Project Management Artificial Intelligence (AI) Is Impacting 81% Of Our Projects
According to a study by PMI, AI is bringing massive changes to the way project managers work
There has been a rise in project management artificial intelligence. As part of a report on the growing influence of AI on project performance, the Project Management Institute asked 551 project managers whether their organization had been impacted by AI. A staggering 81% said it had.
The data also found that over the next three years project managers expect the number of projects they manage with the help of AI to increase from 23% to 37%.
Is Project Management Artificial Intelligence Going To Steal My Job?
Some people might be wondering right now whether project management AI is taking over. Not likely, says the PMI, though it is expected to become a key part of a project manager’s workflow. The PMI believes that ‘to unlock the true value of AI, organizations will need collaboration between humans and machines.’
Thanks to AI, project managers will have more tools at their disposal to help with their management tasks. Rather than worry about an AI take over, the PMI encourages organizations to become AI innovators by applying five key principles, known as the MELD principles. Research done by Accenture shows that AI innovators enjoy improved project performance over those who do not. The PMI calls organizations that choose not to use the MELD principles of AI laggards.
The MELDS principles are:
Encourage the right Mindset
Support actively involved Leadership
Incorporate Data into strategy
Cultivate new Skills
The idea behind the MELD principles is that by combining project managers with tools powered by artificial intelligence, organizations will achieve a breakthrough in productivity and project success. The PMI encourages project managers to be open and curious about artificial intelligence in the project management field. Early evidence supports the claim that those who are open-minded about AI are reaping the benefits.
The Impact of Project Management Artificial Intelligence
The data indicates that AI innovators are pulling away from laggards. For example, 61% of projects by AI innovators were delivered on time, compared to just 47% by AI laggards. AI innovators also found that 64% of projects met or exceeded their return on investment estimates compared to just 52% by AI laggards.
Discrepancies between project managers
AI plays an important role in resource management and improved agility. Using applied intelligence, where AI is combined with data analytics and automation to problem solve, certain project management software such as New Relic is able to accurately monitor performance and identify hard to spot trends in productivity and deployment. Problems that might’ve taken weeks or months to identify and solve, project management AI can identify in minutes.
Most important is that AI frees up project managers to do what they do best: manage the project. One of the most exciting parts of AI is that it removes many of the tedious, repetitive tasks that can fill up a project manager’s daily schedule. The AI also helps project managers to better manage their projects by automatically sending reminders and parsing the information for important details to send along.
3 Ways Project Managers expect AI technologies to impact project management
Emulates the decision making of a human expert. They’re designed to reason their way through large bodies of knowledge, learning rules as they go along. Early chess-playing programs, like the first one to beat a human, relied on expert systems.
Imitates how the human brain works and creates patterns of learning and data processing. Deep learning learns from vast amounts of unstructured data that could take humans decades to wade through. Advertising agencies utilize deep learning to tailor ads to your account.
Robotic Process Automation
Automates human tasks to help with workflow and processes. Think of it as having an incredibly smart, unbelievably efficient employee at hand at all times.
What Do You Think?
AI is having a moment in the spotlight. How do you plan to use and integrate AI into your project management strategies? Let me know in the comments.