Unlocking the Benefits of AI-Powered Project Management
Artificial intelligence (AI) has been challenging many industries nowadays, including project management on various scales. As usual in life, you either adapt to changing times or become extinct. As PMs, let’s look at how we can survive and thrive in an AI-Powered world.
AI-powered project management can lead to more intelligent resource allocation, real-time performance monitoring, and improved collaboration, communication, documentation, and decision-making. I’ve used AI tools successfully to generate new ideas, which streamlined my work and gave me a competitive e edge in my niche.
If you want to up your project management game, you won’t want to overlook the advantages that AI may provide. AI-powered project management may offer several benefits that can improve collaboration, communication, decision-making and streamlining workflows. These benefits can have a promising impact on the results of your project. Continue reading to find out more about how AI can expand the potential of your project management approach and boost your productivity.
How AI Is Used in Project Management
AI-powered tools make project management more efficient, ensuring the project follows through with the intended timeline, workflow, metrics, and other factors contributing to its success. To do this, AI employs automatic iteration for tedious administrative tasks and data analysis for generating actionable steps.
Project management software providers use AI through artificial neural networks (ANN) to reinforce machine learning and predictive data analysis. As a result, current AI systems do not simply automate activities based on logic. Still, it expands through quantitative data screening and logic mapping, which generate decisions that speed up tasks.
There are several topics where you deal with probabilities in project management, like how likely you will fit in the budget or meet project timelines. The new AI tools that can incorporate and digest large quantities of information about project-impacting factors and past experience will provide estimates better than any project manager I know. The tools are already good, but they will be amazing in the future after more data is provided to AI. With ANN established into PM tools, project managers can use automated project scheduling to handle multiple projects or workstreams. Plus, there are multi-platform or app synchronisation capabilities, predictive analysis of productivity blockers, and real-time milestone projection. Planning a project might take 1 – 2 months now, and it is decreasing; we will soon do that in a day with these tools.
AI-powered project management tools are evolving. More features will likely become available, especially those targeting enhanced content creation and more accurate predictive analysis. That said, learning about these tools at the get-go makes sense when it’s at their base form.
Enhanced Project Planning
The best use case for AI tools in project management software is during the planning stage. During this time, several of its features can be used for documentation, brainstorming, collaboration, cost estimation, and overall success prediction.
A driving catch for AI-powered project management software providers to use in front of their marketing strategy is highlighting the ability of AI to analyse data and provide helpful insights for improving the project. For example, you’ll be given project milestones and scheduling recommendations based on the timeline you inputted and other factors.
Time and cost estimates can also be generated for specific phases. However, this process still requires further improvement to ensure accuracy. Still, project managers expect a higher impact of robust data analysis in PM in the future.
In 2019, the Project Management Institute (PMI) surveyed managers about which AI technologies impact their work most. At that time, knowledge-based systems, which rely heavily on data analysis, influenced managers by 37%. But it is predicted that this will increase to 71% eventually.
6 Benefits of AI-Powered Project Management
In 2019, Gartner Inc. predicted that artificial intelligence would carry out 80% of administrative tasks involved in project management. While almost everyone has employed tools for automation, we’re now seeing another layer of AI being peeled in managing projects.
Several PM tools began to offer AI features with precise predictive analytics. Using this capability, you don’t only get to forecast potential issues and blockers but are also recommended corrective actions before the problem even occurs.
Additionally, repetitive tasks can be automated and filled in through machine learning. For example, AI can now help you formulate drafts for task descriptions, brief outlines for meetings, and other content-based activities.
1. Smarter Resource Allocation
Project managers can benefit from AI’s ability to allocate and optimise resources using a machine learning algorithm. Using information collected or inputted in the software, you will be able to generate timeline estimates, budget, and resource requirements based on historical data from previous activities or even completed projects in the past.
Many platforms can analyse and store data, such as resource utilisation patterns which can be used to suggest improvements. Through this capability, you’ll be directed to a viable step to prevent project derailment.
Moreover, artificial intelligence (AI) may assist project managers in identifying possible resource restrictions and recommending alternatives to employ in the case of a shortage. In particular future programs will effectively suggest the best resource allocation combinations to maximize productivity and minimize waste by analyzing data on availability and usage trends. Plus, it should generate for you some ideas for alternatives when some particular resource is not available. This may result in more cost-effective resource use, greater project success, and improved resource utilization.
2. Real-time Performance Monitoring
AI can track task status and overall project status through auto-scheduling and logic principles embedded in the system. You can receive notifications when a task is moved to the next stage if you follow a pipeline or a funnel, get alerts when deadlines are approaching and immediately see the impact on various linked tasks. Plus, you should be able to see if the task is in trouble clearly.
Although it’s easy to monitor projects manually when they are small, when they increase in size, AI tools can allow you to identify and mitigate potential risks and issues close to real-time. As a result, you’ll prevent any problems, regardless of size, from snowballing and impacting progress on a larger scale.
Another advantage of real-time performance monitoring with AI is tracking and analysing team members’ productivity and progress. AI tools can help project managers identify which activities are causing delays and potential remedies. The data acquired may be used to forecast future workloads, detect talent shortages or skills gaps, assign better tasks, boost efficiency, speed up delivery, and use existing resources better.
3. Improved Collaboration and Communication
Automation is one of the most significant benefits of AI-powered project management tools. And this is in platform features that reinforce enhanced communication and collaboration. For example, you can create and send a flawless email using AI generative texts in less than a minute. Also, you can summarise notes, edits content, and incorporate branding with less effort.
AI also uses natural language processing (NLP) and neural networks to ensure that messages come across according to intent. These processes allow for better communication among team members.
In addition to helping with communication, AI improves collaboration. Thanks to AI-powered tools, team members can swiftly share information and updates, work on different project components concurrently, and keep track of each other’s progress. AI may also aid in spotting potential areas of conflict or overlap among team members to allow speedier resolution and more effective teamwork.
Also, AI can facilitate cross-functional communication & collaboration, allowing teams from many departments or locations to interact efficiently in one place without stepping on each other’s toes. I would also expect these tools to support stakeholder management features soon. This is especially important for large projects that require input from several teams or stakeholders.
4. Improved Documentation
Using AI, you can create detailed documentation like Scope statements and reports on risk preparation and issues management. You can generate content and even new ideas for project planning through previous data and information you enter into the AI-powered PM system.
These features make it easier to project managers to focus more on the substance of the content without overthinking structure, format, and grammar. On top of that, existing AI tools are projected to improve, given recent enhancements in AI content generators. Hence, you’ll have more AI-powered documentation tools at your disposal.
AI-powered documentation systems can also assist in increasing project accountability and transparency. Project managers may simply keep stakeholders informed of project progress and milestones by automating the development of reports and other project documents. Project teams and stakeholders may establish more confidence in one another due to this enhanced openness, which may eventually boost project performance.
Additionally, these technologies may spot patterns and trends in project data using machine learning algorithms, allowing project managers to make reasonable judgments about resource allocation and risk reduction.
5. Enhanced Decision-making
Project managers make decisions every day; trust me, you can get a lot of headaches if the day is tough. Also, PMs are humans with many biases, approximately 160+ of them, to be more precise. Fortunately, AI tools can help prevent decision paralysis or errors by collecting and processing data for you to produce actionable steps, which reduce your biases impact and result in more informed decision-making.
Plus, you can be accurate and faster by using predictive analytics to forecast potential outcomes based on historical data. By leveraging data-driven insights, project managers can weigh the pros and cons and assess the predicted consequences of their decisions.
In addition, AI can identify potential risks and propose contingency plans to mitigate adverse effects. This can help reduce issues and lowers the chance of the project failing. With the ability to make better decisions faster and more accurately, project managers can leverage AI to drive projects to victory.
6. Learning New Domain
Artificial intelligence in project management leads you even closer to more information in a faster, more convenient way. Thus, it helps you learn new domains, acquire additional skills, and improve your job.
Project managers get in the palm of their hands an almost limitless quantity of information, which they can analyse, understand and develop effective strategies to learn a new domain.
My self recently had to transition to the Operational Risk area, where I had no experience. As you know, each domain has its abbreviations, keywords and topics. ChatGPT and Googling helped me relatively quickly speak the Operational Risk department language. As a result, you can also expand your career path and good reputation as a sought-after PM.
Furthermore, AI project management solutions will provide project managers with tailored learning opportunities; you will probably need to fill in some questionnaires or answer questions about and your experience. Then I would expect AI will be able to evaluate project managers’ performance and identify any areas where they may need to improve their skills or knowledge. Based on the results, the software can recommend educational programs, books, or other resources to help the project manager improve. With the help of this personalised learning technique, project managers can become more valuable to their employers by remaining current on the latest trends and technologies in their sector.
The Human Factor in Project Management
AI-powered tools enhance project management and almost ensure project success. These tools, designed to automate, analyse data, and better reinforce communication and collaboration in the team, allow you to save time, effort, and resources significantly.
Although AI can generate ideas and possible solutions, it is only designed to improve your work. It’s unlikely for AI-powered project management software to replace project managers entirely as the job demands human factors such as critical and creative thinking, problem-solving skills, people skills, and more.
Additionally, a lot of decision-making is involved in project management, which AI will help with but not replace. The human factor is critical for project managers to make sound judgments based on intuition, expertise, and empathy. To ensure that the project’s output meets stakeholders’ expectations, project managers must balance the use of AI with their judgment.
Furthermore, project managers must be aware of AI’s limits and when it is appropriate to use it to avoid AI tools from taking away the critical role of human oversight and decision-making.
So, AI-powered project management systems should be considered a resource to augment human abilities rather than replace human expertise.
Project Management AI tools
You’ll find several project management software with AI tools that make basic and advanced tasks more efficient, such as project tracking and reporting, planning, time management, and more.
However, others have niche-specific features that better suit specific projects. Below are top PM software products with robust AI capabilities. For more information about these providers, check out my comprehensive AI-powered project management software guide <TBC>.
|AI-Powered Project Management Tools
|Strategy-AI: In 2021, Trello launched its AI tool, Strategy AI, to incorporate automatic iteration not just during the execution of the tasks but even during the planning and strategising phases.
Some of its key features include:
1. Built-in workflow automation through Butler
2. Priorities visualisationPermission controls
3. Present essential PM factors on boards
|Notion AI: The best use case for Notion AI is during content curation and brainstorming for product development and operation enhancement ideas.
Its functionalities include:
1. Generative AI texts
2. Task management
3. Action items for deciphering subsequent steps
4. Built-in editor and content insights
|adam.ai: Asana’s project management features already have several automation features for boards and lists and task itemisation.
But you also have the option of integrating your PM workspace with the AI content platform adam.ai to avail of features like:
1. Calendar and boards synchronisation
2. Workflow buildersTimeline and milestone management
3. Meeting actions two-way sync
|Work Interlligence™: Wrike’s AI and learning machine go beyond automation by analysing data from notes, documents, and forms. Then, it provides predictions and suggestions to help you proceed to the next step.
Its highlighted features are:
1. Mobile app access for seamless collaboration
2. Prioritisation guessworkEarly diagnosis of work blockers with the recommendation
3. Automatic creation of subtasks
4. File digitalisation from mobile screenshots and images
|Zia: Integrated into the Zoho platform, Zia is a chatbot, but it also acts as a digital assistant, responding to requests and questions related to the task or project.
Some of its automation features include:
1. Task creation and prioritisation
2. Event scheduler
3. Assign and update task status
4. Time and schedule tasks
AI-powered project management elevates a PM’s tasks and makes the project management system more effective. Furthermore, it allows you to remain competitive in today’s business environment. Since it is data-driven, it ensures accuracy and seamlessness. Despite this, AI technology still requires a human touch. Finding a tool with robust AI features is the best way to start using AI-powered project management. Get to know the platform and prepare for additional tools in the future.
Subscribe to our newsletter!
These days, business problems require data crunching and telling stories to make the right decisions. Simply put, business stakeholders need insights into their projects and deliveries.
This is where I come in. I have learned and applied Python, Power BI, SQL and Excel to analyse and present data. Also, I gained experience in Project Management and Business Analysis. So, I can not only spot insights but execute business decisions. Moreover, I can teach you as well. Read More
Latest Blog Posts
- What are the Different Types of Planning in Project Management?
- Transforming Project Management with AI Software: Tools, Challenges, and Best Practices
- Unlocking the Benefits of AI-Powered Project Management
- Best Tools for Project Managers: Tracking and Reporting
- How To Improve Project Management Efficiency
- Acquiring Project Budget Approval & Challenges
Need Project Manager’s Help!?
Check out the Fiverr marketplace if you do not have time to run your own projects or just need extra help. They do have multiple project professionals, including project managers. Maybe you will find just the right fit to take some burden from you. I have used Fiverr in the past. The prices are also not too bad. If you seek PM via the corporate route, it will be easily 5x the price.