The rapid development of technology is changing the face of industries: being integrated into all internal processes AI, ML, Big Data and Blockchain simplify the daily routine, increase efficiency and allow employees to engage in more creative tasks.
What people used to do, now can be quickly and reliably implemented by new tools and solutions. The influence of AI extends to project management as well. Read on if you want to know how AI can change the project management soon.
1. AI-driven Assistance
The PM is responsible for distributing tasks for the project, monitor their status and implementation, make quick decisions in case of emergency. Part of these duties can be delegated to the AI chatbot, who will prescribe the task to the most suitable employee, report a problem on the project, and draw up a report on the done work at the end of a certain period.
This is especially true when the Project Manager leads several projects at once and may overlook an important detail or miss an error. Using Artificial Intelligence assistants significantly reduces the risk of such mistakes, making the work of PM more efficient and productive.
The main advantage of AI assistants is the ability to automate and speed up processes. The latest technologies allow developing AI chatbots to automate many processes in project management: meeting scheduling, sending out requests for reports on the tasks’ status or questionnaires, drawing up reports of varying complexity, collecting information about the time spent on tasks, etc.
2. Project Estimations
Project estimations are another critical point where the maximum accuracy and care are required. Before the start of the project – even at the planning stage – the project manager must correctly calculate its duration, costs and the number of employees needed to complete it on time.
Next, it is necessary to constantly carry out control assessments to be sure that everything is going according to the approved plan.
The use of ML algorithms allows you to speed up and automate this process. Moreover, the calculations performed by AI assistants will be more accurate, since the latest project estimation techniques are used.
AI management tool will help PM in solving several problems at once: from finding the most competent specialists to determining their required number. Besides, the use of such a tool frees up time for tasks that require creative thinking.
3. Risk Assessment and Management
Industry leaders pay particular attention to risk management and carefully study the root of the problem before embarking on similar projects. The constant calculation of risks and the chances of their occurrence allows you to make timely decisions on the project, avoiding major mistakes or failures.
AI expands the risk management capabilities of the Project Manager, taking into account risk factors and thresholds of a particular project. It uses modeling of risk factors and applies fuzzy logic to evaluate risk in the project infrastructure. Moreover, Artificial Intelligence can predict obstacles through real-time data analysis.
AI management tools can be configured in such a way as to display the risk index at each stage of the project, taking into account its current status: completed and not completed tasks, the number of involved specialists and their activity, competence.
You can also set up a notification and warning system if the risk index becomes too high. Thanks to the integration with other technologies, AI can even become an ideal adviser and offer a low-cost and effective way to reduce risks.
4. Project Monitoring and Control
Quite often, PM leads several projects at the same time, which requires a lot of time, the bulk of which is spent on monitoring and controlling the implementation of tasks. The AI assistant, specializing in product management, can completely take on this task.
A fully customizable application will track the status of the task, based on predefined characteristics: duration, cost, risks, compliance with the set conditions, etc.
PM will receive a notification if some indicators of the task will go beyond the established norms. This method of project management allows us to focus on more important tasks and pay attention only to what really requires it.
Automatic filling and preparation of reports and tables, specifically tailored for product management, will allow the manager to always be aware of what is happening on the project. Using a smart assistant requires minimal involvement of project participants, but significantly improves the result.
5. Smart Decision Making
Throughout the life cycle, each project, large or small, face many risks and uncertainties that can lead to failure. The project manager is responsible for regularly assessing all the risks that the team identifies based on experience, knowledge and available tools.
The next step of the PM is to timely respond to possible risks and make the right decision to avoid mistakes or failures. Especially great is the chance to make such a mistake on large projects, however, small tasks can also cause big problems.
Artificial intelligence is able to filter out a large amount of data and helps to make decisions, allowing the project manager to understand which way will be best for the effective implementation of the project. In this sense, artificial intelligence can automate not only simple tasks but also understand the main indicators of project effectiveness.
AI uses project data and sophisticated algorithms to predict outcomes and identify potential threats and vulnerabilities that affect the project. AI-based predictive analytics can reduce project failure rates and result in significant resource savings.
This can then allow the development of new ideas and help in solving large problems and develop recommendations for making complex decisions.
The use of AI solutions for project management is extremely beneficial for companies that seek to occupy a leading position in their niche or industry. These are cost-effective and reliable tools that increase the speed of performing current and routine tasks, help to make more accurate calculations and reduce risks and errors.
The application of AI assistants is the best advantage that can be used in the fight against competitors on the path to success. Share with us, do you use any AI technologies in your project management and are you planning investments in this are?
Betty Lockwood is a blogger, web developer, fintech expert and caring mother of two kids. She loves to write about new technologies, business news, traveling, and music events. Betty is also editor-in-chief of Computools website. Follow Betty on Twitter.