Project Management

Top Project Portfolio Management Tools for 2024 and How to Choose the Right One

Written byContributing Writer
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Updated onApril 16, 2024

Project Portfolio Management (PPM) tools are crucial for modern organizations seeking to improve their project management practices. Most large enterprises, such as Fortune 500 companies and multinational businesses, launch multiple projects simultaneously—from developing new products and running marketing campaigns to expanding into new markets. Without practical PPM tools, coordinating these efforts would be chaotic, leading to wasted resources and missed opportunities.

But which tools are the best? What features to look for? With a wide variety of PPM tools available in 2024, it’s crucial to answer these questions for a company to select the right tool to manage its project portfolio.

Knowledge of PPM tools is essential to build your career as a project manager or portfolio manager. In this guide, we’ll explore some of the most popular project management tools in 2024, their key features, benefits, and pricing, and share tips on selecting the right tool.

For those looking for a more in-depth understanding of PPM tools and other fundamentals, we’ll direct you to a reputed project management bootcamp that can be your stepping stone to successfully entering this field.

What are PPM Tools, and Why Do We Use Them?

PPM (Project Portfolio Management) tools are software applications aiding organizations in efficiently overseeing a portfolio of projects. They provide a centralized platform to plan, prioritize, execute, and monitor multiple projects concurrently, ensuring alignment with strategic goals. By offering comprehensive project management functionalities, these tools optimize resource allocation, enhance decision-making, and streamline project workflows, enabling organizations to achieve greater efficiency and success in project delivery.

Here’s why organizations use PPM tools:

Centralized project management: PPM tools provide a centralized platform for managing all organizational projects. This allows for better visibility into project status, resources, and progress.
Portfolio optimization: PPM tools help organizations optimize their project portfolios by aligning them with strategic objectives and business goals. This ensures that resources are allocated to projects that deliver the most value.
Resource allocation: PPM tools facilitate efficient resource allocation across projects. Organizations can optimize resource allocation to maximize productivity and minimize bottlenecks by providing insights into resource availability and utilization.
Risk management: PPM tools enable organizations to identify, assess, and mitigate project risks. Organizations can proactively manage risks and make informed decisions to minimize potential impacts by comprehensively viewing all projects.
Performance tracking and reporting: PPM tools allow organizations to track the performance of individual projects and the overall portfolio. They provide real-time dashboards and reports that offer insights into project progress, budget utilization, and key performance indicators.
Collaboration and communication: PPM tools facilitate collaboration and communication among project teams, stakeholders, and decision-makers. They provide features such as task assignment, document sharing, and communication channels to ensure seamless collaboration across teams.
Decision support: PPM tools offer decision support capabilities by providing data-driven insights and analytics. Organizations can use these insights to make informed decisions about project prioritization, resource allocation, and portfolio management.

Also Read: What is Project Resource Management? Everything You Need to Know

Which are the Best Portfolio Management Tools in 2024?

Smartsheet

Features and integrations: Project management, collaboration, and workflow automation features. It integrates with various business tools such as Microsoft Office, Google Workspace, and Salesforce.
Benefits: It provides customizable templates and workflows to streamline project management processes. It also offers real-time collaboration and visibility into project status.
Current plans & pricing: Starting at $14 per user per month, pricing is tiered based on features and user count.

Monday.com

Features and integrations: It offers customizable project management, task tracking, and team collaboration features and integrates with various tools, such as Slack, Microsoft Teams, and Google Drive.
Benefits: It provides visual project timelines and dashboards for easy progress tracking and offers automation features to streamline repetitive tasks.
Current plans & pricing: Tiered pricing plans based on features and the number of users, starting from $8 per user per month.

Planview

Features and integrations: It offers portfolio and resource management, strategic planning, and work collaboration features. It also integrates with various enterprise tools, such as Jira, ServiceNow, and SAP.
Benefits: It provides centralized visibility into project portfolios and resource allocation and offers strategic planning capabilities to align projects with business objectives.
Current plans & pricing: Custom pricing based on the organization’s specific needs.

Zoho

Features and integrations: It offers project management, collaboration, and CRM tools for businesses and integrates with various Zoho apps and third-party applications.
Benefits: Provides a suite of tools for project management, team collaboration, and customer relationship management. Offers customizable workflows and automation features.
Current plans & pricing: There are tiered pricing plans for its different products, starting from free plans with limited features and paid plans starting from $3 per user per month.

ClickUp

Features and integrations: It offers project management, task tracking, and collaboration features and integrates with various business tools, such as Slack, Google Drive, and GitHub.
Benefits: Provides customizable task views and workflows to suit different project management styles. Offers time tracking and reporting features for performance analysis.
Current plans & pricing: Starting from $5 per user per month, pricing plans are tiered based on features and user count.

Microsoft Project

Features and integrations: It offers project planning, scheduling, and resource management features. It integrates with other Microsoft Office applications and Microsoft Teams.
Benefits: Provides comprehensive project planning and scheduling tools for managing complex projects. Offers collaboration features for team communication and document sharing.
Current plans & pricing: Subscription plans as part of Microsoft 365, starting from $10 per user per month.

Wrike

Features and integrations: It offers project management, collaboration, and reporting features. It integrates with various business tools such as Google Workspace, Salesforce, and Adobe Creative Cloud.
Benefits: It provides customizable project workflows and task dependencies for efficient project management and offers real-time collaboration and reporting capabilities.
Current plans & pricing: Tiered pricing plans start at $9.80 per user per month based on features and the number of users.

Planisware

Features and integrations: It offers enterprise portfolio and project management solutions and integrates with various enterprise systems, such as SAP and Oracle.
Benefits: It provides comprehensive portfolio management capabilities for optimizing project portfolios and offers advanced reporting and analytics features for decision-making.
Current plans & pricing: Custom pricing based on the organization’s specific requirements.

Asana

Features and integrations: It offers project management, task tracking, and collaboration features. It integrates with various business tools such as Slack, Microsoft Teams, and Adobe Creative Cloud.
Benefits: Provides intuitive task management and collaboration features for teams of all sizes. Offers customizable project templates and automation features.
Current plans & pricing: Multiple pricing tiers are available to suit various needs, starting at $10.99 per user per month, based on features and user count.

Trello

Features and integrations: It offers visual project management and collaboration features using boards, lists, and cards. It integrates with various business tools such as Slack, Google Drive, and Microsoft Teams.
Benefits: It provides a simple and flexible way to organize tasks and projects visually. It offers customizable boards and workflows to suit different project management needs.
Current plans & pricing: Tiered pricing plans based on features and user count, starting from free plans with limited features and paid plans starting from $12.50 per user per month.

Celoxis

Features and integrations: It offers project management, collaboration, and reporting features and integrates with various business tools, such as Microsoft Project, Salesforce, and QuickBooks.
Benefits: Provides comprehensive project planning and scheduling tools with Gantt charts and resource management features. Offers advanced reporting and analytics capabilities.
Current plans & pricing: You can choose from tiered pricing plans, starting at $25 per user per month, based on the number of users and features.

Jira

Features and integrations: It offers agile project management and issue tracking features and integrates with various development tools, such as GitHub, Bitbucket, and Jenkins.
Benefits: It provides customizable agile boards, workflows, and scrum boards for software development projects and offers advanced reporting and analytics for performance tracking.
Current plans & pricing: Tiered pricing plans start from $7 per user per month, based on how many users you have and the features you choose.

Quickbase

Features and integrations: It offers customizable application building and workflow automation features and integrates with various business tools, such as Salesforce, Slack, and Google Workspace.
Benefits: It provides a no-code platform for building custom project management and collaboration solutions and offers automation features to streamline business processes.
Current plans & pricing: Tiered pricing plans based on the number of users and features chosen, starting from $500 per month for up to 50 users.

Teamwork

Features and integrations: It offers project management, collaboration, and helpdesk features and integrates with various business tools, such as Slack, Google Drive, and HubSpot.
Benefits: It provides customizable project management workflows and task lists and offers time tracking and billing features for service-based businesses.
Current plans & pricing: It offers tiered pricing plans based on what features you need and the user count, starting from $10 per user per month.

WorkOtter

Features and integrations: It offers project portfolio management and resource planning features. It integrates with various business tools such as Microsoft Project, Jira, and Slack.
Benefits: It provides centralized visibility into project portfolios and resource allocation. It also offers collaboration features and real-time reporting for decision-making.
Current plans & pricing: Custom pricing based on the company’s requirements.

Also Read: Best Apps for Project Management You Should Know in 2024

How to Select the Best Portfolio Management Tool

When selecting the best portfolio management tool, consider the following steps.

Define Your Requirements

Start by identifying your organization’s specific needs and objectives. Consider factors such as the size and complexity of your projects, the number of users, integration requirements with other tools, and budget constraints.

Research Available Tools

Research PPM tools available in the market. Compare the features offered by different PPM tools. Look for features such as project planning and scheduling, resource management, portfolio tracking and reporting, risk management, and collaboration tools. Evaluate how well each tool meets your requirements, and don’t forget to check for customization. This will help you narrow down your choice of tools.

Consider Integration

Check if the PPM tool integrates smoothly with your existing systems and tools, such as project management software, accounting software, or customer relationship management (CRM) systems. Integration capabilities can streamline workflows and improve efficiency. Ensure the tool can also integrate with cloud services, databases, and APIs your organization uses.

Assess User-Friendliness

Choose a PPM tool that is easy to use and intuitive. Consider your team’s learning curve and ensure the tool’s interface is user-friendly.

Evaluate the Cost

Consider the cost of the PPM tool, including licensing fees, implementation costs, and any additional costs for customization or integration. Choose a tool that offers good value for money based on your budget and requirements.

Review Customer Support

Consider the level of customer support offered by the PPM tool provider. Look for providers that provide timely support and resources to help you get the most out of the tool.

Seek Feedback

Finally, seek feedback from other organizations or users with experience with the PPM tools you are considering. Their insights can help you make an informed decision.

Also Read: 20 Best Practices in Project Management [2024 Guide]

Master PPM Tools and Other In-Demand Project Manager Skills

In conclusion, PPM tools are pivotal in streamlining project management processes, optimizing resource allocation, and enhancing organizational decision-making. With myriad options in 2024, organizations can choose tools tailored to their needs.

Mastering PPM tools alongside other essential skills is crucial to excel in project management. A comprehensive project management program offers fantastic opportunities for skill-building and career growth.

The program caters to a diverse community of learners and helps to develop expertise aligned with PMI-PMP® and IASSC-Lean Six Sigma.

Are you ready to take the first step toward a successful project management career?