Your business is growing and thriving, and you know you need to start allocating funds to more robust project management tools to help you get to the next stage of growth. But, in a competitive environment where it seems like every dollar makes a difference, it can be hard to justify the cost of enterprise project management (EPM) software.
How much does enterprise project management software cost? Is it worth it? What factors influence how much you pay? This article will answer these questions and more!
- How Much Does EPM Software Cost?
- Factors Driving Enterprise Project Management Software Costs
- How To Find The Right Enterprise Project Management Software?
How Much Does EPM Software Cost?
Like most things in life, the answer is it depends. The price point for EPM software ranges from a handful of dollars to upwards of $50 per user per month, depending on the features you are looking for.
This amounts to as little as a few hundred dollars or as much as several hundred thousand dollars per year, depending on the size of your user base.
You can find the costs of some specific solutions in the section below on reviewing current options on the market.
Factors Driving Enterprise Project Management Software Costs
For many businesses, cost is the most important factor to consider when adopting EPM tools.
Depending on the type of software you adopt, you may need to pay for training, implementation services, licensing, and more. Several considerations can influence the cost of enterprise project management software, and it is important to be aware of these driving factors.
Price Of Cloud-Hosted Vs On-Premises Solutions
Depending on your business’s needs and budget, you may want to choose a cloud-native software-as-a-service (SaaS) offering for your EPM tools. On the flip side, on-premises (or on-prem) systems are more established and may be a better fit if your business hesitates to migrate to the cloud.
While both options are viable, there is a significant price difference between cloud-hosted and on-premises enterprise project management solutions. To implement on-premises software, you may need to pay for infrastructure like extra servers and data centers, which can cost thousands of dollars. You may also need to pay high licensing and support fees.
Keep these considerations in mind when identifying the right EPM tool for you.
Other Factors That Influence Enterprise PM System Costs
The price of project management software depends on several key factors, which are unique to your organization’s needs. For an accurate cost estimation, consider the following:
- Will you need to hire new personnel to implement, configure, and manage the EPM software?
- Would your business prefer to have an on-premises or a cloud-native solution?
- What types of task management features are you looking for, and which EPM solutions provide the tools you need?
- Do you need to provision additional infrastructure to support your EPM software?
- How many project teams will use the solution? Will it be organization-wide?
- Do you prefer a solution that offers monthly billing, or are you looking for an annual plan?
How To Find The Right Enterprise Project Management Software?
EPM software lets your organization track project progress and performance cross-functionally to improve resource planning and optimize delivery. Choosing the right EPM software for your organization involves:
- Determining which features you need
- Comparing required features against available options
- Researching EPM software and assessing costs.
1. Determine Which Features You Need
Finding the right EPM software for your company can be a challenge, especially with so many options available on the market. Top offerings, however, usually come with certain standard features:
- Reporting capabilities. Your organization is likely sitting on lots of enterprise data. EPM solutions centralize data across teams and workflows. A strong project management solution includes project dashboards for employees to monitor their tasks and resource management solutions for efficient project planning.
- Scheduling and task management tools. For example, many EPM solutions include a Gantt chart, which is a type of bar graph that visualizes the progress of multiple projects. The software gathers data from your project portfolio and displays activities, such as tasks and events, within a project schedule. Using Gantt charts, you can track your team’s progress and identify potential roadblocks to productivity.
- Collaboration and communication tools.
- Project templates that you can configure for your business needs.
- Budgeting and other project cost management tools.
Most importantly, the best project management software is customizable. No two businesses are the same, and a one-size-fits-all approach to project management can hinder efficiency. By using a solution that has configurable interfaces, you can establish workflows that meet the needs of different teams while promoting consistency across your organization.
2. Review Enterprise Project Management Software Options
When you begin your search for the right enterprise project management tool, our advice is to start with the top vendors—they’re popular for a reason!
Find our list of the best enterprise project management software below:
Best customizable enterprise project management software
Best for easy scaling & growth
Best enterprise project management software for spreadsheet-based project management
Best enterprise project portfolio management software
Fully featured with high level of security through encryption and two-factor authentication.
Best For Cross-Organizational Reporting
Powerful project portfolio management tool with strong status overviews, health scores, simulations, and capacity planning.
- ITM Platform
Best enterprise project management software for controlling project financials
- Project Insight
Best for healthcare enterprises & services
- Genius Project
Best enterprise project management software for mid-sized businesses
Learn more about the tools that big enterprises use here, and find a list of enterprise project portfolio management software here.
3. Research And Assess Costs
Now that you are aware of the top project management tools on the market, it’s time to learn how to choose the best option for your budget. The first step to finding the right solution is to make a list of possible contenders.
Visit the website for each EPM provider on your list and look for a pricing page. On this page, you will likely see information about the following:
- Monthly fees or implementation costs
- Whether the provider charges a flat rate or a per-user fee
- Different tiers of the EPM solution
- The features that are included in each tier.
After you note the pricing information, peruse each project management solution’s website and read about the features available within each tier. List the benefits and potential disadvantages of each solution.
Once you have assessed the cost and features of each option, select your top three preferred EPM software vendors. Share this information with project stakeholders to identify the best EPM solution for your business.
The Benefits Of Enterprise Project Management Software
Enterprise management software benefits are wide-ranging, especially when it comes to your return on investment. A good project management system enables employees to communicate more effectively, driving efficiency and cost savings.
For example, you can replace aging legacy systems with one centralized EPM solution, eliminating overhead and various operational costs across the organization. Because employees can complete tasks faster, you can reduce overtime costs and eliminate avoidable expenses.
When you choose to implement project management tools as an enterprise project manager, or train employees on EPM software, you are setting up your business for productivity success.
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Learn about enterprise project management in our PDF guide here.