8 AI-powered project management tools to leverage in 2021
A study by Project Management Institute (PMI) found that 44% of high-performing projects are supported by predictive analytics. Artificial intelligence (AI), which can provide meaningful suggestions and detect work patterns within a team, is becoming more important in project management. A project manager can now count on AI as a virtual partner.
The integration of AI has made it possible to reduce the need for human intervention in routine tasks such as project management. AI empowers project managers and helps them to drive this digital transformation forward.
In recent years, a variety of AI-based project management tools were developed to ensure project managers are not overwhelmed by their responsibilities. Continue reading to find out which AI-powered project managing tools you can use in 2021.
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7 Project Management Processes that Augment with AI
The difficulties of managing multiple complex projects and people led to the birth of project management. Project management is not an easy task. Managers must manage multiple projects with different needs and create an environment that allows people to work together. The project goals should be aligned with the business objectives.
Project management is a complex process that requires more efficiency and ease. AI is an integral part of this domain. These are 5 ways that AI can be used to augment project management processes:
1) Predictive Analytics
Source: Christopher S. Penn
Without a doubt, project management deals with a lot of data. Project managers must navigate through an ocean of data to find information, from customer information to project details. Artificial intelligence is used to transform this raw data into business insights. This not only helps to develop cognitive solutions for algorithms but also allows project teams to pay more attention to customer value creation.
2) Understanding the Project
Geneca conducted a study and found that 31% of organizations said that project failures were due to lack of a shared vision. It is crucial for project teams to be able to understand their projects and agree on project requirements. Project managers can use AI to their advantage. Artificial intelligence (AI) cannot have cognitive bias and will not hinder the project’s growth by focusing too much on one area. AI will not make preconceived predictions. Project managers can use the AI-provided insights to help them plan their projects.
3) Prediction of and mitigation of risks
Another study found that 70% of projects will fail. There are many reasons why projects fail: scope creep, lack of resources, and a lack of support from stakeholders.
Project managers can use the best tools for project management to detect potential risks and take action. AI allows them to take a proactive approach to managing projects and improve productivity and administration. Projects are able to see across multiple spectrums with greater visibility. This allows them to reduce minor risks before they become more serious.
4) Automating Tasks
AI can automate repetitive tasks that are often discouraged by humans when given enough data. Machines are not fatigued by mundane, heavy tasks. Depending on the nature of the project the scope of these tasks may vary, AI can reduce the need to have humans intervene in routine tasks. This allows project managers to focus on more difficult, but still important tasks.
5) Interpretation of Project Management Data