Compare project management and product management software to decide which one aligns better with your goals.
Both project management and product management software allow you to set goals, track progress, and improve team collaboration. Let’s say you are a manager involved in product launch process planning to manage the tasks, resources, and timelines successfully. Which tool will you choose—project management software or product management software
Despite the similarities, there’s a major difference between the two. Product management software focuses on managing a product from ideation to execution, whereas project management software lets you manage each project by splitting it into tasks and assigning them to team members.
This article provides a thorough understanding of the functional similarities and differences between project management and product management software so you can select the right one for your needs. For each software category, we’ve also included the top five products based on verified software reviews. Read more.
What is project management software?
Project management software helps organize, plan, track, and manage the progress of projects. The software provides tools that allow project managers to schedule and assign tasks to team members and track their time spent on each task to measure productivity.
Project management software is also used for budgeting and resource allocation as you can assign materials, equipment, and timelines to your project, helping you keep a close eye on the project cost and timeline. Moreover, it promotes team collaboration by offering features such as document sharing, real-time updates, and messaging.
Core features of project management software
The core features of project management software are:
Collaboration tools: Provides a channel for team members to communicate, share media files, and work together on assigned projects and tasks.
Reporting and project tracking: Allows managers to understand the status of projects, tasks, costs, and other key information in a visual format, such as charts, graphs, and tables.
Task management: Enables managers to break down projects into smaller, manageable tasks, assign them to respective team members, set deadlines, and monitor progress.
5 top-rated project management software
These products are listed in alphabetical order. (Check how we selected them.)
In order to present the most up-to-date information, the product information below shows the latest real-time ratings, which may differ from the ratings values at the time this report’s analysis was conducted, since new reviews may have been left in the meantime.
Trial/Free Version
- Free Trial
- Free Version
Device compatibility
Trial/Free Version
- Free Trial
- Free Version
Device compatibility
Trial/Free Version
- Free Trial
- Free Version
Device compatibility
Trial/Free Version
- Free Trial
- Free Version
Device compatibility
Trial/Free Version
- Free Trial
- Free Version
Device compatibility
What is product management software?
Product management software helps manage the entire lifecycle of products, from ideation to retirement. It acts as a central platform for a product manager and product team to plan, collaborate, and execute product strategies to develop new products or improve the business’s existing products efficiently.
This software comes with features that allow product teams to collect new ideas and feedback, assess and analyze product performance, and execute product development strategies.
Core features of product management software
The core features of product management software are:
Collaboration tools: Enables cross-functional teams to work together by leveraging features such as real-time chat, conference calls, document sharing, and providing feedback in the form of comments on tasks.
Product lifecycle management: Integrates the processes required to design, build, deploy, and maintain products throughout their lifecycle, enabling efficient product development and process maintenance.
Product road mapping: Helps visualize and plan the future development of a product, allowing the team to define product goals, prioritize features, and establish timelines.
5 top-rated product management software
These products are listed in alphabetical order. (Check how we selected them.)
In order to present the most up-to-date information, the product information below shows the latest real-time ratings, which may differ from the ratings values at the time this report’s analysis was conducted, since new reviews may have been left in the meantime.
Trial/Free Version
- Free Trial
- Free Version
Device compatibility
Trial/Free Version
- Free Trial
- Free Version
Device compatibility
Trial/Free Version
- Free Trial
- Free Version
Device compatibility
Trial/Free Version
- Free Trial
- Free Version
Device compatibility
Trial/Free Version
- Free Trial
- Free Version
Device compatibility
Project management vs. product management software: How are they similar?
Project management and product management software share several similarities in terms of functionalities and goals. They help achieve a specific goal within the given time frame, budget, and resources.
You can use both tools to create tasks that may help achieve the organizational-level goals and schedule and assign those tasks to responsible team members. These tools also offer communication and collaboration features, such as messaging, file sharing, video conferencing, and commenting, that ensure a collaborative environment and real-time communication.
Moreover, both project management and product management software allow users to track and monitor the progress of the tasks. They support data visualization and convert the project progress metrics into charts, graphs, tables, and boards, making it easier for the stakeholders to read and infer insights.
Project management vs. product management software: Which one is right for your business?
Irrespective of the similarities between project management and product management software, both tools differ. Product management software is typically used to manage the entire product lifecycle, from ideation to launch. Project management, on the other hand, is used to manage a specific project.
Product management software is used by a product manager focusing on strategic planning, market research, customer insights, and product roadmap development to understand customer needs. It can help to align the product vision with business goals. While project management is used by a project manager with a focus on planning, execution, resource management, and progress tracking to ensure project delivery within defined constraints.
Another key difference between the two is the time frame. Product management software operates for more extended time frames since it covers the complete lifecycle of a product. Project management software operates on a shorter time frame because it is tied to specific projects with defined deliverables and timelines.
You'll need to evaluate your needs to understand which software is right for you. Assess whether you need a tool to manage product development with multiple iterations or one to manage a project with a fixed timeline. If, for instance, you want to launch a new product feature, you should choose product management software, and if you want to fix a bug on your website, you can go for a project management solution.
Once you’ve decided which software to use, head to our project management and product management category pages, where you can find a sortable list of products and software reviews from verified users.
How to choose project management vs. product management software
Since choosing between project management and product management software can be tricky, we’ve listed some considerations that you should keep in mind before making a decision.
Identify business goals. If you work with a team focused on developing and iterating on a product over time, consider investing in a product management tool, as it supports longer time frames and helps complete the product lifecycle. However, if you work with a team on specific projects with well-defined goals and timelines, a project management system would be apt for you.
Determine business-critical features. While both tools share some overlapping features, it's worth noting that each tool may offer unique business-specific features that are not found in the other. For instance, the ability to capture customer feedback is supported by product management tools but not by project management tools. Knowing which features you need will help you make a better and more informed decision.
Assess the metrics and reporting functionality. Metrics and reporting provide key insights to make better product or project decisions. The type of metrics you need will impact your software choice. If you want to understand metrics, such as customer satisfaction rate, market share, or user engagement, you should pick a product management tool. For insights on task completion rate, budget utilization, or resource allocation, project management software can help you.
Common questions when selecting project management vs. product management software
Here are some questions you should ask software vendors before making a purchase:
Does the software support integration with communication tools?
While project and product management tools offer basic communication features, you may need to integrate your solution with collaboration or communication tools to access advanced features, such as video conference with a larger group, whiteboard, and screen-share.
Does the software have document and file management functionality?
Document and file management functionality ensure you can upload and store documents, such as reports, release notes, invoices, etc. This will also allow for quicker document search and sharing when needed.
Does the software come with a mobile app?
A mobile app for the project or product management solution ensures that everyone stays updated about their tasks or important updates even when they are away from their desk. The app also lets users update their projects and access dashboards for a quick look at progress.