February 2, 2021

Leveraging Real-Time Reporting: 4 Key Advantages of Project Management Dashboards

Whether you’re seeking to eliminate bottlenecks or optimise resource allocation, project management dashboards provide an all-encompassing solution.

Think of them as a virtual swiss-army knife and you get the general idea. From tracking the progress of projects to generating visual reports for stakeholders, the functions are practically limitless.

Yet despite the similarities between them, the majority of dashboards today offer options for customisation, enabling you to track the KPIs that best capture the success of your project.

You can even determine how these KPIs appear on the interface itself and how they’re presented to stakeholders.

So, how can you harness their insights to meet project deliverables?

Here are 4 key advantages of investing in PM dashboards and leveraging real-time reporting to make data-driven decisions…

Key Advantage 1: Visualise Relevant Metrics From One, Centralised Location

Regardless of scope or scale, manually pulling reports requires significant time and resources. As projects are time-dependent, compiling these various stats can delay key deliverables, with the stress of juggling these tasks increasing the risk of errors. Given the stakes of these oversights, a project management dashboard provides a smarter, streamlined solution, acting as a central repository of data from multiple spreadsheets and sources. By integrating these data-driven insights, team members can access actionable metrics from one centralised location, saving significant time and hassle. Rather than ploughing through reams of data, individuals can apply specific filters to generate relevant reports and evaluate historical trends. The result? Accurate insights at their fingertips that support smarter decisions all round.

Key Advantage 2: Leverage Enhanced Visibility to Keep Projects on Track

When it comes to project management, transparency and accountability tend to go hand in hand. One obvious benefit of dashboards is that they offer complete visibility, both concerning the status of projects and individual inputs and milestones. In addition to tracking progress, these automated project dashboards can pinpoint problem areas, with features such as analytics tabs facilitating a deep-dive into the data. Alongside the practical plus points of dashboards, the visibility they offer for projects promotes a strong sense of ownership. Rather than grilling and questioning team members, Project Managers can simply consult the interface to gain a broad overview of performance, while ensuring the project remains on schedule. As everyone can access the dashboard, individuals can use the real-time updates to maintain momentum and keep the end goal in mind. For large-scale, long-term projects, these automated reports and updates can sustain collective morale, affording a visual reminder of progress.

Key Advantage 3: Receive Updates in Real-Time to Optimise Resource Allocation

Relevant, accurate data is integral to your project’s success. With it, you can action real-time insights to respond to changing conditions. Without it, you are left guesstimating progress with no real clue of general performance. A key advantage of dashboards is that they offer accurate updates in real-time, enabling you to assess the progress of projects, and focus your efforts accordingly to keep costs in check. Most dashboards on the market today allow you to set up a system of alerts, drawing your attention to discrepancies in the data that warrant further analysis. After consulting these real-time updates, project forecasting becomes simpler and easier, helping you make accurate, data-driven predictions. As time and resources are finite, the insights gleaned from this data can be used to improve each process and eliminate fruitless tasks so you can focus your energies elsewhere.

Key Advantage 4: Identify Potential Anomalies so You Can Act with Immediate Effect

For managers, assessing the health of projects requires reliable, real-time data and a system that captures these updates. Whilst these insights offer an overview, the functionality of project dashboards facilitates granular details as well. When you’re working on complex projects, the ability to drill deep into data can help to pinpoint potential anomalies and assess the causes of bottlenecks that threaten to derail a project. After accurately identifying these outliers, managers can conduct a Root Cause Analysis to devise a way to resolve them and prevent future problems. Armed with this information, teams can channel their efforts effectively to monitor areas of concern and leverage detailed reports to protect against future losses. These invaluable data-driven insights also reduce the risk of scope creep, ensuring priorities are aligned across teams.