... will be eliminated by 2030 as Artificial Intelligence takes over. AI will help make better decisions leading to improving the chances of delivering projects on time and budget. Traditional project management functions like planning, data collection, tracking, and reporting will be taken over by AI/ML algorithms.
Data Analytics techniques can enable project managers to use various analytical reports and drill-down charts to break down complex project data and predict their behavior and outcomes in real-time. Project managers can use this predictive information to make better decisions and keep projects on schedule and budget. A data-driven analytics approach enables project teams to analyze the defined data to understand specific patterns and trends. Executives can use this analysis to determine how projects and resources perform and what strategic decisions they can take to improve the success rate.
According to McKinsey report, US $66 billion was “lost” across 5000 separate projects. This was due to them exceeding their lifecycle, poor planning, and the wasteful expenditure on the wrong kind of talent
Data plays a significant role in any organization. Using analytics, managers and executives can watch for early signs in terms of budgets, costs, and timelines and take proactive action. Managers can use a burndown chart, for instance, which is a graphical representation of pending work to do over time. In addition, deep and insightful analytics can help you improve resource utilization and better forecast revenue and costs. Using analytics, organizations can take a 360 degree view and combine unrelated data streams to offer deep insights into projections and early warning signs in complex projects.
To sum it up, managing this complexity and the need for changing world is using digitization. The digitization of the Project Management phases will provide all synchronized databases available to each stakeholder appropriately, and the same can be used for Managerial decision making. Building Analytics on this database, Risks affecting Project Performance Parameters – Time, Cost, and Quality can be efficiently predicted and controlled. In addition, the status will be available for each project to individual project teams, whereas Portfolio Dashboard will provide the bigger picture for managerial decisions on Strategies & Organizational Priorities.
Our PM experts are highly experienced with industry/ sector agnostic views. We provide role-based customizations for Project Managers as well as top executives to help them to measure, observe, and analyze project performance objectively and make decisions & commitments based on facts/ assumptions/ historical data/real-time data/ future information using Analytical reports, Interactive dashboards by defining your KPIs, measures & metrics aligning with your business objectives, goals, mission, vision & growth strategies.
Our 100+ PM-focused KPIs based on best industry practices and our service industry experience — and dashboards ready to help visualize the results.
Business objectives and KPIs are automatically tracked in Analytical view; which analyze, compare, and predict progress toward defined targets with real-time data. Users can here track KPIs in real-time and compare performance against targets.
Dashboards provide a graphical view of performance trends and real-time results, allowing executives and business service owners to make quick, informed decisions at a glance. Navigation is intuitive and familiar, with dashboards accessed from within the Hexalytics interface using dropdown menus, tabs & innovative industry specific charts.
It empowers users and employees with self-service intelligence based on secure, real-time data — while retaining the business context needed to turn insights into action. Embedded analytics provide faster, more secure, and more reliable results than traditional business intelligence or third-party tools.