Everyone is aware of how important their business’s data is for growth. Data provides promising insights about the business, and now is not the time to overlook its importance. Regarding project management, it is important to know data from multiple sources from one tool. That is where Power BI comes in to simplify the process.
In this comprehensive guide, you will learn about the advantages of using Power BI in project management and how you can benefit from Power BI project reporting to get the maximum out of your business success. Suppose you are interested in learning how to visualize and organize your data to understand your projects in a clear and precise way. In that case, Power BI project management can help you showcase your business’s key information in the best way possible. So, let’s get started.
How Power BI Project Reporting Tools Improve Project Outcomes
Converting to the current data-driven project management tool, which is Power BI, can help firms centralize their project reporting and use advanced analytics to gain real-time, data-driven insights to enhance their project outcomes.
Power BI is a simplified process where traditional project management tools fail to deliver. This project reporting strategy benefits senior executives and PMO leads by allowing them to access real-time performance visibility without having to hassle further about updates. This tool updates on its own according to your firm and delivers the exact insights. Power BI dashboards deliver interactive reports, giving detailed insights into ongoing projects for your business. It provides information based on your schedules, resources, risks, and more. With just a few clicks, senior executives can easily identify the pain points and issues their business is going through and make accurate decisions instead of trial and error.
The best thing about the Power BI project management tools is that the dashboards are interactive and more advanced than the traditional spreadsheets. They can be customized according to each project in themes, fonts, layouts, and colors. These real-time dashboards can also be shared throughout the organization without the worry of someone changing the information or data on the original piece. Teams can handle these data dashboards, make impactful decisions, and adopt a metrics-driven approach to their projects without having to rely on IT.
Power BI can also be used by smaller firms. Learn more from our blog, Advantages of Power BI for Small Businesses.
Why Use Power BI For Project Management?
Power BI is reputable for being a powerful business intelligence tool that helps organizations of all sizes transform their raw, unfiltered, and scattered data into organized and simplified actionable insights. It connects to real data sources that can either be cloud-based or on-premises. This breaks down the data silos and provides a unified and actionable view of users. By taking advantage of Power BI, businesses can gain in-depth analysis of their data and enable the right questions to be asked.
By using Power BI for project management, it can handle large and small data sets. These preferably large sets are tough to handle and convert those sets into visually appealing and interactive reports for users to interpret with ease. Power BI also features an automatic data refreshing board which automatically refreshes data to real-time results. This makes the process of staying up to date much easier with a personalized report. Lastly, the sharing facility in Power BI project management offers a secure file to be viewed throughout the organization.
These are just a few of the main capabilities that Power BI offers for project management reports. Translate your firm’s data into actionable results and enable senior executives and other members of the organization to make impactful data-driven decisions. This process also keeps teams together and on the same page, which is the most important feature of all.
According to a wise individual, Power BI delivers “meaningful information that stakeholders can utilize to make informed decisions.” In other words, organizations use Power BI to process their organization’s data, clean, maintain, secure, and analyze that data for them, and provide them with rich reports.
More to know: How Power BI Revolutionizes Industries (6 Examples).
Advantages of Using Power BI for Project Management
Now that we have discussed how Power BI project reporting tools provide effective outcomes and why you should use Power BI for project management, we will examine the top advantages in more detail to better understand them.
1. Portfolio Dashboard Overview
It is much better to see all your data in one simplified and easy-to-interpret dashboard. Everything is much more organized and straightforward. With Power BI, data scientists can create interactive portfolio dashboards that provide users with high-level immediate visibility. Senior executives can benefit from this style of dashboards within one single glance.
Only when you combine all your data in one single dashboard and all the key metrics are clear, providing senior executives and other key decision-makers in the organization with accuracy and insights, can proper performance issues be resolved.
2. Portfolio Timelines
The portfolio timeline is an interactive chart that represents the active projects across a selected time period. Some organizations need more time-specific reporting. Whether an organization needs a multi-year roadmap about its progress or a one-week progress update, Power BI dashboards can do that.
Portfolio timelines are important for a business to accurately depict where their organization’s progress dropped down or even improved. These dashboards can help decision-makers predict future outcomes for their firm by identifying trends in their reports.
Learn how Power BI benefits the healthcare industry: Your Guide To Healthcare Business Intelligence.
3. Tracking of Project Reports
Having individual or separate project status reports makes it much easier and more effective to track work progress and updates. A project status report is an effective method of capturing details about a specific project at a given time. Different indicators can be used to customize those reports.
The project status dashboard keeps your organization’s stakeholders and teams in the loop at all times with accurate visual information. These dashboards can further encourage teams to discuss points and schedule meetings. No one will be left aloof about the matter in the meeting. This strategy helps with regular planning and active decisions. Here are some key features it enables:
- Power BI projects narrow down your projects by “assigned to” measures
- They check the status of tasks which have been assigned, the risks, issues, and the objectives
- Review individual items offered in SharePoint.
4. Benefiting from Power BI Premium for Enhanced Reporting
Power BI Premium delivers a significant upgrade over the standard version. Professionals usually have access to this version since it provides enhanced capabilities that can majorly improve the project management process. There are several key advantages to using Power BI Premium; it is a dedicated cloud-based storage system that ensures high performance in report generation and data processing.
In other words, no matter how complex you feel that your firm’s information or data may be, the premium version can handle large data sets that have been stored for years, turning those complex dashboards into easy ones. This further allows project managers to gain deeper insights into their goals and projects’ current status. With Power BI Premium, project managers can also share those reports and insights with stakeholders without the need to require an individual license. This improves communication within teams and keeps the team aligned with one target or goal.
Learn more: A Guide for Creating Strong Power BI Dashboard Design.
5. Responsive Power BI Reports
With the increased usage of mobile phones, it is only normal for senior executives to want their reports to be viewed on whatever device they have. This is one of the most valuable features of Power BI reports that can be handled and viewed on mobile phones and other devices. Accessing important reports on the go with mobile apps significantly benefits project management. This keeps senior decision-makers from making the stop decisions, collaborating with teams immediately, and flexibility.
It is important for organization decision-makers and managers to stay connected with their team members’ progress, even if they are working remotely, and this tool is helpful in making sure that goals stay in place. The flexibility of this offers users push notifications as reminders and a touch-optimized interface to facilitate easy navigation and detailed data analysis. The most important part is that there is no excuse for someone to say that they cannot view the reports since there is an offline visibility version as well. This makes sure that there is productivity even without the availability of the internet.
Helpful read: What is Power BI for Beginners?
Implement Power BI for Project Management with BiExpertz
Large organizations happen to have a lot of unresolved data stored away and scattered. It is only normal for managers and senior executives to have a large question mark above their heads to know what their next move is. Some organizations are afraid of making the wrong decisions that could badly affect their outcome and also cost them a hefty price.
If you feel you are struggling to make sense of your project management or data, now is the time to contact professionals. BiExpertz can help you transform your organization’s raw data into actionable insights that will drive project success. If you are unable to understand your firm’s data, our talented team can help you. We have an expert team in Power BI project management that customizes your data dashboards and reports to provide you with real-time visibility into actual project progress. Our team can help you identify your potential risks, optimize your resources, and allocate those effectively. Let us help you gain the power of benefiting from Power BI for your project management and achieve your goals starting today.