Projects contain an abundance of information, documents, and data.
Every project manager has the same challenge of finding the right tools and
techniques to deal with all of this knowledge.
Without the right software to organize all the project information, projects can go
off track — so having a PMIS (or project management information system)
comes in handy.
What is PMIS?
A PMIS is a software program or application that organizes and controls the flow
of project data and information.
Project managers use a PMIS to plan, monitor, and execute their project
deliverables more efficiently, without getting overwhelmed with data.
Though project management information systems may vary in scope or
complexity, they share common features, such as work management, information
collection, and task scheduling.
How does PMIS in project management
work?
Before reviewing the features of the PMIS, let's take a closer look at how a PMIS
works in project management.
Your PMIS functions differently based on the project phase. It aligns with the
project manager's needs and helps complete the specific project phase
requirements.
Project initiation phase
In the initiation phase of the project, a PMIS can be helpful in:
Establishing a preliminary project budget including cost and resource
estimates
Outlining the project scope and preparing bids
Scheduling the project tasks and assigning them to the relevant team
members
Organizing project information and generating necessary reports for
presenting to the key project stakeholders
Project planning phase
Are you planning your project? A PMIS can be your best friend, assisting with:
In-depth project scheduling, including critical path analysis and related tasks
Supporting cost and budget management, including setting up of cost
controls, budget analysis, and related KPI metrics
Executing resource planning for the entire project, identifying available
resources, and making a contingency plan for those that may be needed
later
Establishing baseline metrics for project schedule, cost, and scope
Project execution stage
A PMIS can be indispensable for executing projects. Since every project has
multiple stakeholders within and outside the organization, tracking their
conversations and responses can be challenging. The PMIS:
Stores all project team communications, recommendations, files, and
documents in one unified hub that can be securely and easily accessed by
all stakeholders
Enables easy comparison of actual project data with the baseline estimates
from the project planning phase
Allows project managers to revise cost, budget or schedule forecasts
midway into the project and make adjustments based on actual project
needs
Supports the efficient completion of multiple project modules, such as
material management, cost management, project performance
measurement, and project reporting
Project review and closure stage
Arguably, the project review and closure is the most important phase in a project.
Each project has a specific predetermined objective or goal, and in the project
review and closure stage, those goals and objectives are met. The PMIS:
Allows a thorough appraisal to ensure that the defined project goals are met
or exceeded
Organizes and stores all project information in a centralized hub for easy
access and review at a later stage
Archives all project information as historical data for use in upcoming
projects
Helps produce the final project reports and productivity analysis metrics
for stakeholder decision making
Advantages of project management
information system
Having a project management information system can give you a leg up while
managing a project.
As you zip through successive project stages, you need a project management
information system that evolves and suits your needs for each phase.
You may be sending a client quote, working on a shared file, or planning team
tasks — wouldn't it be great if your PMIS could do all that for you? Here are
some of the advantages of implementing a project management information
system.
Keeps the project on track
By tracking costs, budgets, and work schedules, your PMIS can help you avoid
costly project slippages. Instant notifications and work tracking keep the project
on its scheduled timeline.
The PMIS also acts as a discrepancy tracker. Most project management
information systems track project progress and send you text or email
notifications immediately if anything does not go to plan.
With quick updates from the PMIS, the team can instantly make any required
adjustments, reassign resources, and implement new processes.
Once the corrective actions are underway, teams can monitor them to confirm
their efficacy. The PMIS’ rapid tracking system acts as an effective competitive
edge for companies, helping them manage projects within the budget and
scheduled timeline.
Fosters better collaboration and teamwork
Imagine one team member is still using Version 1 of a document when Version 2
has already been circulated to the entire team.
Think of all the hours, energy, and effort that are being wasted. Apart from
adversely affecting individual productivity, the project would lose a day or two
due to the team veering off course.
Plug this leakage by having a PMIS that lets you control, share, and update the
documentation in real-time with your team members.
Whenever a new document, version, or revision is released, the PMIS notifies
the team about the updated version.
Gives a competitive advantage
Data is at the core of any project management information system. Data-driven
organizations are 23 times more likely to gain new customers, leading to a 19%
higher profitability than the companies that don’t make data-driven decisions.
A PMIS is a significant contributor to project management success, boosting the
capabilities of organizations against their counterparts.
Enables higher-quality decision making
Making a decision ultimately boils down to having the correct information. With a
PMIS solution, teams have access to real-time data to get the ball rolling.
From detailed project processes to product testing results to the hours worked by
the team, key decision-makers have access to everything they may need.
Having a holistic overview of the project and its granular data can assist in
making decisions that would be beneficial for the team. Apart from giving your
project a strong competitive advantage, it can improve organizational
performance and help achieve project goals.
Manage diverse projects at the same time
In many companies, there are often multiple projects going on at the same time.
Managing them can be a challenge if you don’t have the right tools.
In multi-project management, a PMIS would allow the key stakeholders clear
visibility into each project, its work schedule, and resource management.
Whether a project is ongoing, completed, or in the planning stages, project
management information systems can help manage multiple projects
simultaneously.
What are the features of project
management information systems?
At its core, every PMIS is built to assist in successful project management. To do
this, a PMIS typically monitors information, collects data, and stores it for use in
multiple areas such as:
Project scope
Team communications
Integrations and applications
Project cost management
Project risk management
Project quality management
Stakeholder engagement
Project supplier and vendor management
That's a lot of sub-modules for teams to manage within the bigger picture of a
project. Employing PMIS cuts through the clutter to reduce risk, lower costs, and
improve project efficiency.
Before zeroing in on a PMIS, take a closer look to confirm that it has some key
functionalities, such as:
1. Project planning and scheduling: Scheduling tools communicate the
project schedule to all the key stakeholders and establish the project
control baselines and critical path.
2. Estimating: Project estimation tools within a PMIS assign prices to specific
project tasks that are summed up to calculate an overall project estimate or
cost.
3. Resource management: Small or big, every task requires resources to
ensure completion. Track resource availability and manage it effectively
using a PMIS.
4. Project data management: Documentation is an essential part of every
project. Whether you’re creating a one-off document or an extensive project
library, teams need a robust, secure, and accessible PMIS to manage
project documentation.
5. Project control: Project teams spend a reasonable amount of time
creating project plans. All activities they undertake to measure project
progress against the planned goals come under project control. Deploying
a PMIS helps to manage both the project budget and the project schedule.
6. Reporting and communication: Any PMIS tool should have the flexibility
to create multiple styles of reports, including on-demand or custom reports
required for stakeholder decision-making.
7. Integration and ease of use: PMIS can also differ based on the tools they
integrate with and how easy they are to use. It’s easier (and cheaper) to
train staff to use a PMIS with a simple and intuitive user interface.
Examples of PMIS
A typical PMIS has two key functions:
A method for gathering and organizing information
A software application that performs the process steps
Any system with these two elements can be considered a PMIS. Here are some
examples of PMIS:
A document filing system that uses Microsoft Excel to collect and organize
information
A full-suite project management information system that has multiple tools
with custom workflows and processes
Using Wrike as your PMIS
Provide your team with the robust decision-making support they need to plan,
organize, and monitor their projects successfully.
Avoid project data overload by using a project management information system
like Wrike to make faster decisions. Organize project documentation, facilitate
real-time communication, and create a single, accessible hub for all project-
related information.
Avoid resource wastage, boost team efficiency, and optimize your project
budgets by using visual tools such as Gantt charts and Kanban boards included
in the project management software. Start a free two-week trial of Wrike today
and see your PMIS in action!
