5 Ways Artificial Intelligence Will Transform Project Management
Stephen Hawking stated, “AI is likely to be either the best or the worst thing to happen to humanity.” According to Gartner, it will be the former. It predicts that by 2020, AI will decrease employment opportunities by 1.8 million, but simultaneously create 2.3 million new opportunities as well.
To surmise, AI will open new prospects for people in the job market.
Artificial intelligence holds the potential to transform businesses. From project development to marketing, everything will evolve in light of the new technology. With project management, for instance, it will not just take over repetitive tasks or provide routine enhancements. But it will improve the long-term efficiency of the fundamental processes.
So, let’s explore some of the ways AI will impact Project Management:
1. Reduced Investment Cost
Companies believe that integrating AI-powered systems into project management will be costly. But in reality, the truth is far from it! Cost reduction on the overall processes is one of the significant impacts of AI for businesses.
AI can automate many repetitive tasks, therefore limiting the number of personnel required, resulting in decreased labour costs. Plus, it allows project managers and other team members to focus on more crucial areas of the project.
Automation is the most primitive use of artificial intelligence, but it is also a significant factor that contributes towards its cost-effectiveness. If appropriately implemented, AI will increase the profit margin by improving the quality of work and lower the initial investment cost for companies globally.
2. Predictive Analysis
When talking about AI in project management, predictive analysis is the first thing that comes to mind. AI-enabled software will sort through previous projects to analyze what strategy worked and what didn’t. Based on the data collected, the software will predict tactics for PMs to apply in the future.
Additionally, the AI will advise on scheduling, budgeting, and the potential risks to the project. It will also notify the project managers in case the project is going off the rail concerning budget or time duration.
Businesses face various hurdles throughout its lifecycle. AI technology is a lifesaver in project management, ensuring the success of the company against the competition. It can aid the team members unfamiliar with project planning and strategizing, or if the project concept is a new one.
Predictive analysis aids by speeding up the decision-making processes, helping project managers to act instead of wasting time on deciding the next move. As AI compares past projects to devise the plan for the future, PMs can set the budget without fearing financial setbacks.
Artificial analytics will elevate the quality of development with predictive analytics. With an analysis of the team and previous projects, it will deliver a streamlined project management model with minimal chance of failure.
3. Improve Productivity & Efficiency
Since AI automates and streamlines many of the administrative tasks and project analytics, it reduces errors and improves overall productivity and efficiency of the project.
AI-powered systems can detect errors in the processes at any stage of development. It will inform the PM of the defect, allowing them the opportunity to improve on the quality. Additionally, with artificial intelligence handling repetitive, mundane tasks, it leaves the project managers with time to focus on more essential areas of the project.
AI can take over sending emails, notifications, cost allocation, and more. It will also survey the progress of the project and recommend changes if it is off schedule.
4. Eliminate Repetitive Tasks
Someone once said, “technology doesn’t make great leaders, but it amplifies great leadership.” In our case, it amplifies superior project management.
A research stated that at least 54% of the time for executive and mid-level managers is spent on menial, administrative tasks. With the implementation of AI in companies, the time spent on repetitive work will decrease to 25%. The PMs will have more time to undertake other responsibilities and boost productivity.
Dr. T.P. Chia said, “technology cannot replace human intelligence.” So, while AI will handle the bulk of administrative work, project managers will be able to invest their professional expertise in the project. They can focus their energy on bringing value with their experience and judgment skills.
No software could substitute human’s empathy and judgment. The fact remains, despite machine learning and innovations in technology, you still need human employees to work the equipment as required. As the use of AI grows prominent within businesses, the project managers’ role grows more vital for innovation, strategy execution, motivation, and judgment in general.
5. Risk Management
AI’s predictive analysis feature can also help companies minimize the risk factor of any project. AI-powered software monitors the processes of project management from the beginning. The data is recorded on a ‘risk register,’ which, coupled with the analytics tool, helps project managers detect errors in the development phase. It allows monitoring of data in real-time and eliminating bugs before it can cause a total system failure.
Risk management in the initial development will help companies rise above their competition and be a market leader.
AI may not replace human judgment, but it is highly irreplaceable for the maintenance and analysis of equipment. AI-enabled systems will be able to catch bugs that a person might overlook. Plus, with artificial intelligence, there is no chance of human error playing a role in the analysis of the project.
Additionally, AI can decrease the fraud rate by a significant margin. Project managers cannot monitor every team member at all times. AI software can be integrated with an algorithm to detect any deviation from the planned path during development.
Whether in-house or remote, AI monitors all team members. It can recognize noncompliance in any stage of development and prevent sabotage before it can disrupt workflow.
The Future of AI in Project Management!
AI will irrevocably change project management systems, but it cannot replace human empathy and judgment. So, as more companies turn to AI with their project management, PMs and team members will benefit immensely by acquainting themselves with the emerging tech.