Many businesses worldwide have opted for project management improvement and AI adoption in their organizations. If you are still in doubt, discover the top 5 big advantages of AI software used for project management purposes
Artificial Intelligence (AI) is among the fastest-growing sectors that have seen the largest number of startups in recent years. This breakthrough technology is bringing changes to many industries where business leaders strive to minimize manual work and prioritize robotic manufacturing or assistance. The potential of AI for business enterprises is overwhelming. AI-powered tools are now a driving force for growing a business quickly as AI can be applied to any area or task. In particular, many top managers see the value of AI in facilitating project management processes.
Today AI project management software is employed in numerous organizations that need enhanced control over operational processes and effective risk monitoring. For example, medical facilities use it to improve workflow in hospitals and improve the quality of healthcare, whereas agricultural enterprises rely on AI systems to detect plight on plants and trees. But this article is focused on the major benefits that AI gives project managers (PMs) faced with the problems of poor communication, inaccurate cost or time estimates, poorly defined project objectives, etc.
Let’s look into each of these 5 common advantages that every company can get in the area of project management.
5 Ways Artificial Intelligence Can Improve Project Management:
1. Workflow management
The growing use of AI software in project management is connected to its advantages in the area of workflow management. Every PM is usually responsible for many projects and should control numerous business processes at the same time. When the workload increases, it is difficult to control risks and make sure each team member performs at the highest level. Here, the role of AI is extremely useful as an AI-powered chatbot can fulfill a part of the PM’s managerial responsibilities.
For example, when a new project appears, the AI chatbot can automatically assign to the most suitable workers with relevant expertise. Similarly, it can supervise employee performance and detect any delays in product development. It also enables the PM to prepare reports faster because the results of the team’s work are automatically produced at the end of each sprint or development stage. As a consequence, the PM has more time to improve working relations within a team.
2. Intelligence assistance
Another reason why more and more businesses opt for AI project management software is that it provides valuable recommendations when the PM is baffled and cannot come up with a sound decision quickly. This kind of situation takes place when a client alters their initial requirements or needs unplanned changes that were not considered at the start. The problem might require a new cost-effective solution that would allow the company to keep the project profitable. The AI chatbot, in this case, can be of much use too. It can develop a new project plan which involves minimum risk and costs. Since AI software can analyze the company’s history and previous case studies, it can offer a smart solution that complies with the company’s high-level goals and meets the client’s expectations. AI assistance is sometimes essential even when there are no difficulties in project development. The PM can just build on its recommendations during their decision-making.
3. Effective risk management
Statistical data show that 47% of projects end in failure because PMs cannot assess risks correctly before the project gets off the ground. The potential of AI, however, lets the PM conduct a deep cost risk analysis with different options and foresee how the project will evolve in diverse circumstances. The use of AI software becomes a necessity when the project is multistage and involves dozens of people in its implementation. The PM’s intelligence might take too long to manage all the calculations rapidly. In contrast, AI software provides the PM with the ability to predict all the major risks and based on that develop the best risk-free strategies and solutions. With the help of AI project management tools, the PM can track all the near-term risks throughout the project lifecycle and manage the project development successfully and without difficulty.
4. Accurate project estimating
Alongside risk assessment, many businesses appear to be vulnerable when it comes to project estimating. It is common practice when the PM makes an error in predicting the number of resources needed to fulfill a project properly and for this reason, the project cannot be completed on time. Luckily, AI project management tools rely on smart project estimation techniques that enable any PM to see clearly what amount of money and time every single project requires.
The estimates produced by AI systems are never false and provide the right basis for developing a plan, blueprint, and schedule of the project. AI tools are also appealing in terms of data processing as they can classify and categorize massive blocks of data in case the project’s cost is made of numerous components.
5. Fast fraud detection
At last, the biggest appeal of AI project management software lies in its capability to enhance information security and protect your business from cyber-risks. According to statistics, 30% of phishing emails manage to disrupt the receiver’s privacy and malware attacks cause financial losses amounting to $1 billion annually. The adoption of AI tools can be an effective solution against a variety of cyber-attacks. The AI system is designed to improve your data security and make sure your prospect’s identity is not a fake.
Similarly, it helps to stop DDoS attacks and assists in running your business smartly. The AI-powered chatbot is programmed to verify the client’s identity before making any payment or transaction. As a result, your company’s safety is not threatened by cybercriminals. By employing AI project management tools, you greatly reduce the risk of falling victim to some fraudulent schemes.
Why should you think about AI project management improvement?
The number one reason for project failures is a discrepancy between the project and business goals. It is imperative for PMs to clearly see the project objectives and realize how its implementation will contribute to business growth. The integration of AI project management tools is what allows any PM to stick to the initial priorities and choose the right opportunities.
Companies that use AI-powered PM practices turn out to be more competitive in the global market and expand at a faster pace. They equally observe improvement in employee performance as their PMs direct their teams towards adequate goals that comply with their business objectives. Similarly, digital PM software lets PMs avoid mistakes in cost estimating and achieve higher accuracy in their predictions.
The integration of AI software in project management processes has a positive impact on workplace climate and working relationships as well. The use of AI software helps employees develop emotional intelligence. They will have more time to pay attention to emotional problems in the team and find a way to solve them. As a result, the chance of conflicts at work reduces substantially and team members achieve better communication.
Is AI worth spending?
The world of technology is growing extremely fast. By 2023, global spending is expected to reach $98 billion because every other business is currently in need of intelligent assistance and robotic mechanisms that allow for better and error-free performance. What is more important is that consumer behavior is equally changing alongside businesses. More and more customers prefer providers and retailers that can offer more convenient customer journeys and keep up with the latest innovations.
AI systems are really pricey, but their value outweighs its cost anyway. With AI tools, any company will manage to build their operational practices correctly and avert the typical risks that arise during project management. Moreover, the potential of AI seems appealing to any industry. From the ferrous industry to banking, any enterprise is bound to benefit from opportunities that AI systems provide.
Artificial Intelligence is also a lifeline for many companies that are on the verge of collapse or bankrupt. By speeding up their production processes, they can increase their output and thereby expand their customer base.
Will AI software replace project managers in the future?
AI solutions promise a multitude of opportunities to firms and enterprises, but it is not a threat to the job places of project managers worldwide. The purpose of AI project management is to assist PMs in running their projects smoothly. They do facilitate their managerial responsibilities and enable them to supervise the project implementation better.
But there are still many areas where AI chatbots are powerless like the area of communication and vision of project goals. For that reason, the adoption of AI systems is likely to empower PMs with more opportunities to prevent risks and enhance their organization skills without affecting their careers and employment rate.