AI has, by now, sneaking its way into every industry and has become an essential part of our daily business practices. Statistics show that 28% of top-performing business are already using AI to offer better real-time experiences, while 29% has plans for near future implementation.
Furthermore, early adopters witness the 20% increase in the project performance and a significant increase in cost reduction.
However, with a broader area of implementation, AI is also becoming more advanced, while the opportunities for its application are growing. It is now capable of fully replacing human employees in many repetitive and time-consuming tasks while handling them accurately and timely.
The use of AI in project management can positively affect its efficiency. As AI will take over data collection, tracking, and reporting, Gartner predicts that by 2030, 80% of today’s project management tasks will be eliminated.
Here are the top seven ways in which artificial intelligence can help with project management workflows.
1. Automating Repetitive Tasks
One of the most beneficial applications of AI in project management is automation. AI algorithms can streamline project management workflows by automating specific standard workflow tasks, such as document tracking, meeting organization, progress checks, reminders, etc.
Automating such repetitive tasks, that are originally human and paperbound is relatively easy, but comes with a lot of benefits. As they are often menial and non-productive, but highly time and energy-consuming, offloading such tasks and passing them on to an AI-powered tool to manage, frees up resources of the individual staff for handling more complex issues.
2. Reduce Human Errors
AI is capable of giving reliable conclusions about the future, and thus, can play a crucial role in reducing human errors.
Unlike its human counterparts, whose judgment is often biased, AI-powered tools rely on experience, historical, and statistical data to make future predictions.
Unbiased AI predictions thus help managers and team members, working in different project management methodologies, make well-thought-out and smart decisions, especially in cases when they come across unfamiliar challenges during their project implementation.
3. Smart Risk Management
AI tools can be of essential help when it comes to risk assessment and management. They start monitoring risks from the very beginning of the project and regularly update it through the project development.
As they monitor risks in real-time, project managers can spot first signs of obstacles and focus on solving them, before they’ve even turned into problems.
4. Coordinating Workflows
AI can bring all of the project management tasks together, thus preventing one of the major setbacks in the project management workflow, caused by organizational silos. It can help project managers organize the workflow effectively, in accordance with the teams’ resources and the project’s characteristics.
Some AI-powered solutions can help project managers identify individual members of their team who are ideal for the job and assign tasks that will match their strengths. AI tools monitor tasks and give analysis on the team’s performance, as well as in-depth projections and estimates.
5. Efficient Time and Budget Management
Furthermore, AI can develop a thorough understanding of the project your team is working on, and support PMs in making smart decisions, leading to much better efficiency.
Thanks to its capability to analyze large amounts of historical and statistical data and predictive analytics, AI can offer the best way of its implementation, helping with minimizing risks and costs.
AI can notify team members or perform some other actions whenever it detects some budgeting or scheduling issues, enhancing the efficiency of the project management lifecycle.
6. Reducing Costs
As businesses now have the chance to automate a significant part of their project management practices, they can significantly reduce their operational costs.
Hiring new staff to manage repetitive and non-productive tasks has become redundant, as artificial intelligence can now handle them timely and accurately, without any need for human interference.
Moreover, AI can take a high burden off the team members, leaving them more time and energy for complex tasks. The employer has its benefit out of this equation, too, as they are getting exactly what they’re paying their experts for – concentrated, productive, and professional work.
7. Preventing Fraud
Artificial intelligence can also contribute to a lower fraud rate, as it can quickly and accurately recognize any deviancy during the implementation.
AI can observe the team members and analyzes their behaviour, rapidly identifying any noncompliance that can lead to problems and put the project at risk.
As we can see, the use of AI in project management will only continue to grow, streamlining workflows for teams and PMs, and boosting their productivity. Implement some of the tools now to keep your competitive edge.