AI in Project Management: 5 Important Trends to Watch Out for in 2024
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It is no secret that Artificial Intelligence (AI) has taken the world by storm this year. In fact, it is likely to be the world’s most influential “person” if there is a vote! Against this backdrop, every industry is seeking ways to incorporate AI to enhance or perform tasks done by humans now. So, it is hardly surprising when there is a buzz around introducing AI in project management.
Then, there is the fact that there is a growing demand for project managers due to the increasing complexity of projects handled by companies. As such, project managers need assistance to cope with the workload, and this is where an AI project manager can be indispensable.
The adoption of AI in project management will depend on various factors such as budgetary resources, data security, industry trends, and so on. It is only a matter of time before companies switch to AI in project management.
In this post, we aim to shed light on the following trends for AI in project management:
- Things AI in Project Management Will Change About the Industry
- Spurring Automation
- Greater Emphasis on Data Analytics
- Optimization of Resources
- Focus on Monitoring & Testing
- Mushrooming of AI Tools
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Things AI in Project Management Will Change About the Industry
Project management can be defined as an application of processes, methods, skills, knowledge, and experience used for achieving specific project objectives within defined parameters. In essence, every industry has been seeking to modernize itself in order to stay ahead of the curve, especially after the COVID-19 pandemic. Project management is no different. Here are five reasons why AI in project management will transform project management itself:
1. Spurring Automation
There is a likelihood that AI will automate administrative tasks in project management. With the help of AI tools for project management, project managers can reduce their administrative burden. For instance, an AI project manager can take over functions like planning meetings, scheduling reminders, and delivering day-to-day updates, among other tasks. The project manager of the future will be the one who knows how to use AI tools for project management to their advantage.
In fact, the possibilities are limitless: Imagine a construction company working on multiple projects simultaneously, each with strict timelines. Most project managers would create project schedules manually up until this point—which is both time-consuming and prone to error. An AI project manager can automate these, leaving the manager free to pursue complex tasks.
ALSO READ: The Top 10 Indian Industries Hiring an AI Specialist
2. Greater Emphasis on Data Analytics
More and more project managers will use AI to make definitive predictions about project timelines, risks, and resource requirements. For example, a project manager with a background in machine learning project management can use their experience to analyze historical data with the aid of AI tools. Data analysis is useful in several cases apart from estimating costs and planning schedules. Project managers can also use AI to manage risk, and Machine Learning (ML) algorithms could sniff out patterns not discerned by other methods.
The latest trends in machine learning project management highlight how companies are keen to anticipate unforeseen risks with ML. Take a hospital, for example: It is always tricky to manage hospitals because a lack of efficiency can be the difference between life and death. A project manager can use the hospital’s vast trove of data to train AI algorithms, helping optimize patient flow. It can detect that certain windows of the day are busier than the rest of the day consistently.
3. Optimization of Resources
The presence of AI in project management can optimize the allocation of resources, leading to better utilization. An AI project manager can analyze workloads, skill sets, and project requirements. This data can ensure an effective allocation of the company’s human resources, resulting in efficient project execution. AI can also help predict the cost and duration of projects. Project managers could distribute tasks evenly among team members to avoid burdening certain individuals with the aid of AI tools.
The manufacturing sector is a competitive one as it guzzles resources: Companies struggle to manage resources across supply chains to meet production deadlines while keeping costs down. The introduction of AI can unfurl bottlenecks in various processes by using data. It can be used to predict potential disruptions and constraints and also keep an eye on global events that cause resource shortages.
ALSO READ: The Top 9 Industries That are Most Likely to Benefit From Implementing AI TRISM
4. Focus on Monitoring & Testing
Most projects value testing as a critical element among all tasks. These projects also need constant monitoring during and before the tests. It is likely that project managers will use AI tools to conduct real-time project monitoring, allowing for timely adjustments and swift resolution of issues.
To elucidate further, a software development project requires constant testing and monitoring to ensure consistent quality. The use of AI can be crucial in identifying and resolving bugs that crop up during the process. Every developer could include AI algorithms in the software code to detect and categorize bugs within the code. An alert could also be sent to the developer or manager if AI detects a potential anomaly.
5. Mushrooming of AI Tools
The whole world knows about ChatGPT; the popularity of AI in project management could likely result in newer AI tools for project management. It will compel companies to innovate, and this can have positive implications for the real world. Some programs, previously limited to a select few, could become accessible to the general public.
There are already several project management products in the market, such as Oracle’s digital assistant, Monday.com, etc. Monday.com is a tool that leverages AI to enhance various aspects of project management; it covers everything like automation, resource allocation, progress trackers, predictive insights, etc.
ALSO READ: AI in Project Management: How to Successfully Manage and Complete Projects
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It is not a question of if but when AI takes over project management. The year 2023 will be remembered as the one in which AI took center stage in our conversations; 2024 is only going to magnify its scope and impact even further. Thus, it is better to be prepared for the inevitable and have a better comprehension of AI in project management to stay ahead of the competition. Enroll in Emeritus’ artificial intelligence courses and machine learning courses today and prepare yourself to deal with the vagaries of the future.
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