Top 7 Portfolio Management Tools for Optimal Project Portfolios in 2023

Managing project portfolios can be a complex and overwhelming task. How can you ensure that your projects are aligned with your organization’s goals and deliver maximum value? The answer is simple: Use the right portfolio management tools.

In today’s fast-paced business environment, organizations must prioritize and manage their project portfolios effectively to stay competitive. With a plethora of projects and limited resources, it can be challenging to make informed decisions about which projects to pursue and how to allocate resources efficiently.

In this article, we will explore the top 7 portfolio management tools that are expected to dominate the market in 2023, helping organizations streamline their project portfolios and drive success. Let’s go!

What are project portfolio management (PPM) tools?

Project Portfolio Management (PPM) tools are software applications or platforms that help organizations manage and oversee their projects, programs, and portfolios. These tools provide a centralized platform where project managers can track and monitor various aspects of their projects, including resource allocation, budgeting, scheduling, and progress tracking. PPM tools also enable decision-makers to prioritize and align projects with the organization’s strategic goals and objectives. 

Why should you use portfolio management software?

Using project portfolio management software is essential for effectively managing and tracking multiple projects within your organization.

👉 This software allows you to centralize all project-related information, including timelines, budgets, resources, and goals, in one place. It provides real-time updates and visibility into the progress of each project, allowing you to identify and address any issues or bottlenecks promptly.

Top 7 Portfolio Management Tools for Optimal Project Portfolios in 2023

Ready to conquer the world of project portfolio management? Check out our list of top 7 PPM software solutions to take your teams’ productivity to the next level!

• monday.com
• Wrike
• Smartsheet
• Zoho Projects
• ClickUp
• Teamwork
• Planview

1) monday.com

monday.com helps businesses and project managers track the progress of multiple projects and enables teams to communicate effectively, centralizing all project-related information in one place. With customizable workflows and a wide range of integration and automation options, monday.com’s software makes streamlining the project management process more straightforward and increases productivity.

Key Features

👍 Project Portfolio Management: monday.com allows users to manage multiple projects and track progress all in one place. It provides a clear overview of project statuses, deadlines, and resource asset allocation, making it easy to prioritize and manage projects effectively.

👍 Customizable Workflows: With monday.com, teams can create custom boards and workflows to fit their unique project management needs. Users can easily set up tasks, assign team members, and track progress using visual indicators and timelines.

👍 Automation and Integration: The software offers automation features that help teams save time and reduce manual work. Users can automate repetitive tasks, set up notifications, and integrate monday.com with other popular tools and platforms, such as Google Drive, Slack, and Trello.

monday.com Pricing

• Free: $0 per user per month, up to 2 seats.
• Basic: $8 per user per month when billed annually, up to 5 seats.
• Standard: $10 per user per month when billed annually, up to 5 seats.
• Pro: $19 per user per month when billed annually, up to 5 seats.
• Enterprise: Contact the sales team for detailed pricing information.

2) Wrike

Wrike’s project portfolio management software offers a comprehensive platform that allows teams to streamline their project workflows, allocate resources effectively, prioritize tasks, and make data-driven decisions to align with business objectives. This project portfolio management solution is designed to optimize project management processes and improve overall project performance between teams, making it an essential tool for any organization.

Key Features

👍 Project Tracking and Monitoring: Wrike provides you with real-time insights into the progress of your projects. You can easily track tasks, monitor deadlines, and make adjustments as needed to keep your projects on track.

👍 Plan and Prioritize: Wrike allows you to easily create and organize tasks, set deadlines, and assign them to team members. You can also create custom workflows to streamline your project and resource management process.

👍 Collaboration: With Wrike, you can collaborate with your team in real time. You can assign tasks, share files, and communicate with team members, all in one centralized platform.

Wrike Pricing

• Free: $0 per user per month
• Team: $9.80 per user per month
• Business: $24.80 per user per month
• Enterprise: Contact Wrike to get detailed pricing information.
• Pinnacle: Contact Wrike to get detailed pricing information.

3) Smartsheet

As a project portfolio management tool, Smartsheet offers streamlined resource management, tracking task progress, and automated reminders so that you entire team can stay in the loop and make necessary changes when needed. And the best part? You can start using Smartsheet right now with a free plan!

Key Features

👍 Project Portfolio Management: Smartsheet allows you to create and manage multiple projects within a centralized workspace. You can easily track progress, allocate resources, and prioritize tasks across your entire portfolio.

👍 Resource Management: With Smartsheet, you can ensure that resources are allocated efficiently. Smartsheet’s portfolio and project management software, you can easily assign tasks to team members, track their availability, and monitor workloads to avoid overworking any individual.

👍 Task Management: Smartsheet helps you stay organized with its task management features. You can create tasks, set due dates, assign responsibilities, and track progress all in one place. Additionally, automated reminders ensure that deadlines are never missed.

Smartsheet Pricing

• Free: $0 for 1 user, up to 2 editors.
• Pro: $7 per user per month when billed annually, max of 10 users, unlimited viewers.
• Business: $25 per user per month when billed annually, min of 3 users, unlimited viewers.
• Enterprise: Contact the Smartsheet team for detailed pricing.

4) Zoho Projects

Zoho Projects is a valuable resource for businesses looking to prioritize team or individual projects, navigate performance management, and optimize resource allocation to ensure successful project completion. This tool provides valuable insights and data that can help businesses streamline their project management processes and improve overall efficiency.

Key Features

👍 Gantt Charts: Zoho Projects allows you to visualize project timelines, dependencies, and milestones through interactive Gantt charts. This feature enhances the efficiency of project planning and managing project schedules.

👍 Time Tracking: Zoho Projects offers a time tracking feature that allows you to monitor and track the time spent on tasks and projects. This tool allows for the accurate measurement of productivity, billing clients accordingly, and the identification of areas for improvement.

👍 Project Portfolio Management: Zoho Projects enables users to oversee and coordinate multiple projects simultaneously, offering a centralized platform for monitoring progress, allocating resources, and analyzing project performance.

Zoho Projects Pricing

• Free: $0 per user per month, up to 3 users.
• Premium: $4 per user per month when billed annually.
• Enterprise: $9 per user per month when billed annually. 

5) ClickUp

ClickUp’s project portfolio management tool is a comprehensive solution that allows businesses to centralize all project-related information, including tasks, deadlines, resources, and budgets, in one place. With ClickUp, teams can leverage the comprehensive Gantt charts, Kanban boards, and customizable dashboards. ClickUp is a versatile and efficient solution for project management whether you’re a small business or a large enterprise.

Key Features

👍 Kanban Boards: With ClickUp’s customizable Kanban boards, you can visualize your workflow. Your team can easily move tasks between columns to track their progress and ensure nothing falls through the cracks.

👍 Document Management: ClickUp allows you to store and share files within its platform so you can collaborate on documents, track versions, and ensure everyone has access to the latest information.

👍 Task Management: Unlock the power of team productivity with ClickUp! Seamlessly create tasks, set deadlines, and effortlessly track progress with lists, tags and labels for easy categorization, and set priorities.

ClickUp Pricing

• Free Forever: $0 per member per month.
• Unlimited: $7 per member per month when billed annually.
• Business: $12 per member per month when billed annually.
• Enterprise: Contact ClickUp for detailed pricing information.

6) Teamwork

Teamwork makes the dream work, right? Well, this Teamwork brings project managers and team members together so they can collaborate, plan, and monitor the progress of various projects! With features such as task tracking, resource allocation, and real-time reporting, Teamwork’s software allows teams to streamline their project management processes, improve efficiency, and ensure that projects are completed on time and within budget. 

Key Features

👍 Project Portfolio Management: Teamwork enables users to efficiently handle multiple projects and monitor their progress from a centralized platform. By having a comprehensive understanding of all projects, businesses are able to make well-informed decisions and effectively allocate resources.

👍 Reporting and Analytics: Teamwork offers robust reporting and analytics tools, allowing businesses to gain valuable insights into project performance, resource allocation, and team productivity. This approach is effective in identifying areas for improvement and making informed decisions based on data.

👍 Time Tracking: Teamwork includes time tracking functionality that allows users to track the time spent on each task or project accurately. This assists businesses in monitoring resource utilization and optimizing project timelines.

Teamwork Pricing

• Free Forever: $0 per user per month, up to 5 users.
• Starter: $5.99 per user per month when billed annually, 3 users minimum.
• Deliver: $9.99 per user per month when billed annually, 3 users minimum.
• Grow: $19.99 per user per month when billed annually, 5 users minimum.
• Scale: Contact Teamwork for detailed pricing information.

7) Planview

Planview‘s project portfolio management software is a comprehensive tool designed to help organizations effectively manage their projects and portfolios. This software provides a centralized platform where users can track and prioritize projects, allocate resources, monitor progress, and make data-driven decisions.

Whether it’s managing multiple projects, optimizing resource allocation, or aligning projects with business goals, Planview’s project portfolio management software offers a robust solution that empowers organizations to successfully execute their projects and drive success.

Key Features

👍 Project Planning and Execution: The software allows teams to create project plans, define tasks and milestones, assign resources, and track progress. It provides real-time visibility into project status and enables teams to identify and resolve issues quickly.

👍 Resource Management: Planview enables organizations to effectively manage and allocate resources across projects. It provides visibility into resource availability and utilization, allowing teams to optimize resource allocation and avoid overloads.

👍 Project Portfolio Management: Planview offers a robust set of tools for managing project portfolios, including portfolio prioritization, resource allocation, and financial tracking. These tools help organizations align their projects with strategic goals and make data-driven decisions.

Planview Pricing

• Contact Planview’s sales team for a custom quote.

Frequently Asked Questions

Who uses PPM software?

PPM software, or Project Portfolio Management software, is used by a wide range of individuals and organizations. It is primarily utilized by project portfolio managers and teams within organizations to effectively plan, prioritize, and manage multiple projects simultaneously. 

What is the best way to organize a portfolio?

The best way to organize a project portfolio is to establish clear goals and objectives for each project, prioritize them based on their strategic importance and alignment with the overall business strategy, and allocate resources accordingly. It is important to regularly review the progress and performance of each project and make adjustments as needed. Additionally, using project management tools and software can help in organizing and tracking the portfolio, ensuring that deadlines are met, resources are utilized efficiently, and risks are effectively managed. 

What are the 4 types of portfolio management?

The four types of project portfolio management are financial, strategic, operational, and risk management. Financial portfolio management involves assessing the financial implications of each project and prioritizing them based on their potential return on investment. Strategic portfolio management aligns projects with the overall goals and objectives of the organization. Operational portfolio management focuses on the operational aspects of projects. Risk management identifies and mitigates potential risks associated with projects.