We have covered AI in various aspects of different sectors, from hearing aids to county governance. Now, let us look at the transformative power of AI specifically in terms of project management. Project management is something that is present and important in many different industries like construction, technology, and sales. It is the crucial backbone of any project, consisting of organization, planning, and monitoring.
Project management is a crucial part of any business, and with new discoveries in AI, project managers have the potential to boost efficiency and productivity. There are already many project managers that have utilized AI and are experiencing the benefits. In fact, about 63% of project managers report increased productivity and efficiency as a top benefit of AI. Continue reading to learn more about how exactly AI is used in project management and gain insight into the possible benefits.
How is AI used in project management?
AI helps to enhance the jobs of project managers and make project management more efficient. You have probably heard of how AI can automate different tasks, and that is a big part of how it helps to transform project management. By streamlining certain time-consuming jobs with AI, project managers can focus on more strategic aspects of their duties.
Scheduling and reminders: Administrative tasks such as scheduling can be automated with AI. Project managers can have their schedules and reminders automatically set for them and even have them changed if there is any sort of new update in the project.
Resource allocation: AI algorithms have the ability to analyze historical data and the current project requirements and available resources to assign tasks to the right individuals.
Risk management: In addition to allocating resources, AI algorithms can use the analysis of historical data to help with risk management. AI can identify potential risks and provide strategies to mitigate them.
Predictive analytics: Using past project data, AI can help predict the best ways to run current and future projects. This includes possible budget overruns, resource needs, and other necessary insights that project managers can learn in advance.
Performance evaluation: AI has the ability to monitor and analyze the performance of a project and use key performance indicators (KPIs) to measure project success.
AI is even being used by the leading association for project management professionals. Project Management Institute (PMI) has collaborated with LivePerson, a digital AI platform that helps businesses communicate with their customers in real-time. PMI utilizes LivePerson’s Conversational Cloud Platform to provide more convenient support for its customers. Using AI, customers can interact with automated chatbots and virtual assistants that use intent recognition and interaction history to help customers find what they need. This has been very successful, with over 1.5 million customer interactions with PMI's virtual assistant to date.
Benefits of AI in project management
As stated previously, AI is already highly beneficial to project managers as it has the potential to increase efficiency and productivity. These are two very important factors of project management. Here are a few of the ways AI improves these factors:
Decrease chance for error: AI has the power to provide a high degree of accuracy, though no technology can guarantee 100%. It can minimize human errors and use analytics to suggest the most efficient and effective ways to allocate resources and budgets.
Streamline project planning: Tasks like scheduling, risk management, and estimating costs can take up a lot of time from the project manager. By using AI to automate these tasks, project managers can have more time to put to problem solving and creating strategic plans. These tasks would also be done a lot faster, which can help tremendously with important timelines.
Real-time monitoring and updates: Regular project updates are important, especially if there is one or more stakeholders involved. AI can automatically send updates to CEOs or other stakeholders so that the project team can focus on their necessary duties.
Challenges of AI in project management
With the use of any new technology, there are almost always a few possible challenges to be aware of. A big part of these challenges is due to the team’s ability to adapt to new technologies like AI in their workspaces. Project management teams will need to be trained and skilled in the use of any AI tools that are integrated into the projects at hand. The data that AI runs on needs to be entered by project teams, so there is also the risk of bias that they should always keep in mind.
In addition, AI has its limitations in what it can do as far as strategic planning. It is important to remember to be careful in assigning too many aspects of project management to technology and become over-reliant on it. AI cannot replace the problem solving and decision making abilities of the human mind.
Overall, AI has great potential in its ability to impact project management for the better. AI’s abilities in risk management, predictive analytics, and more show how much new technologies benefit crucial parts of almost any business.
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