Many companies are faced with the need for AI and project management improvement. Uncover 6 sound reasons why you should consider the integration of AI software with your business
Artificial Intelligence (AI) is a buzzword that many CEOs of the best companies use when they talk about their upcoming projects. Alongside big data, machine learning, and blockchain, AI is among the leading technologies that many businesses choose to enhance their competitive edge and boost their profits.
The potential of AI for business is enormous. It greatly facilitates operational processes and reduces the need for human resources that usually perform repetitive tasks. As a result, many manufacturers integrate it into their production to increase their turnover. AI software is also widely employed in clinical facilities. Medical practitioners use AI assistance to monitor the patient’s conditions and determine treatment methods. Similarly, AI is used to plan appointments and manage a patient workflow smartly.
However, the main value of AI still revolves around its benefits in project management. It lets PMs manage projects easily and show excellent results faster. Some AI tools are based on project estimation techniques that allow for accurate project assessment and error-free project implementation. If your business operates without AI support, here are six principal advantages of AI in project management.
Let’s take a look at them.
- 1. Smart Assistance
The first reason why many companies adopt AI in project management is that PMs can manage the workflow better and therefore can handle more projects at a time. AI tools are good at project arrangement and organization. They can come up with the best plan for operational processes so that each team member contributes their effort to the project, while the PM can focus on enhancing the working climate and working relations within the team. For example, AI chatbots can advise the PM the most suitable candidate for a specific project. They assess each worker’s skills and experience and based on that choose a person with the ideal expertise. With the PM’s authorization, an AI chatbot can automatically assign new projects to employees with relevant specialization and suitable schedules. Finally, many PMs prefer using AI tools for reporting, especially when they deal with a demanding and hypercritical client. The AI chatbot can be programmed to send an updated report at the end of each sprint or project development stage. As you see, AI chatbots offer plenty of opportunities in the area of project organization.
- 2. Valuable Recommendations
The use of AI software is also recommended for PMs that usually face difficulties in the development of new strategies for project implementation. It happens when some hurdles in the workflow appear and the PM can no longer stick to the initial plan. At this tense moment, some PMs may take the wrong direction and lead the project to collapse because of high pressure or short deadlines. They start to panic and become unable to take sensible measures. Here, AI chatbots play an important role as they help PMs use their common sense and achieve good solutions with minimum risks. Even in tranquil times, AI recommendations allow PMs to see the best cost-effective solutions and act in a subtle manner.
- 3. Risk Management
AI project management software is effective in risk assessment too. Cost risk analysis is the key to running a project successfully, but it takes a lot of time if the project is long-term and multi-stage. However, with AI tools, the PM analyzes the costs and risks as well as makes the right allocation of money and time quickly. AI software allows the PM to monitor the project’s risks continually and define any inconsistencies as soon as they take place, thus having time to prevent their bad effects. AI software lets PMs keep track of all the project’s elements from start to finish. As a result, the odds of failing the project are extremely low. Since AI tools provide real-time feedback about the project development, the PM can foresee near-term risks that may affect the project soon. Based on that, they can manage the project in a way that avoids all the major risks and provides a fertile ground for its completion.
- 4. Project Estimations
AI chatbots are believed to enhance project estimation processes as well. PMs use AI software to assess the project’s scope of work and costs. Though the PM can make their own calculations, the estimates made by AI are rarely false and normally can be used as a basis for successful project development. Giant companies involved with large-scale production count on AI estimates that determine the most optimal and cost-effective way of project implementation. Besides project estimates, an AI system can provide a blueprint of a project relying on which the PM can direct the development team correctly as well as divide a project into sprints. In short, AI gives you all the necessary insights to realize how to run the project safely and effectively.
- 5. Fraud Detection
Another big advantage of AI for business is that it enhances the level of security in your organization. Some types of AI software are designed to protect your finance and data from cyber-attacks and other invasions. The AI system checks the prospective buyer’s identity and lets your sales managers engage with them only after their identity is verified. This practice keeps your company safe from cybercriminals that may attempt to make phishing or DDoS attacks. Likewise, some businesses prefer employing AI tools to secure their payments and transactions, including billing, accounting, and funds management processes.
- 6. Competitive Edge
One way or another, the use of AI enables any firm or company to develop a competitive edge and gain a significant share on the market. When all the business processes are controlled and supervised, the likelihood of making an error in the project development is minimal. The integration of AI tools for business purposes also allows PMs to develop the most optimal business model that will result in better deliverables and final project results. As a consequence, the company is likely to demonstrate higher efficiency and improve its image and reputation. It is a common practice today that potential customers tend to make their buying choice based on the reputation and previous experience of companies. Therefore, those companies that succeed in preventing big fails of their projects and demonstrating flawless success rate have more chances to get the favor of new clients.
Is AI worth spending?
Statistical data demonstrate that 47% of projects end in fiasco because of false project management decisions and 44% of projects are poorly done due to a discrepancy between project and business goals. The potential of AI is enough to minimize the common risks of project development and assist PMs in running their projects successfully. Although AI adoption is more typical for huge companies numbering at least 200 staff members, it is still advisable for any business to think over the integration of AI software into their business system. With all the benefits that AI tools provide, any business becomes more competitive and efficient and for this reason, grows faster.
AI is the technology of the future. Make the first step in advancing your business through AI adoption.
Author’s BIO: Betty Lockwood is a web developer, blogger, fintech expert and caring mother of two kids. She loves to write about new technologies, business news, traveling, and music events. Betty is also editor-in-chief of Computools. Follow Betty on Twitter.
6 Ways Artificial Intelligence Can Improve Project Management by 2030