What would happen to a project if there were no reports that are formulated at the end of specific milestones? The answer to this question is simple. The project will encounter hurdles that can lead to failure as project managers will not have any parameters to gauge the success or failure of the project.
Thus, you need to ensure that the reports developed are customized to meet the needs of the project you are running. Project management software helps project managers to keep in touch with the different aspects as well as the progress of the project.
There are different project management software tools in the market with some having only basic features while others are more advanced. You must be keen when sourcing project management software to ensure that you get one that can provide as many details as possible regarding your current and future projects.
The highly advanced project management software eliminates the need for standard reporting as they can provide any form of analysis that may be required.
So, what key features should you look out for good customized project report software?
- It should have numerous report layouts for customers to choose from.
- The report layouts should be designed in such a way that it can be tweaked to suit customer preferences.
- The software should have an option to customize report layouts according to customer specifications.
- The reports should run automatically on a configured repeating schedule.
Now, sit back and learn the key benefits that your business will likely get from customized project reports.
Customized reporting entails a lot of automation which makes retrieving data and analysis much easier as compared with standard reporting. In this way, a lot of valuable time is saved.
Standard reporting requires a lot of time before the report can be generated. In standard reporting, data relating to the phenomenon that is to be analyzed must be collected manually. The collected data then must be entered into excel sheets for analysis. The process of entering the data can be tedious and can take a lot of time. As such, a report can’t be generated if it is required urgently.
Customized reporting helps in addressing these shortcomings as a report can be generated at a click of a button. Moreover, with customized reporting, it is possible for existing reports in your business to be updated based on the changes that may have taken place and this helps in monitoring the trend.
Provides Great Visual Effects
The adage, a picture is worth a thousand words holds when it comes to customized reporting. Customized reports have a lot of visual effects which aid in data presentation. These software tools can present data in form of charts, graphs, maps, funnels, tables, and other forms of visualization that present the specific data that you want to display.
The software also makes it possible for design elements to be added to the report to make it more appealing to the users.
Apart from making the presentation more attractive, visual features in customized reporting also make it easy for the data being presented to be easily understood by stakeholders who have limited knowledge of the data components.
Other features such as hover-over effects and periods make it easy for you and your team to navigate through the report.
Enables Performance and ROI to be measured
Projects are established to achieve certain goals. It is, therefore, important for constant monitoring of the project to ascertain the extent to which your business goals are being achieved.
The data obtained through the use of customized reporting shows a clear picture of the performance of the project. The data helps the project managers to make informed decisions on what should be done to keep the project on the right path. Such decisions may include a change in strategy or even injecting more resources into the project.
Customized reporting as well helps in determining returns on investment and helps in deciding on whether it is economically feasible to follow a certain investment path or not. In marketing for example, if the amount of money invested in an advertising campaign does not result in increased sales, then the project manager needs to examine why the anticipated results are not being achieved which can necessitate changes in strategy.
Different Data Sources
Customized reporting can extract data from different sources. The data from these sources act as key performance indicators which show whether the project is headed in the right direction. When the data is combined it provides important insights into how the different aspects of the project are performing. Such information helps in broadening the focus of project management.
The main purpose is to translate any data into actionable insight that can help your team make better decisions which will eventually lead to the adoption of effective strategies.
Encourages Productivity of the Team
Custom reports are suited for different types of business units including finance, sales, and marketing.
Custom reports help in translating data into tangible actions, which if implemented can help to overcome the challenges that come in the way of achieving project objectives.
The data obtained will help to stimulate your team into dealing with the problems that they encounter and come up with possible solutions to the problem. Such teams will come together whenever there is an issue and brainstorm on the best strategy to adopt to overcome the problem.
When the entire team is involved, they are likely to make better decisions as opposed to when the issue is being handled by an individual.
The effectiveness of a project depends on how well it has been managed by the project manager. Ultimately, managers require adequate data to help them make informed decisions and succeed in project management.
Project management software tools are effective tools that help managers to execute their mandate. They should, therefore, seek the one that has many features and offers an in-depth analysis of data. On this, you go to trust the experts.