Thinking to Revolutionize your Project Management? KickStart with Artificial Intelligence

If you are a techie person then you must have heard about the buzzing word – Artificial Intelligence(AI). Some people are predicting it as the promise of the future while others are being skeptical and fearful about its impact on society, culture and also our workplaces.

The computing technologies are meant to make lives easier for all mankind by adding convenience to all types of processes which might require human time and effort. The use of artificial intelligence encompasses machine learning and decision-making capabilities which are normally ascribed to humans as it is the next evolutionary that has already gone underway.

From software development to construction and logistics to finance every company has projects that require proper planning, managing, and monitoring. But the tools which we use are a bit complex and are designed for specialists which do not has the potential to solve problems.

The counterpoint to the artificial intelligence revolution is the persistent fear which will surpass human contributions in the workforce by taking the jobs that were once performed by mankind. While AI is more likely to take over any number of time-consuming tasks, it has its own advances when comes to project management. However, artificial intelligence is not to be feared as it maybe even your best team member for project managers. There is much hype about the use of AI in project management because of its smarter decisions and faster moves.

What is AI-based Project Management?

The AI-enabled project management is a system that can perform the day-to-day management and administration of projects without requiring human inputs. This will not only help to automate simple tasks but it will also develop an understanding of key project performance.

AI in project management can use this understanding to uncover insights and perform more complex tasks, make insights, improves decision-making which is sometimes lacked by the people too.

An artificial intelligence system will definitely save your time while improving the outcomes for your projects and team. AI in project management will provide a level of service that rises above all the bots which are available today. For instance- a chatbot lets you check on the status of a Jira task rapidly which cannot be considered as AI-enabled project management. Similar to this, an algorithm that applies machine learning for predicting task estimation is not an AI either. It is only when you begin bringing bots and algorithms together by realizing the potential of AI-based project management.

Earlier, AI in project management used to be a project assistant which is focusing on a smaller area of managing a project or team It focused on supporting a team in one specific area rather than dealing with all the complexities which are involved in managing the project. For instance- Stratejos started out by focusing on providing assistance with estimates, budgets, and sprint management while Memo assisted in the management of team knowledge. With such narrow areas, this early project management techniques with AI only gave glimpses of the future where AI will automate the tasks by providing useful insights and communicating with the team.

Let us dive deeper into some of the useful project outcomes which are going to come in the near future.

Managing the Resources

An array of artificial intelligence tools is used to reduce the burden of the project managers by empowering them. They can reduce both the time and efforts of the project managers by helping them to track the progress as well as the project performance.

Project management is made efficacious by creating a better plan to work for. This includes taking unforeseen risks into account and having proper provisions to combat the risks in place. The expected outcomes can be changed by making external changes. This requires to make an accurate prediction of risks by the system. In this case, machine learning actually comes very handily.

The AI tools will automate the processes of document management and resource management which will make it easy for the project managers to manage the project effectively. These tools take care of the tedious and most time-consuming work like document management, data merging and coordinating deliveries thereby leaving managers with the work which cannot be done by the machines.

Enhances Risk Analysis

The organizations are using existing or old data along with the machine learning tools for predicting the outcomes of the project like completion rate and delivery time estimation by utilizing the existing resources.  The estimation includes the upper bounds and lower bounds with the help of AI tools in analyzing the risks. Hence, AI can help in dealing with the risk during the execution phase by making the project more efficient.

These AI-enabled tools help to track your projects and check whether everything is coordinated well by moving in a positive direction. Some of the robust AI tools are having the ability to manage projects without the aid of a project manager where robots are used to track the project progress. They can be employed to look after the status reports and send red alerts if any delivery is not made on the estimated time.

Accurate Prediction and Experiments

Some professionals claim that machine learning can be used to forecast related to the project failures which are based on varying business models. In such a way, the project managers can decide which model should be followed and which should be abandoned in order to execute the project successfully.

RPA (Robotic Process Automation) is possessing an ability to be used in scheduling and resource optimization which is fed by data modules or business rules. After this, they use those data models to evaluate the project and report all the exceptions. Moreover, the organizations use some of the predictive tools to get some useful forecasts so that the project can be modified to reduce the losses due to the risks.

Additionally, the organizations also experiment with other tools to gain ultimate success as the rate of experimentation and key metrics determines the success for them. Experts also believe that machine learning can be successfully used to predict the failure or success of the project which is a far-fetched reality as of now. Still, AI is going to make everything possible in the near future.

Hence, to get an accurate prediction the businesses are required to capture the data and feed business model into the AI tools that can be evaluated to determine the success or failure of the projects

Eliminates Repetitive Administrative task

It is found that managers be it front-line, mid-level or executive-level spend most of their time on administrative tasks. With the help of artificial intelligence, this time-consumption can be reduced to half. When the bulk of administrative tasks are passed on to AI it will give the project managers more time and energy to focus on real work which can add value to the project with their unique interpersonal and judgemental skills to become more important with AI.

The fact is that no software or line of code can ever replace human’s empathy and judgment. But as AI and its applications in project management software grow prominent, the role of project manager becomes more innovative, strategic and motivating in general to the forefront.

Gain Actionable insights from Disparate data

Besides the automation, one of the most vital functions of AI in project management is to provide some actionable insight into the project by sorting them and collecting the data from an array of sources. AI is capable of finding connections in data that cannot be visible to even the most trained human eye.

Obviously, these insights are delightful to enhance the project for the project managers and his team. Artificial intelligence can also provide actionable insights into plenty of aspects related to the project by allowing the project managers to get around with most of the complicated problems. AI does its job of data structuring by finding its patterns and inconsistencies if any. This will allow us to identify useful insights from even the most bulks of data and help to transform for the project teams to use it efficiently in project processes.

The Road Ahead

Artificial intelligence is a boon for the industrial sector as its tools can simplify even the most complex processes by reducing human efforts and saving ample time for the project managers to help them focus on other crucial tasks. The AI-driven tools are revolutionizing project management. But still, they can never replace human efforts. However, AI is poised to being some pivotal change by becoming an integral part of the project management systems in the upcoming years.

It will be beneficial if the project teams start to take advantage of AI which helps them to move at the speed of light compared to those who do not use these tools. Sooner or later, they have to switch to an Aoi-powered solution for emerging AI-equipped project management solutions. So why not now? And that’s something to be excited about now. Keep Learning!

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