Project management is an integral part of an organization. Whether you are overseeing a team hold down a project or leading the projects and their successful execution on your own, project management is not as easy to achieve project success. By the end of the day, it comes down to the techniques the project manager undertakes that either make or break the process.
According to a study, 44% of projects fail due to no alignment between the company and the project objectives. Considering that almost half of the projects fail because of this, project managers find themselves in a consistent state of operational and strategic challenge. It is high time they took up new techniques to achieve a more efficient and successful result.
Thus, the potential increase in the effectiveness of project management can be found in the employment of business intelligence in its processes. BI project management tools have proven to one of the most productive software investments for many organizations. As businesses nowadays struggle with vast amounts of data that is majorly irrelevant to the project, technology now offers BI best practices to counter it. For many years now, BI software implementation has been the topmost IT priority for businesses.
7 Best Practices for Improving Project Management with Business Intelligence
Hence here are some seven of the immense benefits and best practices that BI has to offer for the success of project management.
1. Automation for processes
Managers continuously face the challenge of keeping multiple departments synchronized while they simultaneously work on a project. Usually, it is the form of countless emails and attached spreadsheets full of data that become extremely difficult to organize and consequently utilize. So much data cannot go to waste with so much effort put in collecting it.
But how one can separate what is relevant and usable to irrelevant and unusable data?
According to a study, 20% of companies say that their IT requirements process is not as per their business need. BI provides the best solution to counter all these problems by automating processes. Hence, a project manager is not the only one overseeing projects and struggling to align interdepartmental operations for a project.
2. Future trend forecasting
It doesn’t matter of which field in the industry the project belongs to. A project should always be capable of predicting the end result and make strategies accordingly. Managers are expected to not only monitor that everything goes per the project plan but also make sure to
- Keep a check on the KPIs
- Manage teams
- Have sharp reflexes to tackle difficult situations
- Control every step of the process
- Predict the future outcome based on all of the above.
BI basically plays the role of what best assignment help is to students. It helps project managers to do all the tasks as mentioned above more efficiently. It provides them with predictive analytics forecasting based on which historical data predicts accurate future outcomes.
3. Keep track of finances.
According to big data research, poor quality data cost $3.1 trillion to the US economy alone. If you take this whopping amount under consideration, then it is evident that wasteful data costs more than just time and effort. As a project manager, many would agree that budget overruns are a constant challenge they face while overseeing a project. Without a proper financial lookout, it is easy for costs to add up and go over the previously reckoned budget. Business Intelligence provides project managers tools to mitigate the gap in spending and decided budget. It helps outline an appropriate framework as per the budget for risk-free project completion within the budget.
4. More reliable and accurate data
As we have continuously talked about previously in the article, business intelligence is the best resource to mitigate wasting time and effort on irrelevant data. It is a fantastic tool to tell useful data apart from the irrelevant data type. As modern technology has expanded, data quality has played a significant part in projects. Quality of information has increasingly become the main attribute to the end success factor of a project. Thus, business intelligence values the importance of such data and information and makes it more cohesive to be used in the project.
5. Gap Analysis
Business intelligence not only mitigates the gap of budget and spending but provides the necessary information to understand the current state of the project better. It does so by conducting a gap analysis to analyze how much money, time, effort, and other resources would be required to achieve the set goals. According to crowd writer the gap analysis mainly lays out the project’s probable requirements, cost, time, and the end result with better accuracy than any human team would.
6. Technical Design
BI helps in understanding the technical requirements as well as the restraints in the process. BI architects carefully select tools to create data models and map out the project workflow. Thus, project managers should work closely with IT professionals, in this case, to align all available resources to ensure every aspect to achieve the objective of the project is available.
7. Testing & Development
BI helps test out the data, information, and measure taken for a project before making them official. It helps in recognizing what might be lacking and then developing to recover accordingly. It provides feedback on overall functionality, features, and data accuracy as it tests the strategy planted in place for the project.
Bottom Line
All in all, it won’t be long when project management is entirely automated and self-reliant. Till then, a successful BI project requires a perfect combination of data, analytics, and skills of the members involved. The cornerstone of every successful project will always be the project manager and how he made the decisions of leveraging Business Intelligent tools to mitigate risks and come out victorious.
Author Bio:
Claudia Jeffrey is presently working as Research Analyst at Crowd Writer, a reputed platform for excellent essay writing services. She is reputed with her marvelous write-ups on various topics. She shares her insights on this topic in this write-up. She is a passionate researcher and home-based writer. She has gained a significant following on her blogging forum of like-minded readers.
