Project Management in Industry 4.0: Role of AI to boost Project Management
“Project management is one of the critical tasks in an organization. With the surge in emerging technologies, organizations have started leveraging the benefits of AI to streamline, run, and manage their projects efficiently”.
Artificial Intelligence, abbreviated as AI, has been making rounds in the market as one of the emerging technologies changing the face of the industry across sectors.
Be it manufacturing, be it healthcare, be it retail, or be it distribution, AI has been transforming industries successfully with its remarkable features and unique benefits.
Simply put, Artificial Intelligence refers to digitally simulating human intelligence processes using machines and computer systems. Specific applications of AI include expert systems, natural language processing, speech recognition, and machine vision that takes care of business processes.
What if I tell you that managing projects have just gotten easier using AI. Would you believe it, or would you brush this aside, saying that it’s just another emerging technology providing services to organizations?
Just like other emerging technologies, AI has a wide array of applications that take care of what’s going on in the market.
For instance, AI utilizes specialized hardware and software for writing and training machine learning algorithms and programming languages synonymous with AI, including Python, R, and Java, occupying the driver’s seat.
Generally, AI systems work by ingesting a large amount of labeled training data to make predictions about future states, harnessing a chatbot feed to produce lifelike exchanges with people by reviewing data.
Artificial Intelligence and Project Management
One of the finest examples of AI is self-driving cars which utilize computer vision, image recognition, and deep learning, which promotes hassle-free, accidents free driving experience with robust protection for human beings.
These days, organizations are leveraging on the very aspect of managing the companies’ functions and business processes by delivering digitally enabled solutions that help companies streamline their business functions and work on their projects.
AI systems in project management help project managers get a real-time view of the project status, right from the project commissioning stage to the project delivery stage, enhancing both the productivity and efficiency of the team, which every PMO (project management officer) looks forward to.
However, there has been growing fear and concern among the human race regarding whether AI will replace humans in the future.
What if human-driven tasks are taken over by AI? What if human-based activities get a glimpse of what AI is capable of in the years to come.
But the truth here is that applications and implementations of AI to human-based activities will ease human-based tasks but do not entirely replace them, making firms leverage the best of the maximum with the minimum efforts.
One of the most significant applications of AI in project management is the utilization of chatbots which enables project managers to automate repetitive and mundane tasks collaborating on high-priority billable work.
For example, the chatbot Meekan helps project managers direct their teams by automatically matching their schedules.
Furthermore, the chatbots schedule a meeting and check the team’s schedule to book a date and time, simplifying the overall project management functions.
Suppose a member can’t make it to the meeting. In that case, the chatbot will find an alternative slot and ensure that the sessions are arranged and float in digitally driven ways without any hassle.
Other project management tools such as Howdy and PMbot automate different aspects of task management by assisting in task selection, keeping track of completed tasks, and even distributing them uniformly to all stakeholders involved in the project.
Moreover, project management tools in AI help organizations with predictive analytical tools that help project managers with predictive forecasting to strategically identify and block risks before they take over the project preparing the optimum project schedule.
Also, AI holds many potential advantages in managing projects that not only encompass the existing ones but also automate the potential ones.
AI’s potential enables project managers to handle, manage, and supervise projects more effectively than ever, and this will only increase in the days to come.
Project management is one of the critical tasks in organizations. With the surge in the significance of AI, project managers have become aware of leveraging project management tools via AI to enable the smooth functioning of project management.
AI’s potential to automate project management functions and other related tasks has already reported positive results, which will only increase in the upcoming days.