Best Free Product and Project Management Tool Every Business Should Try

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Spikes Cavell's finance survey states that 39 percent of projects fail due to a lack of planning. Managers suffer here because they don't have high-level planning, adequate resources, the ability to predict project risk, and insufficient work activity. 

They face all these problems because they don’t have proper task management and time management strategies. They waste their time doing mundane and repetitive tasks. They have to go through their documents repeatedly and don't have the strategy to string all the details together. 

That's why, 77 percent of high-performing and 40 percent of low-performing companies value project management. So, having an AI tool for this purpose could help them in a lot of ways. That's why, we are going to discuss one major AI project management tool in this blog. The name of it is Lotse, and it could cover all the project and product management-related tasks of companies for free.

What is Lotse AI?

It is an AI-powered project management or task management tool that helps companies boost their productivity and effectively do time management. It helps streamline projects and enhance the decision-making facilities. Managers don't have to run behind their team members for information or documents and don't have to arrange a lot of meetings for effective collaboration.

This tool was designed by two tech experts who were suffering in their workplace due to the workload and poor management. So, they decided to create this start-up to eliminate the hustle of management and waiting. For this, they integrated the Augmented Retrieval Engine and smart agents in this tool. These AI agents have enhanced the quality of its features.

Key Benefits of Lotse AI

Managing Your Projects

There is a case study of Coca-Cola which wasted almost 34 million dollars due to poor project management. They introduced a new Coke in 1985, which became a failure because their team hadn't collaborated effectively, had a poor product strategy, and didn't perform a risk assessment. This tells all of us the importance of good project management.

Fortunately, Lotse has a lot of features for effective management. It allows you to eliminate the need to do mundane and repetitive tasks as AI would do it for you. It would save you time so that you could focus on other aspects of management.

You could break down your projects into different tasks and assign them to your team members. You could set deadlines on this tool so that everyone knows when they have to deliver the task. Moreover, you could keep an eye on the progress of the project and identify if there is any issue.

Document Management

You don't need to deal with scattered documents and information anymore. Lotse allows you to integrate all of your documents in one centralized hub through different integrations. All of your documents would be in one platform, so you don't need to duplicate them.

If you want any information from the bunch of documents present on your platform, you can do it with the help of AI technology. Artificial intelligence allows you to interact with your documents and ask any question you want. It would take out the information from the documents to answer your question.

Getting AI-driven Reports and Summaries

You could interact with your document to take out AI-driven summaries and reports. The tool will help you avoid mundane and repetitive tasks by taking out AI-driven summaries. 

You could have risk analysis reports, answers to the possible questions your stakeholders could have, and summaries of all your documents with the help of AI. It would enhance your decision-making abilities.

Team Management 

The tool allows you to add all of your team members in one place. You could interact with them, share your thoughts, and assign different projects to them. No matter if your team is working remotely or physically, they all feel that they are in the same room due to this tool.

Tool Integration

You could integrate Lotse with your existing system so that all of your documents and data could be in one place. It allows integration with Notion, HubSpot, Jira, Slack, Monday, Trello, Google Docs, Asana, Figma, and fifty others. 

This integration could help you to connect all of your data in one place, ensuring smooth working and no scattered data. You don't have to duplicate documents in various places, as this tool can connect all of them.

Free Project Management 

Almost 20 percent of the overall project budget is needed for project management. 55 percent of project managers state that budget overrun is the key reason for project failure. In this scenario, having a free project manager could be helpful. 

Luckily, Lotse has a free version that you can use without even signing up. Though you have to switch to the premium version at some time, it is still more cost-effective than other project management platforms.

Collaboration 

57 percent of projects fail due to a communication breakdown. It means that project managers should effectively communicate with team members and provide them with all the data they need. Successful communication is the key to successful project management.

Luckily, Lotse has a space where team members can collaborate. They could message and discuss the product strategy with ease. It helps them to streamline all of their conversations in one place instead of scattering the conversations on different platforms.

Alternatives to Lotse AI

Monday

Monday is the work management app that enables you to add various tasks. Those tasks will be organized in the form of work management boards that have various rows and columns. You could add all the necessary information related to your projects and tasks on the board. You could add your tasks to the boards and assign your team members different projects with deadlines and other essential information.

Moreover, you could create rich documents and add visuals and diagrams to the tool. It allows you to visualize your data and manage them effectively. It is integrated with more than 200 apps and is available in the mobile app form. You could add different folders and sub-folders in the tool and track your time effectively. It has a free version too. 

Think Task

Think Task is integrated with ChatGPT so it could be a helpful tool in project management or task management. This AI tool requires you to add meeting notes and provides you with different tasks and projects. It would automatically assign tasks to various team members by using their historical data. If you want, you could manually do editing.

Moreover, it allows you to visualize the performance of your team in the form of charts, graphs, and concise workload tables. You could get concise weekly reports, collaborate with your team members, and integrate the tool with other software.

Conclusion 

Different studies have shown us that projects are 2.5 times more successful when project management practices are implemented. Organizations that invest in these practices waste 28 times less money than other organizations. So, having Lotse as an AI project manager could help you. This tool is best for start-ups and businesses who want a basic level of project management. Its team collaboration feature, project management, and decision-making features make it the best solution to most of the problems managers face. It has a free version so you don't need to spend money to test this tool.

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