What kind of impact AI brings? New technology advances are constantly shaping the world we live in, and one particular breakthrough, Artificial Intelligence (AI), has gained immense popularity recently. AI software like ChatGPT or ChatSonic has become a sensation within our community, providing assistance with a wide range of tasks, from simple queries to complex questions, homework support, and problem-solving. The impact of this technology on the project management industry is a matter of great significance.
Investors have allocated approximately $48 trillion to projects. However, the Standish Group’s research reveals that only 35% of these projects achieve success, leaving a staggering 65% of resources wasted and benefits unrealized. The primary reason for this low success rate lies in the inadequate maturity level of technology employed in project management. Many organizations and project leaders continue to rely on conventional practices, utilizing spreadsheets, slides, and other outdated applications that have remained unchanged for decades. However, these methods fall short as projects and initiatives constantly adapt and evolve within the dynamic business environment. Integrating AI and other technological innovations can significantly increase the project success rate by 25%.
According to Gartner analysts, they predict that by 2030, AI will carry out 80% of project management tasks. It will be ran by big data, Machine Learning (ML) and natural language processing. Algorithms to apply AI and ML in project management has already been developed. There will be big impact coming once this algorithms are implemented. How exactly the impact AI brings will effect the industry?
The Impact
The impact AI brings to project management are a few. To quote one, ML enables organizations to ensure that the projects bringing the most value to the organization are identified. By providing accurate data, ML algorithms can learn patterns that surpass human accuracy in predicting outcomes. These patterns are often undecipherable through other means. The implementation of ML prioritization expedites the identification of launch-ready projects with strong fundamentals. Additionally, projects with a higher likelihood of success and greater benefits can be selected. Consequently, the use of ML eliminates the influence of human biases in decision-making processes.
Furthermore, data analytics and automation startups will optimize the role and operations of the project management office (PMO). These intelligent tools will revolutionize how PMOs function and perform. They will enhance project monitoring, allowing for better anticipation of potential problems and prompt resolution of simpler issues. Additionally, automation will aid in the preparation and distribution of project reports, as well as facilitate feedback gathering processes.