Benefits of Data Visualization Tools
Your data from Primavera P6 doesn’t have to stay in complicated data tables. You can create helpful graphs and dashboards to highlight key information and present the information in an engaging way.
Senior leaders have so many demands on their time at the moment that the slicker your presentation of project portfolio data, the more likely it is that you’ll command their attention. Data visualization tools give you the power to do that in a tailored and meaningful way.
Here are five ways that your teams can benefit from using data visualization for your project portfolio information.
1. Present information interestingly
There’s a reason why people say a picture is worth a thousand words. That old saying is popular because it’s true. People retain visual information more readily than columns of text: just think about how many corporate logos you can recognize, even with the brand names removed.
Data presented visually is understood more quickly – and you stop the ‘eyes glazing over’ reaction that executives can sometimes have when faced with a large, complicated dataset to interpret. When your decision makers don’t have a lot of time, you need to grab their attention and put the key facts in front of them in an accessible way.
Visual data also gives you the chance to share the stories behind the data. For example, pull out one client journey from the data set and use that to illustrate what your normal project lifecycle is like as a way to talk about what your PMO does.
Once you’ve got a couple of months’ worth of data in Primavera or your enterprise portfolio management tool, you’ve got a deep seam of data to draw from. Summarize multiple data points in a dashboard so that you can squeeze as much value as possible out of a single screen – you couldn’t do that with a written summary of the data.
2. Dive into the data for better decision making
Executives want to know that there is a deep analysis and data points underneath what you are summarizing. Even if they don’t really understand the underlying data, it boosts their confidence to know it’s there and that you aren’t simply making assumptions based on a few water cooler chats.
Data visualization tools present the ability to do that. You can share graphs, tables and more. If all the reader needs is the summary, they’ve got that in an attractive, easy-to-understand format. If they want more details, interactive tools give you the ability to click through and drill down into the data that sits behind them.
Decisions can be targeted. You can even make nuanced decisions based on what is appropriate for various segments of the portfolio. For example, drilling into the data may show that some elements of a program are performing as planned and others need management intervention. By knowing what’s driving performance issues, you can offer support where it is needed to get the project back on track while letting other aspects of the project proceed without interruption.
3. Make decisions faster
As well as better quality decisions, using targeted information, you can make more timely decisions. Stakeholders can see real-time information and make decisions based on what is actually happening, not what last month’s figures showed was happening back then.
Choose the best course of action depending on the situation, knowing that the steps you are taking are going to have the desired effect. You can respond to changes in the project environment more effectively and also switch up what you are doing to deal with newly-identified risks and opportunities, for example.
4. Spot trends
Showing data visually gives you the chance to spot trends that might not have jumped out at you from other traditional approaches to portfolio reporting.
Project teams create and collect large amounts of data and this is often difficult to interpret when you are looking for trends over time. Visualization tools give you the ability to stack and order data to show various datasets over time. Automated reports mean you can set up your analysis once and then check in on a regular basis to see the data over time. You’ll be able to identify trending behavior and act on it before it creates an issue for the project.
5. Cater to more learning styles
With 65% of learners preferring to take in information visually, having smart dashboards to share project data should be standard in your PMO. You can cater for people who like visualizations and present a written executive summary for those who prefer that way of learning.
Switching up how you share data makes it appeal to a wider audience and helps keep it fresh.
Businesses that want to optimize their portfolios are turning to visualization tools to help them present and interpret the data they have about their projects. This information can help you take faster action, save money and reduce the effort involved in leading projects. Whether it’s a chart for a project proposal, an earned value graph, a portfolio status dashboard or a graphic showing aggregated risk, visualizations help everyone on the team communicate effectively and share a common understanding of performance.
The good news is that you already have the data: it’s in your enterprise project management tools. All you need is an easy way to extract it and use it, and fortunately, there are many tools that do that. First check if what you are currently using has the option to visualize data in a meaningful and configurable way. If not, choose an add-on product that fits with your existing suite of project portfolio software to fill the gap.
If you need some help identifying the right next steps for your PMO, get in touch!