Do you know that people retain 80% of what they see, 20% of what they read, and only 10% of what they hear? Evidently, visuals leave a better impact on onlookers than plain text. And when you are able to understand in a better way, you will be able to comprehend it in the best possible manner. This concept works wonders for people involved in project management.
Scrolling through a vast amount of data can be tiring and boring. You will end up wasting your time, accomplishing less than what you aimed for, and ultimately, compromising with the work efficiency. But when you have the option of visualizing the same data in the form of interactive & responsive visuals, you will notice a significant boost in your work efficiency.
IBM admits that 40% of the projects fail to meet three key goals – schedule, budget, and quality. Incorporating data visualization tools in project management can be beneficial for the organization. Data visualization tool relies on big data analytics, cloud computing, and the Internet of Things (IoT) to achieve the desired results for the project management team. If you are curious about the impact of data visualization tool on your project, read further to gain detailed insights.
Supports Decision Making
Decision-making is highly influenced by the data available at your disposal. But if you spend all your time analyzing spreadsheets and reports, your decision-making capabilities may get hampered. Data visualization is an excellent way to transform this data into interactive and –easy-to-comprehend graphics. Once you have access to these visuals, you can perform a quick analysis, have a discussion with your colleagues, and implement a suitable course of action.
Data visualization tools assist you in projecting data in interactive formats like graphs, mind maps, infographics, heat maps, line charts, spider charts, scatter plots, and so on. We know that most of the project managers nowadays use some kind of project management software. When such software is integrated with a data visualization tool, you can define variables, preferably key performance indicators (KPIs), then select a suitable visual format, and let the tool project data in the form of visuals.
Analyzing Project Status
Empower your project management team with the right set of tools to visualize data in the form of engaging graphics. When you ask for project status reports, the team will be able to present facts in a tabulated format or on a heat map or in the form of charts. These reports showcase a comparison between planned progress and actual progress. You can keep a check on project variables like KPIs, budget utilization, time utilization, risks, opportunities, and so on.
Review Roles and Responsibilities
The project team comprises of various individuals, having different roles and responsibilities. When reviewing a progress report, you can preview individual performances. After a thorough analysis, you can manage roles and responsibilities, shuffle up the teams, identify milestones, and much more. The integrated dashboard of the project management software allows you to access information, in the form of visuals, pertaining to the team members and showcases it in a structured format. This simplifies the task of analyzing the project’s progress, and accordingly, assisting you in strategizing your next move.
Risks & Opportunities Analysis
A project’s success is dependent on risks and opportunities. Both are bound to occur, and you should be prepared to handle them effectively, thereby, ensuring project completion on time. When a project begins, the risks and opportunities are already defined. During an ongoing project, the visualization tools assist you in analyzing information in a well-defined manner. You can keep a check on variables that indicate a prospective risk or opportunity in the near future.
Based on the available information, you can determine future forecasts with the help of a data visualization tool. For example, based on the consumer behavior of consumers in the South Asian subcontinent, you can strategize your next product launch. This is an example of identifying an opportunity. Similarly, you can deploy the visualization tool to access market data, and visualize the market performance of similar products in the same region, thereby, identifying both risks and opportunities.
Communicate Effectively
Data visualization is an excellent technique for improving communication and facilitating collaborations in the project team. When information is shared in the form of interactive visuals, the employees are able to easily comprehend these visuals, identify a suitable course of action, and implement strategies effectively.
The project management software is a centralized system that stores information in the cloud or in an on-premise server. Therefore, team members have access to complete information. They don’t need to rely on others to seek information, and even if they have to do so, they can interact in real-time to gain access. The centralized system allows employees to visit data visualization dashboard and access information at their will. This boosts collaboration among employees because they can interact and communicate effectively.
Conclusion
A number of projects fail because they are not able to effectively utilize available data. The data visualization tools assist you in accessing well-arranged information, thereby, allowing you to gain valuable insights and take quick decisions. If you still haven’t opted for project management software with an inbuilt data visualization tool, it’s time to assess your requirements and install a project management tool as soon as possible.
About the Author
Aniruddh is Blogger and Software Analyst at SoftwareSuggest. Loves to dig deep into various Project management software, Payroll Software and ERP Software. Ready to grab a cup of coffee anytime, if you want to talk about tech, cars, businesses or cricket.