What are the best project management tools for a highly competitive market?

Apart from considering nature of project, it is also important to understand the hierarchy of your organization and that's what most people fail to consider. In my 10 years of career, I have worked mostly in service based tech companies. When management assign any project to me, in addition to analyzing projects' requirements and deliverables, I also evaluate the factors like resource availability, level of expertise, skillsets etc. In one of my projects, Agile was a best option but I had to go for Waterfall because organization hierarchy wasn't feasible for Agile. Therefore, I usually prefer to go with hybrid approach which gives me luxury to use mixture of Agile and Waterfall.

From my experience, an agile approach works better when there is a clear vision, but no clear roadmap, or there is a need for iterations in the project to get to a better result, for example innovation projects. A waterfall approach is best for "Fix the basic" projects, i.e., replace legacy.

A blended approach seems most effective for me. I lean towards Agile and opt for it whenever possible. However, when it comes to replacing a legacy system, the structured methodology of waterfall can get the job done.

In my 25 years of experience, I can confidently say that it's all about the communication. Empathizing with the team, understanding everyone's motivation, aligning everyone in the project with the project objectives and goals, and establishing the proper and adequate yet flexible communication channels. This is how you can succeed. No tool can do this, tools can support. It's you who has to create the team and lead efficiently.

Establishing clear and open lines of communication is crucial for ensuring that everyone is aligned. The transformative impact of collaborative tools cannot be overstated. These tools have redefined our working dynamics, enabling seamless collaboration even when miles apart, as if we're all working at the same desk.

I feel that no matter how significant your investment in these tools may be, without the right processes in place, their effectiveness remains untapped. The key lies in creating a synergy between technology and workflow. It's not just IT's responsibility; it's a collective effort. Every member of the organization should feel accountable for maximizing the potential of these tools. From leadership to team members, together, we can foster a culture of efficient communication and collaboration that drives success.

Also, useful to take into account the time zones of all the stakeholders. For instance, while scheduling a meeting put possible time slots in all the necessary time zones (01:00pm MSK/11:00am CET/10:00am UK)

For collaboration & communication, which are KEY for projects' success, I would strongly recommend a change management approach, where stakeholders are identified and analysed according to change impact and influence. This information enables you to tailor communication according to each stakeholder group and according to tools available, guaranteeing communication effectiveness and alignment.

After COVID lockdown, online collaborative tools usage exploded. As such, there are a lot of incredible digital tools to brainstorm, structure and align ideas, supporting the innovation process from beginning to end. I would recommend MIRO and Mural as digital wallboards for collaborative brainstorming.

No project management tool is going to ‘help’ you in a highly competitive (or otherwise) market. What will help you is listening to your customers, working on the right product or service that delivers true value at a competitive price, having a great motivated team and following that up with amazing customer service. Work with your customers, listen to them, deliver for them. Make sure you look after your people because it’s they that can deliver this. Tools can be useful but only if you do the above.

The best project management tool is empathy. If you understand the needs of the customer, what motivates your team, and what truly brings value, a software program is just a means. No tool can compensate for incompetence, and the lack of one should not prevent an exceptional PM from doing an outstanding job.

In the end, it boils down to delivering value to your product and paying attention to your user community. There's no perfect tool or methodology – it's about meeting user needs effectively.

In a highly competitive market, some of the best project management tools include Trello, Asana, and Monday.com. Trello is known for its intuitive Kanban-style boards, ideal for visual task management. Asana offers robust features for task tracking, collaboration, and project planning. Monday.com provides customizable workflows and automation options to streamline project management processes. Each tool has its strengths, so it's essential to consider your team's specific needs and preferences when choosing the best fit for your organization.