Why Project Management Software is Important for Workflow Efficiency

Project management (PM) software is primarily designed to save time and simplify the workload. It’s used for project planning, time management, resource allocation, and budgeting. Your business has goals to meet and tasks to accomplish that demonstrate its overall growth and success. By incorporating a project management software into your business, it will increase your company’s competitive edge and distinguish it within its industry. 

The Benefits of Project Management Software

Communication and Collaboration. PM software usually contains a messenger app to be at your team’s disposal. This facilitates their communication should they be forced to conduct their work remotely. The ability to track your team members’ progress and the status of each task keeps everyone up to date and aware of any issues that need resolving.

Data Sharing. PM software is ideal for organizing, sharing, and storing data by uploading documents. Team members have access to customer profiles complete with contact information and linked to past projects. This feature saves time by keep the data in a central location.

Scheduling and Planning. By providing a calendar, task delegation is easy. Team members see who is responsible for each task in the PM software. They are also able to receive notifications of when the tasks are completed and who is available to take on new ones. PM software adequately displays and manages resource allocation to allow team members a better way to assess priorities, optimize limited resources, and gain the best ROI.

Budgeting. PM software easily collects real-time labour, materials, subcontractors, etc. costs and data to measure the project team's efficiency and predict a project’s performance and success. PM software provides a financial reporting dashboard equipped with different visual display methods, including graphs and charts that is accessible to all team members. Your budget’s performance is tracked with monthly or weekly reports.

Use Acute360 to manage your R&D projects

Acute360 was developed as a solution to respond to the complexity of industrial and academic R&D projects and offers a coherent approach to doing R&D the right way. Acute360 is an intelligent and interactive web (cloud)-based project management platform that manages R&D projects and tasks based on the scientific method. The platform is about metrics: quantifying, measuring, recording, and making sure that people track their progress towards goals. To achieve this, Acute360 uses a very rigorous method for getting people to identify and report their results.

With Acute 360’s dashboard, team members have access to financial, technical, and all of the project’s metrics as well as their team’s calendar and tasks’ timeline.

Once an analysis of the situation has been done, the project’s objectives are defined and divided into tasks and activities that are assigned to team members. The progress of the overall project and individual tasks is tracked in addition to identifying the activities that are eligible for R&D tax credits.  

The project’s management hierarchy is based on the scientific method. A hypothesis is formulated with the purpose of achieving a task’s objective with an experiment/solution that will validate or reject the hypothesis. The new knowledge gained from the experiment will provide information and make way to propose another hypothesis and experiment/solution to achieve the task’s objective. Since most of the solutions to the project's objectives may not be known, Acute360 allows you to go back and clarify or expand on the project's objectives.

Your team will be better equipped to achieve your R&D objectives with Acute360’s R&D project management software since it’s propelled by a combination of the scientific method, knowledge management, and team collaboration.

Acute360’s R&D project management software can be used to manage all types of R&D projects for companies and individuals in various industries, including:

  • pharmaceuticals
  • manufacturers
  • incubators
  • universities
  • product development labs
  • consultants that assist companies in claiming R&D (SR&ED) tax credits  

By using Acute360’s R&D project management software, you will be doing research and development the right way. We encourage you to contact us if you have any questions.

If you’re ready to get started with Acute360’s software, try our free 30-day trial today!

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