Project Management Dashboards: Why Do You Need Them
15 Feb, 2022
Within the space sector, multiple tasks are co-occurring around the world. The primary purpose of these assignments is to gather data. However, the most challenging element is consolidating, reporting, and utilising the collected information. That’s where a project management dashboard can excel by offering an online, centralised tool to merge and showcase data.
The benefits a space-dedicated task management system can provide an organisation is substantial. But, before showcasing these, let’s first uncover what a project management dashboard is and the concept behind this tool.
What is a project management dashboard?
A project management dashboard is classified as a data console that showcases essential performance indicators based on the inputted information. It can display critical metrics that show a projectâs overall performance and highlight specific problems that might require more attention.
Having access to a PM software allows users to collect, consolidate, report, and make more accurate data-driven decisions. Undoubtedly, having a centralised data silo guarantees optimal performance by utilising all data.
After understanding what these are, itâs much easier to develop an appreciation for this tool. There are tons of benefits to mention, so letâs get into this:
1. Maximises project coordination
The first benefit is that a task management system maximises project coordination; it ensures everybody has a clear focus on the objectives, provides realistic project planning, and promotes data quality control.
Organisations that donât implement these tools or project management practices lose 11.4% of their investment. Itâs a significant amount and funds which corporations within the space sector cannot lose.
Users have more control and insights into the project from utilising a PM software. Having a quick overlook of project-related data makes it possible to determine whatâs working or areas that need extra help, which you can act on accordingly.
2. Increases visibility on data discrepancies
Undeniably, reducing project failure rate is essential, but only possible when adequate data is collected from the assignment. By centralising data, users can use project management dashboards to oversee a task, visually see the progress, and discover data discrepancies.
When organisations have access to this information, data-driven decisions are more accurate. Instead of focusing on per-project data, the organisation can evaluate previous and current information to determine the most rewarding strategy.
In the space industry, data discrepancies can cause delays and catastrophic events. Therefore, having increased visibility of these essential metrics is unbelievably beneficial.
3. Improves decision making speed
Innovation, progression, and data decision-making are mandatory within the space industry to succeed goals. However, another important aspect is speed. By having efficiency within this element, allows organisations within the sector to grow exponentially.
When focusing on a project, itâs easy to get caught up in the small details. With a project management dashboard, you can analyse, report, and make decisions based on your selected information.
A study by David J. Hickson recently determined that a humanâs decision-making process ranges from a month to four years. Itâs a timeframe far from the ideal project speed, meaning utilising a task management system could showcase the utmost benefits regarding time.
4. Creates insights for strategy
The primary purpose of obtaining valuable insights for a strategy is to merge heart and head knowledge (inspiration and information). Undoubtedly, the inspiration element of insights is straightforward when a group of motivated individuals are confronted. However, the information part of the calculation is much more demanding.
Users are provided a quick or comprehensive glimpse of information that could support the strategies approach from having PM software. Using these resources, those within the space sector can make more valuable plans that excel space exploration.
5. Visibility of project goal status
In anything, whether itâs sports, education, or a space project, having access to visually see the progression of the task is significantly beneficial. By utilising this information, the deadline becomes realistic, accountability comes into play, and areas for improvement can be showcased.
Overall, using this data for the mentioned advantages, youâll achieve goals more frequently. It offers motivation, responsibility, and focus, allowing everyone involved to work more effectively to complete projects.
Undeniably, having access to this within the space industry allows those participating in developing a thorough understanding of the weaknesses and progression of the project, making the investment into a PM software cost-effective.
6. Supports scalability
Our world is continuously evolving year after year, aggressively pushing the space industry positively. Because new technology, devices, and procedures are developed endlessly, maintaining well-train staff within these ânewâ areas is somewhat complicated.
Because of this, more data, resources, and people are becoming available, so having scalable processes is essential. A task management system is digital, allowing tons of information and users onto the platform: guaranteeing scalability.
7. Easier to create external reportsÂ
Having accessibility to centralised data can showcase enormous advantages. However, occasionally, external reports will be required. The reasons for this can vary but having the ability to export data and develop external reports with historical, current, and predicted data is essential.
Most PM softwares (like ours) understand the value of exporting and importing data. Therefore, creating external reports is simplified and more accurate than ever before. Now, you can receive well-presented and consolidated data that can be utilised effectively outside of the dashboard.
8. Save resources and money on manual work
In addition, having an adequate task management system could save a substantial number of resources and money on manual work. Costs on employing or hiring data entry personnel, training, and mistakes are all minimised, allowing the organisation to spend funds on what matters most: growth.
It doesnât only offer a cheaper alternative to manual work thatâs related to data entry but also makes the entire process more efficient. By optimising this with a PM software, those within the space sector can laser-focus their efforts within areas that have larger significance.
9. Get real-time analysis of your data
Lastly, it allows you to obtain real-time data analysis in clear formatting instantly. Having the ability to perform this allows users to act on received data quickly. Undoubtedly, this improves growth significantly and minimises risks, optimising the organisationâs overall efficiency.
After reading the above, you should have a comprehensive understanding of the benefits a project management dashboard can present to space-related organisations. For more information about how we can help, consider contacting one of our helpful representatives today.