Visual management makes the state of work visible at a glance — boards, signals, marked locations, standards posted where the work happens — so that deviation is noticed immediately rather than at the next review.
The argument is about timing. Performance discussed monthly is discussed after the month it describes is over; a team that can see the gap in the hour it opens can act while acting still matters. Speed of feedback is what the visuals buy.
Effective displays are readable without explanation, current without effort, and about the work rather than about the people doing it. Anything requiring interpretation gets ignored, and anything maintained by someone updating a spreadsheet weekly stops being current the moment they are on holiday.
The common failure is quantity: a wall of charts is not visual management, it is wallpaper, and adding more reduces what anyone sees. The other is displays that show only what is going well, which produce a green wall and no information.