Best Product Management Software (2023)

Product management software is the foundation of a successful small business, as it involves creating and managing software or digital products while considering the life cycle and audience. From ideation to delivery and service, product managers ensure businesses maximize revenue by overseeing every process step.

As a small business owner, I understand the task of finding the solution for product and time management needs. It can be a nightmare that never seems to end. However, after several years of trial and error, I found the right product management software for small businesses.

In this post, I will address product management software solutions that are not only great but also easy to use and cost-effective. I compared some of the most popular options available in 2023 based on specific criteria to help you find the perfect fit for your business.

Best Product Management Software 2023

The best product management software is designed to help product teams develop, launch, and maintain products more efficiently. It can be used to manage the process from concept development through production and post-launch activities.

This type of software usually includes features like:

• Cost control
• Resource planning
• Collaboration tools
• Reporting capabilities
• Market research analysis
• Customer feedback tracking
• Task and project management

I narrowed down five top small business product management software applications in 2023 that could help your small business. I thoroughly compared each of these applications based on their prices and features.

Here are my top picks for product management software for small businesses to use:

Monday.com

What it is

Monday.com is a cloud-based project management platform designed to help teams track and manage their projects efficiently. It provides an intuitive, customizable user interface where teams can create tasks, assign them to team members, and collaborate in real-time.

Additionally, the system provides powerful integrations with third-party applications such as Slack and Google Drive for enhanced collaboration potential. Monday.com also offers valuable analytics tools for tracking progress and identifying areas of strength or improvement among team members.

By empowering teams with better organization, communication, and productivity solutions, Monday.com helps organizations reach their goals faster.

Why We Picked It

Monday.com is an incredibly powerful and versatile product management software that provides teams with the tools they need to streamline their workflow, boost productivity and collaboration, and stay on top of every aspect of their project.

Monday.com offers a comprehensive suite of features:

• Project planning
• Risk assessment
• Task management
• Timeline visualization
• Resource management

As a result, the software makes it easy to manage the entire development cycle of any product. For more information on this project management software, check out our Monday.com review.

Pros

• Allows users to create custom dashboards for clear visibility into progress throughout the entire project

• Helps to cut down on daily emails and notifications with an organized comment threading system 

• Integrates with applications like Slack, Google Calendar, and Zapier to centralize your project management activities 

Cons

•Provides limited flexibility for users to customize their workflows and processes

•Does not offer automation; as a result, users must manually complete tasks. 

•Does not have advanced data security protocols or encryption methods, leaving customers vulnerable.

Pricing

Monday.com is a free product management software that offers four pricing plan options for users at monthly or annual rates.

These are the monthly pricing plans Monday.com provides:

• Basic: $8/user
• Standard: $10/user
• Pro: $16/user
• Enterprise: Customized pricing

These are the annual pricing plans Monday.com provides:

• Basic: $24/month
• Standard: $30/month
• Pro: $48/month
• Enterprise: Customized pricing

MRPeasy

What it is

MRPeasy is an online platform that helps small and large businesses to streamline their product production planning, management, and control processes. It is a complete solution for manufacturing resource planning (MRP) and production planning & control (PPC).

The software provides powerful tools to create detailed bills of materials, manage inventories, and generate purchase orders.

MRPeasy also allows users to manage product production based on:

• Estimated demand
• Manage customer orders
• Track time and cost for each product component
• Analyze performance with comprehensive reports

Why We Picked It

MRPeasy integrates seamlessly with an existing enterprise resource planning (ERP) system, which makes it easy for businesses to merge their operations across different departments.

This product management software is available at a competitive price point, so businesses of any size benefit from its features without stretching their budgets too much.

With an intuitive user interface and easy-to-use drag-and-drop functions, users can: 

• Track costs
• Define resources
• Monitor progress
• Quickly map out production cycles
• Automated forecasting maintains demand and supply data up-to-date

These tools help manage production processes, from planning and scheduling to cost tracking and inventory control. 

Pros

• Automates purchasing, inventory control, and scheduling processes while facilitating the integration of other external systems. 
• Comprehensive reporting capabilities provide visibility into labor costs, resources used, materials purchased, lead times, and delivery dates. 
• Multi-site support allows users to adjust quickly to supply chain problems across different locations. 

Cons

• MRPeasy does not offer an integrated payroll and accounting module; users must use other systems to handle those tasks. 
• The user interface can be challenging for new users due to the numerous menus and selections. 
• The platform does not offer support in multiple languages, which can be a problem for international businesses. 

Pricing

MRPeasy offers four pricing plan options for users at monthly or annual rates.

These are the monthly pricing plans MRPeasy provides:

• Starter: $49/user
• Professional: $69/user
• Enterprise: $99/user
• Unlimited: $149/user (minimum 2 users)

These are the annual pricing plans MRPeasy provides:

• Starter: $44.92/user/month
• Professional: $63.25/user/month
• Enterprise: $90.75/user/month
• Unlimited: $136.58/user/month (minimum 2 users)

Wrike

What it is

Wrike is a powerful product management software that helps teams oversee their projects, tasks, and schedules more efficiently.

This software provides a comprehensive set of tools to help them plan, execute, and monitor their products from beginning to end.

Wrike users can create and manage projects from start to finish with features such as:

• Task tracking
• Time tracking
• Collaboration tools
• Custom dashboards

These features allow users to get organized and stay ahead of the curve on all project plans.

Why We Picked It

Wrike is a product management software with a comprehensive feature set and scalability.

The necessary features to effectively manage projects, teams, and tasks include:

• Gantt charts
• Resource management
• Analytics and Reporting
• Tutorials and user guides
• Customizable workflow automation settings
• Collaboration comments and file attachments

Wrike is a cloud-based software that allows its users to have access from anywhere and securely synced in real-time across multiple devices. There are expansion options with third-party apps or integrations that you can add on to customize your setup.

With its flexible plans ranging from free to enterprise-level solutions, Wrike is sure to meet the needs of any size of business at an affordable price point.

Pros

• This software is secure and compliant with industry standards like GDPR, HIPAA, and SOC2 for data protection and privacy.
• It offers advanced reporting capabilities providing insights into project performance and helping you to make better decisions moving forward.
• You can use automation rules to streamline workflows and increase team collaboration productivity.

Cons

• Complicated UI and UX, making it difficult for users to learn and navigate the software.
• The high costs are associated with advanced features like Gantt chart capabilities, project overviews, file attachments, and bulk editing capabilities.
• Project tasks cannot get completed on the go due to the lack of a mobile application.

Pricing

Wrike is another free product management software that offers four pricing plans for users at a monthly rate.

Here are the monthly pricing plans Wrike provides:

• Team: $9.80/user
• Business: $24.80/user
• Enterprise: Customized pricing
• Pinnacle: Customized pricing

Reveall

What it is

Reveall is a comprehensive and innovative product management software solution that provides businesses with the tools and capabilities to create, manage, measure, and optimize products.

With Reveall, businesses maximize their product development efforts with features such as:

• Product planning
• Collaboration tools
• Data-driven insights
• Agile project management
• Idea management and evaluation

Reveall’s advanced analytics enables businesses to identify customer feedback and preferences trends.

Why We Picked It

We chose Reveall product management software because it provides an intuitive and easy-to-use interface that helps companies stay organized and on top of their product development.

The software is developed with cutting-edge technologies such as machine learning and artificial intelligence (AI) to ensure all stakeholders are up-to-date in real-time.

The platform integrates with existing software systems for seamless data synchronization across multiple channels.

Pros

• Reveall’s security system is programmed to prevent unauthorized access or manipulation of sensitive customer data.
• Features include intuitive search functionality so you can find the information you need.
• Reveall’s software automates mundane tasks like creating product catalogs and generating reports with minimal effort required from users. 

Cons

• The software is expensive and requires an ongoing subscription to access the full suite of features.
• Some users report frustrating performance issues, such as slow loading times or difficulty navigating through all of the product data.
• Unfortunately, the steep learning curve associated with using Reveall makes it difficult for new users to become proficient quickly.

Pricing

Reveall offers three pricing plans for users at monthly or annual rates.

These are the monthly pricing plans Reveall provides:

• Starter: $24/per user
• Business: $49/user
• Enterprise: Customized pricing

These are the annual pricing plans Reveall provides:

• Starter: $19/user/month
• Business: $39/user/month
• Enterprise: Customized pricing

Craft.io

What it is

Craft.io is a revolutionary tool for improving business productivity and efficiency. It is an all-in-one suite of collaboration, project management, and workflow automation tools that help teams work together better.

Craft.io’s intuitive interface makes it easy to:

• Assign tasks
• Create projects
• Collaborate in real-time
• Visibility into the progress of your team 

With Craft.io, you can quickly break down complex projects into achievable milestones and keep track of progress through completion.

Why We Picked It

We chose Craft.io due to its comprehensive project management, collaboration, and task-tracking features.

With the help of its intuitive user interface and real-time monitoring capabilities, it allows teams to work together more efficiently. 

Craft.io also provides powerful analytics capabilities to help project managers gain actionable insights from their data faster. 

Pros

• Craft.io ensures that all confidential information remains confidential by providing robust security protocols every step of the way.
• Connects product, engineering, and design teams in real-time for faster outcomes and decision-making. 
• Their software enables collaboration through a centralized hub for documentation, discussion threads, and presentations. 

Cons

• The software does not allow for custom designs, making it challenging to change existing designs, which would need to fit the customer’s needs. 
• It can be more expensive than other options available in the market with similar services. 
• It has limited scalability, as there is no way to increase storage capacity or expand the number of users without upgrading your subscription plan. 

Pricing

Craft.io offers three pricing plans for users at monthly or annual rates.

These are the monthly pricing plans Craft.io provides:

• Essential: $49/user
• Pro: $109/editor
• Enterprise: Customized pricing

These are the annual pricing plans Craft.io provides:

• Essential: $39/user/month
• Pro: $89/editor/month
• Enterprise: Customized pricing

What is a Product Management Software?

Project management software is a computer program used to help companies track and manage their products throughout the product life cycle.

Product management software enables teams to:

• Plan roadmaps
• Effectively collaborate
• Launch products quickly
• Communicate with stakeholders

This software can automate mundane tasks like workflow processes and customer feedback gathering. 

It incredibly helps businesses with the development of multiple products or needs a more organized system for keeping track of their products’ progress. This data is quickly accessible when needed to make informed decisions about a product’s future.

Product management software can easily store important data like customer requirements, development plans, marketing campaigns, and customer feedback.

This data is quickly accessible when needed to make informed decisions about a product’s future.

Product Management Software Benefits

Product Management software provides a central hub for tracking and managing the entire product lifecycle, from research and development to final production.

With the right product management software, companies can quickly and easily make decisions about product development and pricing. 

The software can help teams identify potential opportunities in their market, develop strategies for gaining competitive advantages, and create detailed marketing plans. With its comprehensive features, project management software allows businesses to work smarter and more efficiently than ever before.

Better Internal Team Collaboration

The ability to unify teams across departments and locations with the help of product management software allows for real-time communication and efficient task delegation.

Team members would have access to centralized reports and data analytics to make informed decisions quickly.

By organizing tasks and tracking performance metrics with product management software, teams can achieve a higher level of productivity while staying connected at all times.

Sets Clear Expectations

With product management software, teams can set realistic deadlines and goals. 

Product managers and teams can easily track progress toward those objectives. Helping to ensure projects stay on schedule, which in turn facilitates a smoother product management experience.

Having clear expectations and timelines makes it easy to manage resources and allows teams to optimize their day-to-day activities while still producing quality results. 

Providing visibility on the end goal of a project and ensuring everyone is aligning on the same objectives helps to prevent costly mistakes or delays in the long run.

Aligns Market Needs

Product management software is a great asset for organizations that need to align their market needs with their product offerings. By leveraging these tools, businesses can quickly and accurately determine which products best suit their target customers.

Aligning market needs helps small businesses produce a product line tailored to the needs of their customer base, ensuring maximum customer satisfaction and loyalty. 

By integrating data from market research studies and analytics, product management software can provide companies with the ability to constantly stay up-to-date on popular trends within the industry and in customer preferences.

Reduces Product Risk

Product management software is an invaluable tool for reducing product risk by streamlining the process of bringing a product from conception to launch.

By leveraging a comprehensive suite of features that includes:

• Release planning
• Agile development
• Cost-benefit analysis
• Supply chain monitoring

Project management software enables product managers to anticipate potential problems and identify emerging opportunities quickly.

The software also provides comprehensive analytics that allows teams to review performance metrics over time and adjust strategies accordingly.

In this way, product management software offers an efficient way for companies to protect their investment by minimizing exposure to product risk.

Now You Decide

Product management software is an invaluable tool for businesses to streamline the product life cycle and bring products to market faster. It helps to reduce cost and time spent on product development and improves efficiencies in project execution.

With this software, businesses gain a greater understanding of their target market, strengthen supply chain relationships with vendors and distributors, and increase their chances of launching successful products that meet customer demand.

Have you used product management software for your small business? Do you have any questions about project management software? Let us know in the comments below!