By Jeremiah Duggar
Artificial intelligence (AI) has already begun to reshape the way we think about business. While the idea of a robotic helper was once something we associated more closely with science fiction, things are now very different in the 21st century. Let’s discover how AI can support project managers.
Mechanical butlers may not yet be the norm, but an increasing number of workforces are turning to AI for support with day-to-day tasks. Current estimates show that as many as 35% of businesses are using AI in some form, with a further 42% considering how this technology could benefit them in the future.
It’s the cross-function and systematic methodology of AI which has seen it become an increasingly powerful tool for many enterprises. This ability to monitor, track, plan, analyse, and even budget, is transformative for companies. With all these amazing features, it’s little wonder that the Project Management Profession is at the forefront of AI adoption. In this short guide, we’re going to look at four ways a Project Manager (PM) can benefit from the support of AI in the workplace. From helping with the rigours of daily admin, to crafting strategies based on finite data, here are some of the best uses for AI at work.
1. Administrative task support
Tasks such as daily update tracking, managing documentation, meeting planning and scheduling, and setting reminders are all part of a Project Manager’s life. And while these are an important aspect of any job, small administrative tasks can sometimes pile up and distract a PM from more complex responsibilities.
A recent study found that when skilled workers turned to AI for help with daily tasks, their production levels rose by an impressive 40%. Placing these bitesize responsibilities on the plate of an AI helper allows a PM to focus on the key areas of their role, without having to worry about odd jobs.
2. Data analytics
PMs whose responsibility it is to make actionable business decisions will also find that data analytics tools are game changing. The detail which AI is able to provide when assessing key business information makes high-stakes decision-making significantly easier than in the past. AI can draw from several databases to provide insight, troubleshoot past issues, track real-time updates, and even forecast future considerations. With all the key information immediately at a PM’s disposal, they’ll be able to make a confident, intelligent call about the next steps a business should be taking.
3. Budgeting and scheduling
Estimating the time and money required to effectively carry out a project is one of the biggest stumbling blocks a PM will face. It can feel almost impossible to accurately forecast for this at the beginning of a project, with so many factors (both known and unknown) needing to be taken into account.
Although that may be too much for a human brain to process, the same is not true of AI. The technology can draw on information from past projects, as well as live market trends and factors, to determine an accurate idea of how long something should take, and at what price point. While perhaps not a guarantee down the precise minute or cost, this estimate will be as close to reality as possible with all the factors available.
4. Risk management
Protecting both their assets and reputation is of paramount importance to a lot of companies. AI makes it easier than ever to pre-emptively detect and flag any signs of fraud, a breach in compliance, or sudden market fluctuations which could impact a company’s bottom line.
The AI risk management market is one of the fastest growing in the sector, with it expected to reach a total value of $7.4 billion by 2032. That’s a compound annual growth of 16.2% between 2023 and 2032. With an ever-growing number of organizations turning to AI for risk management services, PMs would do well to join the movement.
PMs certainly aren’t going to be replaced by AI any time soon – but it’s undeniable that the relationship between the two is growing closer. Any PMs looking to optimize their workload in the coming months would do well to utilize this technological helper. It is also strategic to position yourself with the knowledge and skills of how to use AI to your benefit that will help to enhance your career.
About the Author
Jeremiah Duggar is a finance and technology writer who enjoys breathing life into topics which can sometimes be a trifle stale. He spends most of his free time tracking the stock market or digesting the latest innovations in AI and machine learning. When he’s not doing that, he spends time with his two gerbils, Milton and Wallace.