AI’s impact on Project Management
AI and the future of Project Management
Artificial Intelligence
Artificial Intelligence also known as machine intelligence is the ability of a computer to act like a human being. The self-aware and conscious AI is a contrast to the natural intelligence displayed by humans. Everything around is a product of intelligence and so the digital world is turning to be a product of AI. AI’s impacts, benefits, and safety have been researched and verified in every stream. AI is an absolute change maker in every field and in project management. AI systems are one of the biggest events in human history. They exist from logistics and finance to construction and healthcare. Projects planned and monitored by companies are succeeded through the superintelligence in our time. AI has also made a huge impact on the job sector creating more jobs than it eliminated.
Project management and AI
Project Management includes 4 phases including initiation, planning, execution and closure of the work of a team to meet the goals at the specified time.AI has been an integral part in project management. AI performs day-today management and administration of projects without human input. Project performance has been enhanced and developed by AI. Apart from the development in performance , AI performs more complex tasks and gives recommendations. A lot of time is saved with the help of AI.It also improves the outcome of the project. Project management AI will be be sooner be a project assistant dealing narrow areas and focusing specific areas for development rather than the whole of a project.
Scott Middleton, founder and CEO of stratejos, a smart assistant for software teams using Jira and Hipchat has mentioned AI as the promise of future. Recent Atlassian user survey found that users were skeptical and excited about the function of AI in project management.
AI is a wonderful asset for project managers. Memo, wiki that’s always up-to-date is an assistant for helping technical teams manage notes and instructions. Predictions become more reliable, easier and appropriate because AI notes the changes in tasks performed. The quality, metrics and the graph of the project becomes precise and clear in every next step when the assistants expand their understanding, increasing the performance and decreasing the effort. Black Swan, a data- mining startup that uses artificial intelligence had Disney as their first clients. They were able to predict DVD sales, which goes down to the supply chain and marketing. Algorithms devised by Black Swan changed the way retailers used the products and supply chain. AI chatbot assistants in software applications is another major example of developing AI system that uses natural language processing to map a spoken or written input, they are rapidly entering the workplace.
Why choose AI?
Data size or unstructured data is always a challenge which can be dealt by project management AI.It deals with these challenges by creating assumptions about the missed data and entering the data. AI also recommends on the development and improvement of the project that they input. Project management AI has proven its capability on enhancing the team performance and project outcomes. Leveraging AI to automate and improve data sets utilised in project execution will allow organization to realise optimal investment value in the project and potentially identify savings that could be leveraged for further investments in product development leading to organizational growth.
AI and its Impacts
Project management has been vastly revolutionised by AI in various ways:
1.Reduced Expenditures
Quality of the work is increased and the cost of labor is decreased on incorporating AI. The potential savings and cost reduction in project management is a reason for AI adoption. Since it helps in automating repetitive tasks, it allows the project members to focus on other complex tasks. Pressure to reduce costs require organizations to use AI.
2. Prognosticate Data
AI can predict the future of a project. AI functions to give intelligent advices on scheduling, budgeting and potential risks. Predictive analytics of AI also enhance decision making for the users of project management. Black Swan has helped predict everything ranging from toy sales for Disneyland to when cold and flu season will hit.
3.Competitive Advantage
AI allows organizations to sustain a competitive advantage.AI is capable of providing insights into the project and structures the data. AI eliminates the repetitive administrative tasks that helps the project manager and other project team members to enhance their work. This brings out a beneficial outcome in less time. AI based solutions become capable of analysing the data generated by teams and indicates the events that could hamper the workflow.
4. Early Risk Detection
AI detects the risks early which could be a threat to the quality of project. AI also manages the detected risks, manages it and takes preventive measures on identification. The old method of detecting threat was to use computers to analyse structured data against rule sets, requiring hours of investigation. AI system detects threat easily and is a huge breakthrough in project management.Aptage uses visualisations of confidence, feasibility and whether the risk is going up or down over time. Aptage uses machine learning to predict the outcomes of projects using data, such as the planned start and end date of various phases of the project.
AI and the future of Project Management
With merging AI equipped project management solutions, the complexity of the work is reduced and in future AI would turn to be an integral part of the project.Being an early adopter of AI and innovative tech promotes and enhances the efficiency and the average productivity of the project. Project Managers and team must prepare for AI’s impact on Project Management by embracing the technology for the project success. AI is one guaranteed partner to project manager.
Author Bio:
Vinod has conceptualized and delivered niche mobility products that cater to various domains including logistics, media & non-profits. He leads, mentors & coaches a team of Project Coordinators & Analysts at Fingent a custom software development company.
