The Future of AI and Project Management
Project management AI can be defined as a system which can be used in the administration of projects and in day-to-day management without any need of human input. It will help in automating the simple tasks and will also help in developing the understanding of the project performance. The Project management AI will afterwards use this understanding to discover the insights, can do more multifaceted tasks, can give suggestions, and also can take decisions; the things which are becoming difficult for people to do today. Thus eventually, an AI system will improve the outcomes of your projects and also will save time. Using AI will make your work more effective.
Project management AI executes many services which are much above than many of the bots existing today. For example, a Hipchat bot which makes you verify the status of Jira job rapidly, cannot be called as a project management AI. Likewise, an algorithm which uses machine learning to forecast the results for tasks is not AI either. The real perspective of project management AI will be known only when you begin bringing algorithms and bots collectively.
Recently if you have gone through any tech media, then you must have heard about artificial intelligence (AI). Some take it as a herald of the future, and others are sceptical — still fearful — related to its effects on society, workplaces and culture.
AI is the buzz of today but has come out with a lot of contradictory emotions. A new Atlassian user survey result says that 87% of people believe that artificial intelligence (AI) will alter their job structures at the workplace in the coming years. Some others believe that a part of their job might be completed by AI. 86% are excited but other 87% also were skeptical.
Though, AI is not a thing to be feared. Thinking positively, it could turn out to be your best team member, particularly for project managers. It will definitely help in making good decisions and let things happen faster. Let’s see how?
How the Future of Project Management would change, thanks to AI?
Have you ever thought, what would be the impact of AI on the project management industry?
According to Gartner by 2020, because of Artificial Intelligence 1.8 million jobs will be cleared. Though, it can also happen that there could be a making of 2.3 million new jobs. If this happens, it is good news for the people and will also boost up the economy of the country in turn.
Let’s have a look at how AI will have a positive impact on the businesses, particularly with respect to Project Management. Artificial Intelligence has the ability to bring outstanding alteration in project management. Though in the beginning, they seem to be minuscule or as if they are routine improvements, but with the time they mount up to improve the long-term competitiveness of project management for the businesses who are looking for AI.
A lot of businesses are waiting for project management software which should have AI capabilities. We should be prepared for it as it is the future. New technology always brings ease to humans of doing the work. AI is also one of them if implemented gives you good results. Let’s see some of the benefits of AI and how it is good for the organization.
Artificial Intelligence can transform project management in a few of the ways like as follows:
1. Helps in reducing expenses
It can come to the mind that incorporating AI-powered project management software into their business can bring a huge cost to incur. But, the possible savings which will be attributed towards the appropriate utilization of AI is far outweighing as compared to its cost.
To start with, AI can simply modernize and mechanize a lot of repetitive tasks, which will allow both team members and project managers to concentrate more on the complex activities which are present in the project. It will increase the excellence of work and will reduce the labor cost.
In common, cost reduction is the main objective of AI adoption. A survey done in MIT Sloan shows that 63% of people cited that this the main reason to support AI.
The baselines of Artificial Intelligence are the integration and automation when a decision has to be taken to purchase .There are many cost benefits which are motivating to bring AI to the table.
2. Taking the help of AI based analytics
People are thinking it diversely when they are thinking about AI or machine learning in project management. For example, the AI startup, Black Swan, thought of everything moving from Disneyland to the cold and flu period hitting the A&E departments.
In project management, usually, the predictive analytics is being done through AI which combines the particulars of the past projects in order to see that what will work and what will not. After getting this information, the AI can “forecast” a project’s future, and get better visibility to the managers and the project team members. It alarms them if in case the project is moving in the wrong direction in terms of time or budget, and will also provide the advice on budgeting, scheduling, potential risks, etc. This function acts as a lifesaver for team members/ new project managers who are not familiar with the projects which are earlier being taken by the company. Predictive analytics improves the ability to take decisions for the people of project management tools prepared with AI.
3. Analyze data to find patterns
The other main function of AI is to collect, analyze and sort the data which is being taken from different sources. It helps to provide insights into the projects. AI is able to find the relations between the data which is not even seeing by the skilled human eye.
The main function of the project manager is to use these insights in such a way which should benefit or improves the project. Apart from this, AI also gives insights into the project, letting the project teams solve much-complicated problems. AI helps in structuring the data, inconsistencies and finding their patterns.
This permits it to harness the insights even if the mass of data is very dense and changing it into a valuable thing which is used by project teams to get better the project processes.
4. Repetitive tasks can be eliminated
An Accenture study revealed that managers of the frontline, i.e. the executive-level and the middle-level use up 54% of their time doing administrative activities. Though, when there will be AI, it will take only 25% of their time. When most of the administrative work being done by AI, then at that moment project managers have enough energy and time to concentrate on their real work. Now they would be able to do justice with their job, their judgmental skills and unique interpersonal skills, as it is more important for the organisation as when AI is used in business.
It is a fact that there is no replacement for human being’s judgment and empathy as compared to software. As with the time AI along with its applications in project management software becomes prominent, the role of a project manager is motivation, clearing agenda, strategy formation, in innovation will now take the front seat. Thus it becomes a software assisted management.
5. Help in evaluating risks
AI is great in doing the mundane and repetitive task as compared to a human being. This is needed for enhanced administrative control and increases the visibility in projects.
For example, in a construction project they have implemented project management software with AI capability. If it is not for AI, a manual interface will take over the charge of checking the maintenance of heavy equipment, there is always the possibility of error when he performs the task, which can easily have chances of accidents. In turn, the software will also be able to find out the risks which a person can miss.
Thus, in the end, we can say that the future of AI and project management is bright enough as it not only helps the organization in risk management but also looks for project estimations. This will make project managers embrace AI and wherever possible should use it for the success of the project. Leveraging AI will improve the organization data sets which in turn will be used in optimizing the minimum cots in a project to be taken. This will make an organization more efficient and effective. Everyone wants that their organization should be a successful organization for that it is very important to have AI which will improve the efficiency of the organization.
Most of the universities are also planning to include courses on Artificial intelligence for the students as it is an upcoming field for them. The future is with AI where things are being decided so as to take effective decision in favor of the organization and this will also upgrade the performance of the organization.