Project management team collaboration software improves internal and external workplace communication by creating clear project timelines and outlining related employee responsibilities.
Every year, poor communication costs small businesses with under 100 employees $420,000 and companies with over 100,000 employees over $62 million.
The rise of the remote workforce means there is a higher potential for costly miscommunications than ever before.
The below project management statistics show how workflow management tools like Monday.com and Asana lead to high-performing projects.
Project Management Help Teams Adjust to Remote Work
The coronavirus pandemic and resulting social distancing at the start of 2020 forced companies that hadn’t already done so to transition to a remote workforce.
While there are numerous remote work benefits like increased job satisfaction and cost savings, the especially suddenness of the transition has its downsides.
The below project management statistics highlight some of the problems the remote workforce faces. These problems can be solved through the use of workflow management features like task assignment and employee workload overviews.
- 88% of remote workers face inconsistent leadership and miscommunications with other team members
- 83% of employees report feeling burnt out by a high volume of emails
- COVID-19 has increased employee burnout by 12% in two months
- 73% of employees report burnout
- 20% of employees cite an unmanageable workload as the number-one cause of burnout
The Benefits of a Project Management System
Using project management methodologies, PM software, and having a project scrum master unites a remote workforce and increases project success rates.
According to the Pulse of the Profession study from the Project Management Institute, businesses with a clear project management structure in place have 38% more successful projects that met their original goals than those that did not.
Having a PMO led by a project management professional means companies adopt a clear, standardized approach to project management. A project management office has the necessary soft skills risk management needs to prevent problems like schedule overrun.
Additional statistics showing the value of project management are:
- Only 21% of companies have standardized project management systems like waterfall and agile in place
- 1 in 6 IT projects have a cost overrun of 200%
- IT projects with a budget of at least $1 million are 50% more likely to fail to meet business objectives
- 41% of businesses with a high project failure rate blame a lack of involvement from higher-ups in project management
- 41% of organizations reporting poor project performance say they don’t get enough support from project management and project sponsors
- Project management challenges cost businesses $109 million for every $1 billion invested in a project
Project Management Statistics On Staying Within Budget
Productivity hacks and solutions offered by project management tools speed up project timelines. However, working faster can negatively impact resource management, causing projects to go over their original budget.
Tools like Wrike and Basecamp offer pre-made project templates that help managers to clearly stay within the budget. Project management software also includes cost estimation tools, ensuring that team leaders set an accurate budget from the start.
The below project management statistics show just the cost of poor project management and how much the right software can save companies.
- 66% of companies using project management software completed projects within their original budget, compared to 47% of businesses operating without a project management tool
- Companies that develop project management practices save 28 times more money than those that do not
- 47% of companies using project management software say it’s had a positive impact on the accuracy of project cost estimates
Project Management Statistics on Project Timelines
Popular project management tool features like time tracking and timeline Gantt charts help to speed up projects by accurately measuring how long certain tasks will take. This allows team leaders to create more precise timelines in line with business intent.
Additional features like task automation, automatic organizations report generation, and email integration eliminate time-consuming tasks without requiring employee technical skills.
Workflow management platforms like Monday and Asana also include features like real-time chat messaging, post-it note style Kanban boards, and comment tagging. This ensures that users don’t miss important suggestions or team-wide announcements.
The below project management statistics further illustrate how the right tools can save time and increase business performance.
- Project management software saves the average employee 498 hours per year
- 61% of companies using project management tools completed projects on time, while only 41% of those not using them did
- 50% of project managers spend at least one full business day manually developing project KPI reports
- 80% of employees spend half of their workweek on “rework” caused by poor communication
- Close to 46% of team leaders say hitting project deadlines is their biggest problem
- Time tracking is the second most-requested project management feature
Project Management Features Improve Team Collaboration
Project management software offers the biggest benefits to team communication and collaboration.
Team collaboration features within project management tools include the ability to assign tasks and subtasks in a checklist format, and the ability to assign multiple employees to a singular task. Task prioritization features show employees which projects they should focus on first, and in-app file sharing and real-time editing make it easy for team members to collaborate on documents.
Polling tools and online whiteboards allow team members to brainstorm and explain concepts to one another. They also ensure that employees feel their voices are heard in the workplace.
The following project management statistics highlight the importance of these team collaboration features.
- 90% of projects require team participation as opposed to individual responsibility
- 31% of companies say that miscommunications about project objectives is the number one reason why projects fail
- 59% of workers in the United States say communication is their biggest obstacle
- 29% of American workers say a lack of accountability interferes with project success
- File sharing is the most requested project management software feature
- Over 62% of high-performing companies use real-time document editing and file version control features
- Unmet or unclear task dependencies account for 12% of project failures
- 45% of team members say Gantt charts are their most used project management feature
- 55% of team members say project objectives are unclear
- Only 9% of company executives are satisfied with their workplace time allocation
- 40% of project managers spend most of their time micromanaging employee responsibility and answering questions over email
- ⅓ of the American workforce believes managers don’t listen to their ideas
- 71% of business executives say employee engagement is one of the top factors in project success
- Only 52% of executives say their employees’ time allocation matches company priorities
The Most Popular Project Management Platforms
The most popular project management platforms are those that have many different inter-departmental use cases. In addition to project management, these tools also help to manage HR departments, IT projects, sales teams, and more.
In addition to the features mentioned above, team leaders also look for platforms with multiple board-based view options, including:
- Kanban view
- Calendar view
- Gantt/Timeline view
- Location view
- File view
- Form view
The most popular workflow management tools are Asana, Wrike, Monday.com, and Basecamp. The below
- 56% of companies use only one project management software
- 44% of project managers are not currently using project management software
- 76% of executives say agile project management tools will be the new normal
- Monday.com is used by over 100,000 teams across 201 industries
- Google, Yelp, Deloitte, and Airbnb are all Asana customers
- Basecamp surpassed 3 million users in 2020
- Over 20,000 companies currently use Wrike, including Hootsuite and L’Oreal
Other Features to Look For
Integrations with popular web conferencing software, task status updates, and the ability to set project dependencies are additional features to look for when evaluating project management software.
The above project management statistics prove that these apps increase employee productivity, improve team collaboration, and save companies time and money. They also free up project managers, allowing them to focus on more important tasks.