • Making sure the scope of the project is within the correct parameters
  • All documents relating to the project are safe and managed
  • All resources for the project are assigned correctly
  • Monitoring changes
  • Tracking and making sure priority targets are met


What type of finance project management software do you need?

Choosing software means thinking laterally about the size of the company, the number of people that will need access to it and also what the main goal of using the software is.

Different packages operate in different ways, so some might look at time management or risk management, while others will focus more directly on the way a project is managed.

Other considerations include whether software is to be installed on company servers, or whether it’s cloud based, or purely web based. Often, this simply comes down to a matter of cost. The latter options are more affordable, and installed software may be better for larger companies. The software used should always be tailored to the specific industry and offer strategic solutions to the teams who are using them.


What should project management software provide?

It should mean that all project activities are in one place and that everyone who needs it has access to the data at all times. In finance, this is important for stakeholders who may also want to be engaged for the life of the project.

It should also offer features, such as scheduling, so that tasks can be assigned, meetings can be organised, and deadlines set. There should be a decent time management feature so that people can work hard and easily see what milestones they are achieving. There should be a strong financial planning element as well, so that managers and stakeholders can make decisions easily and quickly, too.

Task management tools matter in finance, so it might be time to investigate whether it is worth investing in them.

The views expressed in this article are those of the authors and do not necessarily reflect the views or policies of The World Financial Review.