With all these expectations, how do you stay on top of day-to-day deliverables? One game changer is learning how to effectively gauge a projects’ Key Performance Indicators (KPIs).
Leveraging the best project management tools is one of the best ways to ensure that your team is on track to meet its goals and make data-driven decisions to improve performance. Still, surprisingly, only 25% of businesses use some form of project management software.
It’s said that great planning creates more revenue, so you definitely want to plan and manage projects better. But without KPIs in place, it’s hard to measure project progress and success.
In this article, we will explore eight strategies to help you measure KPIs using top project management tools, along with examples and features to support these strategies.
Establish Clear KPIs for Project Management
Before you can begin to gauge your KPIs using project management tools, it’s best to start with determining if you have a clear understanding of the KPIs to begin with. Moreover, do your team members know what the most relevant KPIs to your project’s success are?
To effectively address this, you have to work with your team to define the KPIs for project management that align with your organization’s objectives, and ensure that these are measurable, achievable, and time-bound.
One common KPI in project management is the “on-time delivery rate.” Establish this with your team by setting clear expectations and placing positive and negative reinforcement that will remind your team members how important this KPI is.
Use Built-In Reporting Features
Many of the best project management tools come with built-in reporting features that can help you track and measure KPIs. For example, Trello’s Power-Up Reports can provide insights into task completion rates and team productivity. Other project management tools also have a feature that lets you monitor project progress and view key metrics in real-time.
Leverage Customizable Dashboards
One of the benefits of using top project management tools is the ability to create customizable dashboards that display the information most relevant to your KPIs. For instance, some project management software allows you to create custom views that display specific project data, such as task status, resource allocation, and budget information.
It’s best to tailor these dashboards to your KPIs, you can quickly assess your project’s performance and identify areas for improvement. This is great for monitoring, review, and progress tracking.
Set Up Automated Alerts
Monitoring your KPIs can become overwhelming without a system in place. Many project management tools offer features that allow you to set up automated alerts when specific KPI thresholds are met or exceeded.
Many business software solutions and project management systems solve this issue. With the right software, you can create custom notifications for task completions, approaching deadlines, and budget overruns. This way, you can proactively address potential issues before they become significant problems.
Integrate with External Analytics Tools
Sometimes, built-in reporting features of project management tools may not provide the level of detail you require to effectively gauge your KPIs. In these cases, consider integrating your project management tool with external analytics platforms like Google Analytics, Power BI, or Tableau.
Setting up this integration with your project management tools will enable you to pull in additional data and create more comprehensive reports, providing a deeper understanding of your project’s performance. Moreover, you’ll be able to see if you’re still on track with your KPIs and targets.
Measure Team Collaboration and Engagement
Effective team collaboration is an essential factor in the success of any project. Some of the best project management tools offer features that allow you to track and measure team engagement.
While tracking engagement in your team isn’t a foolproof practice, there are metrics you can look at to provide you with a great estimate of your team engaegment. Some metrics to look at include the number of comments on tasks, the frequency of updates, and the response time to new assignments.
Regularly Review and Update KPIs
KPIs should align with business goals when they change. 95% of top managers agree that KPIs should connect to overall business goals to be effective. As your project progresses and priorities shift, make sure to review and update your KPIs accordingly.
Many project management tools offer features that allow you to easily modify KPIs and track changes over time, enabling you to stay agile and adapt to new challenges.
Utilize Resource Management Features
One critical aspect of gauging your KPIs is understanding how your team’s resources are being allocated and utilized. Many top project management tools offer resource management features that enable you to track the workload of each team member, identify over- or under-utilized resources, and reassign tasks as needed.
Some projet management tools provide comprehensive resource management capabilities, including workload charts and capacity planning.
KPIs Are Crucial for Project Managers
Effectively gauging your KPIs using project management tools is an essential skill for managers and executives who want to drive their projects to success. By leveraging the features offered by the best project management tools, you can establish clear KPIs, monitor progress, optimize resource allocation, and make data-driven decisions to improve your team’s performance.
It’s important that you constantly review and update your KPIs as your project evolves. This practice will help you ensure that you always have a clear understanding of your project’s health and progress.