How Project Management Tools Improve Project Success Rate

26 Jun, 2023 | Read in 3 minutes

Learn how project management tools can help you increase the success rate of your projects. Find out the key features and benefits of using these tools in our guide.


Planning and executing projects is a challenging and multifaceted task that requires the use of effective management tools to achieve positive outcomes. 

Besides, project managers play a vital role in ensuring project success. They provide the team with access to the best tools for managing teams, tasks, timelines, budgets, project risks, and stakeholders.

To support team success and prevent low productivity, the importance of management tools in project success cannot be overstated. These tools serve as invaluable aids for project managers, enabling them to track project progress and facilitate seamless communication with stakeholders and team members. 

One survey from PMI, which covered North America, Asia Pacific, Europe, the Middle East and Africa (EMEA), as well as Latin America and the Caribbean regions. It highlighted that 60% of the respondents reported efficient project completion when the proper management tools were employed. 

This underscores the critical role that these tools play in enhancing project success rates. 

In this article, we will explore the ways in which project success rates can be elevated through the use of appropriate management tools.

Benefits of Using the Right Project Management Tools

  • Improved Communication: Management tools facilitate effective communication between team members and reduce the chances of misunderstandings. By streamlining communication channels, stakeholders are updated with project progress, timelines, and delivery milestones.
  • Increased Efficiency: Management tools help efficiently allocate resources, ensuring that projects are completed on time. By providing a single platform for team members to collaborate and share information, tasks are completed more efficiently.
  • Improved Resource Management: Management tools help project managers manage project resources, and budget effectively. By monitoring resource utilisation, managers can identify areas of waste and implement measures to reduce resource consumption.
  • Better Decision Making: Management tools provide project managers with data-driven insights that enable them to make informed decisions. This includes decision-making related to resource allocations, project timelines, risks, and stakeholder communication.

Benefits of VirtualSpace as a Project Management Tool

VirtualSpace is one of the best project management tools for your team. It provides users with a range of features that make project management more effective. Here are some benefits of using VirtualSpace as a Project Management tool:

  • Collaborative Work Environment: VirtualSpace offers a collaborative work environment that allows teams to work together efficiently. Its group chat and file-sharing features enable remote working requirements to be met effortlessly.
  • Customisable Project Boards: VirtualSpace project management tool offers customised project boards that cater to the specific requirements of any project. Project boards, which utilise a Kanban-style method, promote efficient task management by organising tasks through a simple drag and drop of prioritised records leading to effortless tracking of progress.
  • Real-time Project Information: VirtualSpace provides real-time project information within a centralised platform accessible to all stakeholders, including unlimited workspaces. Access to such necessary information through the Virtualspace project management tool promotes efficient communication and increases productivity through informed decision-making.
  • Advanced Reporting and Analytics: VirtualSpace provides robust reporting and analytics features that offer insights into project performance. Project managers can generate custom reports, analyse project data, and identify trends or patterns. This information aids in evaluating project success, identifying areas for improvement, and making data-backed decisions for future projects.

Strategies for Boosting Project Success Rates

  • Develop a Project Management Plan: A comprehensive project management plan is critical to the success of any project. Project management tools like Virtualspace assist in developing a cohesive plan and tailoring it to meet the business objectives. 
  • Assign Clear Roles and Responsibilities: Clear role assignments are essential in any project, and project managers can use management tools to assign tasks, monitor progress, and achieve delivery milestones.
  • Establish Clear Communication Channels: Open communication channels help to reduce misunderstandings in projects, and project management tools help in facilitating communication, including sharing project progress updates, milestones, and status reports.
  • Regularly Monitor Project Progress: By using performance metrics, project managers can regularly monitor project progress and identify any deviations from the plan, including missed milestones and delayed activities. This supports timely corrective measures implementation.


It is clear that utilising the right project management tools is crucial for ensuring project success. These tools simplify the complexities of project management and enable project managers to achieve their objectives, including delivering projects on time and within budget.

Among the popular project management tools available, VirtualSpace stands out as a reliable option. It offers a wide range of features that support efficient project management, making it a valuable asset for project managers.

Try VirtualSpace today! So you can take your project management to the next level.

Ready to grow your business with VirtualSpace?

One platform to manage and organise your teams, tasks, projects, and more.


Subscribe to our newsletter to stay updated

We'll keep you posted with everything going on in the modern working world.