The Era of AI
Google’s CEO, Surdar Pichai, said: “AI is one of the most important things humanity is working on. It is more profound than electricity or fire.”
Living in a smart and connected world generates tons of data daily. In other words, we live in the age of “Big Data”, the age of having both the ability and capacity to collect huge sums of information. This task is considered to be too cumbersome for a person to process, but thanks to technology it is now possible.
Since the birth of Internet, smart phones and social media the world is witnessing an incredible growth in the size of data exchanged. This data is considered as a key factor for several companies and firms that would improve their services. Unfortunately, this data, known as, “raw data” need to be stored and analyzed by various means after which it’s ready to be used by companies to take better decisions and increase their efficiency.
Here comes the role of Artificial Intelligence that shows quite fruitful results in this regard. According to Gartner by 2020 AI will have wiped out about 1.8 million jobs on one hand, but creating about 2.3 million new jobs on the other hand generating $2.9 trillion by 2021. Now, AI is impacting project management industry. Based on the Project Management Institute (PMI), 81% of surveyed project managers said that their organization is being impacted by AI technologies, this is because of the high precision AI can provide managers. One of the AI technologies that is impacting organizations is Machine Learning (ML). Machine Learning is an AI application that uses statistical techniques allowing computers to learn from the data without being explicitly programmed.
How AI & ML can make an impact on your project management processes?
- Reduced costs & improved work quality: several studies showed that 54% of the time spent by employees is wasted on administrative tasks. Integrating AI, it will decrease to 25% of their time, through automating the repetitive tasks allowing managers to focus on the real work.
- Higher Efficiency: mainly AI and ML algorithms are used to predict errors and number of outliers (defects) in a given dataset. Their role is similar in PM through predicting the errors in projects and number of defects at any stage of the project. This will end up having better results because of the high accuracy AI and ML algorithms provide.
- AI-Based Analytics: project analysis is considered as a challenge for project managers because they are eager to know the status of the project. Benefiting from previous project information, AI and ML can predict with high accuracy when the current ones will be completed. This will help project managers and teams with their tasks by alerting them when any risk is detected regarding the deadline.
Summing up, integrating AI in Project Management industry is going to have a great impact on both project outcomes and team performance. AI is not a replacement for project managers but a tool to help them accomplish their work successfully in time. Thus, they should be aware of this technology and understand well its benefit on their work.
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