- October 31, 2019
- Posted by: Deepika Sharma
- Category: A.I.
Project management (PM) has continuously evolved as organizations have rapidly progressed to match the demands of projects and the need for success. A single project management methodology can never fit all projects since projects are diverse and run across varying lines of businesses and industries, as well as having differing levels of complexity.
Some technology trends rule businesses and industries across the globe. Upcoming trends including, but not limited to, cognitive technology, touch commerce, IoT (Internet of Things), and AI (Artificial Intelligence) will promptly change the business landscapes. Among all these, AI is set to make the largest impact across industries due to its ability to learn, adapt, and automate processes.
When it comes to project management, technology has always been a part of transforming. Predictions and decision-making are two things that are present wherever there is management. Artificial intelligence (AI) provides the power to predict more accurately and this aids in decision-making. AI has had an impact over several industries, be it with chatbots, machine learning, virtual assistants, or something else. If you are an avid follower of the trends in technology, you are aware of the hype of AI since last year. Google’s CEO even went on to say that currently, A.I. is more important than fire or electricity.
We don’t know about fire or electricity, but AI will certainly impact businesses and industries all across the globe. Below we will go through some upcoming AI trends that will transform project management.
AI for Risk Management and Project Analysis
The last two years have witnessed the rise of AI in project management and this will continue as some industries are yet to make greater use of it. AI’s escalating accuracy of predicting potential risks will aid in a project’s success. Project risks can affect your project budget, timeline, or performance. Through project risk management using AI tools, you can identify, prioritize, plan, and respond to the risks not yet happened. You can read about project risk management software and project delivery here.
Relationship building and negotiating have been critical parts of a PM’s role. AI research teams are working on AI-based systems that can augment the decision-making ability of a project manager by examining data from the project portfolio. These AI project management tools can analyze data from multiple projects to improve decision-making. However, an algorithm that can empathize, actively listen, or tactfully negotiate is yet to be discovered!
Another important feature of AI in project management will be an enhanced project analysis that allows managers to know the state of the project against desired objectives and goals. AI and other machine learning aspects will allow managers to determine the project completion rates, adding up to the likelihood of delivering project on-time.
Decision-Making through Machine Learning
Machine learning contributes to better decision-making on different levels of a project. According to PMI’s Global Project Management Survey, 41% of projects were rated highly complex. Machines can achieve decision-making consistency more easily than humans. Machine learning can help understand the process, risks, and outcomes of highly complex projects that further aids in decision-making and productivity.
Repetitive Task Elimination through AI
According to research, administrative tasks eat 54% of an executive-level and middle-level manager’s time that will change to 25% after AI will start doing most of the administrative work. Project managers will be left free to do other higher value project-related tasks when AI starts doing repetitive tasks.
AI PM tools can effectively boost productivity across projects in all industries. The rise of AI, in the above-mentioned trends, will soon take over the project management industry and change it for good.