In today's fast-paced business world, companies often find themselves juggling multiple different projects at the same time – each with its unique challenges and goals. 

Whether it's marketing or sales, research or software development, businesses today need to handle multiple projects simultaneously, which can lead to confusion, misalignment, and ultimately bad business decisions. 

The result is bad performance, unhappy employees, and ultimately a loss in revenue. In fact, a monday.com survey found that 54% of workers spend 5 or more hours per week on tedious tasks that require little or no creativity. For 16%, it’s 10 or more hours.

Project portfolio management (PPM) tools are proving invaluable for organizations looking to manage their projects effectively and keep businesses running smoothly. 

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What are PPM tools?

Project portfolio management (PPM) tools are software applications that help organisations select, prioritise, and manage their projects and programs.

They give you a centralised view of your project portfolios, making it easier to track progress, identify potential problems, and improve overall portfolio performance.This makes them especially useful for organisations that manage complex projects or programs, or that have a large portfolio of projects.

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If you have multiple projects on the go, PPM tools can also help prioritize which ones to focus on based on factors like potential return on investment. They help manage resources effectively by determining which projects need what resources (people, equipment, budget) and avoiding situations where resources are stretched too thin.

For an organization managing a complex project, or if you are managing a portfolio of projects, a PPM tool can help you to improve your project performance and achieve your business goals.

Features of PPM tools

PPM tools come packed with features to streamline project portfolio management. Here are some of the key functionalities you can expect:

1. Real-time project tracking

PPM tools provide a central dashboard for monitoring progress, deadlines, and resource allocation across all projects in one place. This allows for quick identification of issues and helps ensure projects stay on track.

2. Project selection and pipeline management

Many PPM tools Facilitate the intake and assessment of new project ideas. This helsp prioritize projects based on strategic alignment, potential value, and resource availability.


3. Resource management

 PPM tools help ensure you have the right people with the right skills assigned to the right projects. This avoids resource overload and optimizes team utilization.

4. Budget and financial management

Project portfolio management tools make it easy to track project costs, manage budgets, and identify potential financial risks. Some PPM tools can even integrate with accounting systems for seamless financial tracking.

5. Risk management

Thanks to the many insights they provide, PPM tools make it easier to odentify potential risks that could derail projects, assess their likelihood and impact, and develop mitigation plans.

6. Reporting and dashboards

Most PPM tools allow you to generate reports that provide insights into project performance, resource allocation, and overall portfolio health. These Visual dashboards offer a quick overview of key metrics for informed decision-making.
Task automation

One of the standout features of PPM tools is automation. You can automate repetitive tasks like sending notifications, assigning workflows, and generating reports, freeing rees up valuable time for project managers to focus on more strategic work.

Best PPM Tools for 2024

There are plenty of different PPM tools on the market today, each with its own set of functionalities, features and tools to help you stay on top of your projects. 

But like everything in this world, not all of these tools are made the same. Choosing the best PPM tool for your business is crucial to making the most out of all of your projects and maximise your business potential. 

In this list, we’re exploring ten of the top PPM tools on the market in 2023 to help you make informed decisions about which PPM tool best suits your organisation's needs.