Whne you are considering going for test management tools, obviously your first consideration would be the size of your setup and whether your budget allows you to go for a paid or an open source tool. This would narrow down your probable choices. Then you will have to consider the features of the tool such as the report generation options available and how to share these reports with the various stakeholders. There are reporting tools such as Geckoboard to which you can push data in real-time so that the report generation is automated and you don't have to worry about it on a regular basis. As a technical writer for OnPath Testing, I have written this blog on data dashboards from Geckoboard and how they make your life easier.
But, and you guessed it right, such tools are paid. So, you can consider cloud-based spreadsheets which will afford you shared access among team members and version control also. You can control who gets to access which spreadsheet (edit, view or comment) with access control features. Keeping the spreadsheet updated is also easy as the whole team has access to it. So, maintaining the test data becomes a task with shared responsibility.
When comparing test management tools, you should look for these features.