Artificial Intelligence (AI) is a game-changing technology that is impacting the working of almost every industry. It is going to have far-reaching impact on how businesses will manage projects in the future. AI will significantly change how projects are managed. While people will continue to remain at the core of project execution, project management software with its AI-enabled smart systems and algorithms will automate the day-to-day management. The improvement may seem minuscule to start with, but over time overall efficiency will increase, leading to greater project management competencies and higher business value.
What is AI-enabled Project Management Software?
This is automated system that carries out all the routine tasks that fall under project management, leaving the project managers to take care of the other complex aspects. The system uses machine-learning algorithms to predict and carry out different tasks.
Key points that define Project Management Software:
- Performs routine repetitive tasks without human input
- Helps to automate the simple tasks
- Develops reports of the project performance
- Saves times by finding insights and making decisions
- Improves project outcome
- Increases efficiency
Businesses are recognizing the benefits of using AI-enabled systems in project management and are using automation tools even for complex tasks. The number of organizations adopting AI-based software will go up in the days to come. The future of project management lies with AI.
Why should companies use project management software?
Project managers often handle multiple projects – managing different teams, tasks and proposed outcomes is a complex exercise. Keeping track of progress and timelines can quickly become daunting if a proper system is not in place. That is where management software comes in. It helps the project manager, team leaders and project developers plan and execute projects in an organized manner.
Let’s see how AI can help companies better manage projects:
Interprets project management data
The volume of data churned out during a project is phenomenal. This data needs to be interpreted in an on-going manner for the smooth execution of the project. Project management software looks at the data and warns the managers of any discrepancies or deviations from the expected, for example, about unexpectedly low output, over- or under-capacity, or heavy resource loads, etc.
The system offers real-time solutions and helps managers take corrective or preventive action in time. It also analyses team skills and advises on employee training needs.
Early detection of risks
Project management software performs repetitive tasks and quickly highlights any flaws or potential bottlenecks. Using the built-in smart tools, the system will evaluate risks and find solutions. This will help reduce risk, thus boosting efficiency and productivity.
Plans and prioritizes tasks
Each project involves multiple tasks and project managers need to prioritize them. This exercise becomes even more difficult if they’re working with various teams on several projects at the same time. AI gathers data and provides them the information they need to understand which tasks to prioritize. Project management software also helps plan the execution of these tasks.
There are times when the project flow needs to be re-planned. AI can re-plan projects more effectively too.
Supports holistic and Nano project management
Management software makes easier for managers to delegate tasks to their team. They can view the projects in their entirety and get an overall view, which makes it easier to spot deviations from the process. AI systems also perform tasks with Nano precision and accuracy. This is exactly what businesses want when they have a time crunch and are trying to track down potential constraints or bottlenecks that may delay the project.
Delivers efficient analysis, effective insights and superior predictions
It is not feasible for the project team to go through the huge amounts of data that is generated during the project. AI-based software can do all this and more – it will collect, analyze and sort the data from different sources. It also delivers valuable insights on the project.
Project management software compares the data with past projects and does a predictive analysis of challenges the project may face during its lifecycle. It helps the project manager to decide on the plan and budget so as to avoid the predicted risks.
Resource allocation and matching
For smooth execution of the project, it is critical for resources to be allocated optimally. The machine-learning algorithms of the AI system deliver the project knowledge, categorize the required resources and match them with the ones programmed by the developer.
The project manager then uses this information to evaluate areas that require resources, as well as to determine the capacity level of the team members. He can then easily match and allocate the resources as needed.
While implementing project management software is a big investment, it saves a lot of money on the project management process when utilized well. AI automates and streamlines repetitive tasks, leaving project managers to focus on more complex tasks of the project. Quality of work improves, while the labour cost goes down.
Leads to more collaborative teamwork
Project teams often consist of different personalities spread across various geographies. AI systems build a cohesive team; it is also easier to coordinate and prioritise tasks within the team and to make real-time decisions. The system can send alerts for actionable items and notifications to employees, which improves communication.
Organizations are slowly recognizing how powerful a tool AI-enabled project management software can be for their business. As more businesses realize the benefits and the value it adds to their projects, AI will be integrated into the project management system to help allocate tasks, make better decisions, and deliver projected outcomes. Artificial intelligence will play vital role in the future of project management.
Leading Project Management Software
Enbraun’s flagship software eResource Scheduler is a powerful resource scheduling software for all types and sizes of businesses. It helps organizations to identify, allocate and optimally utilize resources at all levels (resource, project, team, office etc.). eRS Cloud also pools the resources centrally and aids efficient resource management by prioritizing resources allocation across multiple types of projects. This also expedites decision making.