Starting a project can be exciting, but managing it can be challenging. From assigning tasks to managing deadlines, there are so many moving parts to keep track of.
That's where project management comes in. It's the process of planning, organising, and executing a project from start to finish. It's an important part of your business's success.
According to a 2019 Project Management Institute survey, 81% of the 551 respondents said that AI technologies are having an impact on their organisation, which is further evidenced.
Let’s take a look at the definition of Artificial Intelligence, and how it can transform project management below.
What Is Artificial Intelligence?
According to Britannica, Artificial intelligence (AI) is the capacity of a digital computer or robot operated by a computer to carry out actions frequently performed by intelligent beings.
The phrase is widely used in the effort to create artificial intelligence (AI) systems that possess human-like cognitive abilities like the capacity for reasoning, meaning-finding, generalisation, and experience-based learning.
How is AI being used in project management?
Here are some ways AI transform project management:
1. Impact of AI on organisations and project management
In a recent PMI "Pulse of the Profession®" survey, more than 80% of participants reported that AI is having an impact on their organisations.
According to PMI's "AI Innovators: Cracking the Code on Project Performance," project managers predict the percentage of projects they manage with AI to increase from 23% to 37% over the next three years.
2. Automation of administrative tasks
AI-powered project management tools can automate repetitive tasks such as data entry, reporting, and file organisation. Administrative tasks like meeting planning, planning, reminders, day-to-day updates and others can be handled by AI.
A KPMG research titled "AI Transforming the Enterprise" claims that businesses that have invested in AI have witnessed an average 15% increase in productivity.
Project managers that are at the forefront of AI and other technologies commonly say that using AI has reduced the amount of time they spend on tasks like monitoring progress, maintaining documentation, and activity and resource planning in PMI's "AI@Work" study.
3. Prioritisation and selection
AI algorithms can analyse project data and predict potential issues before they occur. This helps project managers make proactive decisions and avoid costly delays.
One article from HBR showed that prioritisation and selection are types of prediction. When the right data is available, machine learning (ML) can find patterns that cannot be found by other methods.
It can predict outcomes with a level of accuracy that is far superior to that of a human. Soon, ML-driven prioritisation will lead to.
4. Real-time monitoring
AI-powered project management tools can help project managers with real-time monitoring of their projects. With these tools, project managers can receive a constant stream of information about the project's progress, including data on completion rates, budget usage, and team productivity.
By leveraging these insights, project managers can identify potential issues early on and make adjustments in real time.
In one survey conducted by PwC in 2021, 86% of surveyed executives said that AI technologies are helping them identify business opportunities that would be hard to spot otherwise.
5. Intelligent scheduling
In a few years, comparable approaches will make project conception, planning, and reporting easier. Such exercises are now mainly manual, repetitive, and time-consuming. The combination of ML, natural language processing (NLP), and plain text output will result in the scheduling.
Further, tools for drafting comprehensive plans and resource requests and for streamlining scheduling processes are also the output of AI.
6. Virtual project assistant
These project management technologies will fuel "bots" or "virtual assistants." Oracle has unveiled a new project management digital assistant that allows customers to text, call, or chat with the assistant to update time and task progress and receive fast status updates.
Benefits of AI-powered project management tools
You can check some of the benefits of AI-powered project management software below:
Time savings: AI-powered project management tools can automate repetitive tasks, such as data entry and reporting, which frees team members to focus on more important tasks requiring human expertise. It significantly reduces the amount of time it takes to complete a project.
Enhanced decision-making: AI algorithms can analyse project data and provide real-time insights that help project managers make better decisions. Predictive analytics can identify potential issues before they occur, which allows project managers to prevent delays.
Resource optimization: AI-powered project management tools can analyse team members' skills and availability to ensure that they're assigned tasks that match their expertise. This improves efficiency and reduces the risk of burnout.
Improved communication and collaboration: AI-powered project management tools provide a focused platform for team members to collaborate and communicate in real time. It keeps everyone on the same page and ensures that tasks are completed on time.
Faster project completion: With AI-powered project management tools, projects can be completed faster and with fewer errors. So, it saves time and helps your businesses stay competitive.
AI-powered project management tools
The adoption of AI-powered project management software is on the rise as more companies realise their potential to grow their business. Hence, we introduce you to AI-powered project management tools you can try today.
VirtualSpace is an innovative project management tool that harnesses the power of artificial intelligence to help teams work smarter, not harder. With VirtualSpace, you can manage all of your projects in one place, making it easy to keep track of deadlines, milestones, and progress.
What’s the key feature of VirtualSpace?
One of the key features of VirtualSpace is its ability to facilitate team communication through its built-in chat system. This feature makes it easy for team members to communicate in real time, share ideas, and collaborate on projects, all without ever having to leave the VirtualSpace platform.
Another great feature of VirtualSpace is its note-taking functionality. With VirtualSpace, you can quickly jot down notes, ideas, and thoughts, and easily access them later on when you need them. It will be useful when brainstorming ideas.
VirtualSpace also integrates with a variety of other tools to make project management even easier.
For example, VirtualSpace integrates with Asana, Gmail, Drive, and Dropbox, allowing you to seamlessly share files and information across platforms. This integration means you won't have to waste time switching between different tools or apps, making your workday more efficient and productive.
- Project board
VirtualSpace allows you to create boards where you list tasks and then assign them to your team. It is a software product that will enable your teams to collaborate and manage projects from start to finish. It also helps your team track the project, timeline, task delegating and reporting on progress.
As we've shown, using artificial intelligence in project management will have considerable benefits, not only in the automation of administrative tasks. But, it also can boost our productivity.