Project management carries out activities within the time and budget assigned. Different methodologies might help project managers to achieve that goal. However, they need to consider making informed decisions as an essential skill. They can enhance this skill by choosing the proper business intelligence tool and increasing the success rate. Some of the advantages of carrying out projects supported by business intelligence are.
Centralization of information
Access to information is the first step to making decisions based on data. When working with business intelligence tools, you can inquire in a single place about every piece of information related to your project, no matter where it is stored. It helps you to save time and gives you a 360 vision of data, something crucial to make the right decision. It also provides accurate data, free of duplications and with high quality.
No matter the project´s nature, optimization of resources is way easier if you can track every activity at the level of detail you need. Hierarchical visualization of data can help you find the origin of low performance or efficiency reduction. If, for instance, you see a KPI like total sales drop, you can go through the primary metrics to check with the assistance of graphic representations to identify the cause. In the same way, it can help you to tell the reasons for your success apart and create powerful insights for future projects. All of this assists you in building a tailored methodology for your company or where you develop projects.
Besides optimization, identification and mitigation of risks enhance the success rate of your projects. Thanks to graphic representations, your team can identify risks like the expenses affecting your budget plan or additional executed hours impacting your general schedule. This way, you can focus your actions on aspects with a more meaningful impact.
Insights for future projects
Insights based on predictive analytics can help you to do better planning of the projects of your company. Thanks to the identification of trends and characteristics of every project, you can create successful plans.
This higher success rate is based on the greater accuracy that predictive analytics can achieve with larger volumes of data. To know more advantages of predictive analytics, read our article: Challenges and opportunities of working with large volumes of data.
Enjoy these and other advantages for managing your projects with a world-class business intelligence tool, BI4Web. Contact us and start your path toward intelligent project management.