5 Project Management Software Picks for 2024

Good project management software can streamline a team's tasks, projects, and goals, and improve transparency, planning, and efficiency.

To pick the right software, you should consider which one offers the features and cost that align with your company's needs. About 77 percent of high-performing project teams use project management software [1].

This article will guide you through five of the leading project management software options in 2023 and how to choose the right platform.

What is project management software?

Project management software helps a company plan, facilitate, and execute projects in a collaborative and organized way. It is a tool that helps project managers and team leads assign tasks, set deadlines, provide direction, track budgets, and keep project documents and conversations in one place. 

A project management tool may have advanced features such as custom dashboards that can be used for complex projects. There are many software options on the market, so you'll want to consider what your needs are before investing time and money.

Benefits of project management software

Project management software allows stakeholders to see every project, know its process, and quickly identify any obstacles through a centralized dashboard. These are some of the many benefits of using project management software:

Project planning: Plan projects and manage all your assets in one software. While Google Drive can store all your documents, it lacks the capability to visualize your workflow and enable collaborative planning. With software, managers can instantly see who's available to take on a new project, assign it, and set essential deadlines visible to everyone. 

Collaboration and file sharing: Project management software typically has file-sharing tools that give multiple people access to documents. Changes update in real time so everyone can see them. The software can be set up to notify employees when a task is ready through customized workflows, and control permissions for editing and viewing. Collaboration is possible even if teammates are in different departments or time zones.

Budget management: You can track costs in real time within project management software. Managers can instantly see if a project’s costs are increasing too quickly and take action before the project goes over budget. Some project management software includes budget forecasting that can predict expenses as you go.

Communication: Many kinds of project management software have communication tools built into them, eliminating the need for lengthy, siloed email threads or meetings. Many tools function like a messaging system, where you can leave notes and direct questions to specific people. As a result, every piece of communication regarding a project is in one unified location.  

Customizable reports: Project management software often features customizable reports so managers can receive an overview of important metrics. The reports can provide graphs and statistics to close productivity gaps, improve processes, or manage a budget.

Take a class in project management to learn all the basics:

How to choose the best project management software for your needs

With dozens of software choices on the market, weighing your options is essential. You'll need to decide on what features you want and how much you’re willing to pay for a web-based solution. More specifically, consider:

Team needs: How many team members need access? What kinds of projects do you manage? Write down how you plan to integrate the software into your current workflow and keep this in mind as you research different software tools.

Available features: Jot down which features are a priority and which others are nice to have. If, for example, managing a budget is a priority, make sure you investigate each software’s finance and forecasting tools. Narrow your search by removing solutions that lack the features you need. 

Cost: A web-based solution for a medium-sized business (50 employees or less) typically ranges between $25 and $300 a month [2]. While that's a fairly wide range, the cost depends on features, the number of users, and file storage. Most platforms charge a certain amount per user per month. 

Top 5 project management software options

Dozens of software options are on the market. The five software solutions below offer a glimpse of what features and costs to expect. Most of these have a free trial option, so you can test out the software before investing a monthly fee.

1. Trello

Best for freelancers or companies with one to two employees, Trello offers a simple, drag-and-drop platform with boards, cards, and lists. Individual projects are usually listed on a card, with instructions, due dates, and the ability to attach files as needed. Users can move the cards from list to list through the company’s workflow. Trello does not have reporting or budgeting tools.

Features

• Project planning through boards, cards, and lists

• Collaboration tools

• Integrations or “Power-Ups” with Google Docs and other office platforms

Price: $5 per user/month and up

Best for: Freelancers

2. Wrike

Great for small businesses, Wrike provides access for an unlimited number of users, is highly customizable, and is user-friendly. Users can set up projects, create workflows, collaborate, and review reports. The software is scalable, so it can evolve with the business as it grows. 

Features

• Project planning with calendar and chart views 

• Time and budget tracking

• Collaboration tools

• Custom reports

• Integration with Slack and Salesforce, extension for Adobe Creative Cloud 

Pricing: $9.80 per user/month and up  

Best for: Small businesses 

3. ClickUp

ClickUp is ideal for large teams because it offers unlimited users and storage space. The software comes with planning, scheduling, and collaboration tools. It's also visual-friendly, meaning you can create charts, graphs, calendars, or lists. ClickUp includes basic reporting.

Features 

• Project planning

• Bulk scheduling

• Goal setting

• Time tracker and estimates

• Reporting

Pricing: $5 per user/month and up

Best for: Large teams 

4. Monday.com

Monday.com offers a diverse, robust set of tools that make it the go-to project management software for big-name companies like Hulu, BBC Studios, and Adobe. With multiple project views, time tracking, integrations with top business tools and apps like Shopify, Zoom, Slack, and Dropbox, customized workflows, collaboration tools, and solid reporting, it’s easy to see why large organizations use this software. 

Features

• Project management and assignment tools

• Multiple views and permission settings

• Budget and resource allocation

• Collaboration tools

• Automated workflows and triggers

Price: $8 per user/month and up

Best for: Large companies looking for customizable solutions

5. Forecast.app

The Forecast.app, as the name suggests, is a good fit for companies focusing on project management and budget forecasts. The app uses artificial intelligence (AI) and machine learning to forecast the time and money needed for each job. Scheduling, project assignment, and private invoicing are also unique features. 

Features

• Project management

• Project accounting

• Work automation 

• Team collaboration

• Advanced analytics 

Pricing: $29 per user/month, minimum of 10 seats

Best for: Teams looking for budget forecasts and AI-based planning features

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