Project management software backed by artificial intelligence can significantly reduce costs for companies and create smoother, more effective management systems. Here’s how
How AI and automation can revolutionize project management
Industries of all kinds, from healthcare, to sales and marketing, require project management strategies. Project management is more than just making a general plan and trying to stick to it. It requires accurate forecasts, time management and well-informed decisions. Artificial intelligence has the capability to transform those strategies into more efficient processes, saving organizations time and money.
Artificial Intelligence can remove a lot of the uncertainty that project management entails and make sure the execution is less risky. However, while 85 percent of companies believe AI will give them a competitive advantage, less than 39 percent of organizations have actually put an Artificial Intelligence strategy in place. From taking over mundane housekeeping tasks to predicting major risks, AI makes project management more effective.
Artificial Intelligence can free up time
One of the most useful applications of Artificial Intelligence in project management is for basic organizational work. The technology has the ability to handle administrative tasks through chatbots and virtual assistants. These tasks include scheduling, payments, customer service, and sending reminders to both customers and employees, keeping everyone in the loop throughout a project.
A study by Accenture found that managers spent 54 percent of their time on administrative tasks prior to implementing AI. Once AI technology came into play, that number dropped to only 25 percent. That means managers had 29 percent more time to spend on their other, more impactful work. Not only does offloading basic, monotonous tasks free up time, it also costs less, which brings us to the next point.
… and significantly reduce costs
It may seem counterproductive to spend money on a sophisticated AI platform for project management. However, decision-makers are finding AI project management software actually costs less in the long run than paying human employees to do the work. In a survey by MIT Sloan, 63 percent of company leaders cited lower cost as motivation for switching to AI.
Because Artificial Intelligence can automate many of the time-consuming tasks normally relegated to human employees, it greatly reduces overall labor costs and allows project managers and their teams to focus on the actual “meat” of a project. However, automating those day-to-day administrative labor costs aren’t the only way AI helps companies save money. It also speeds up the sales funnel, reduces the margin for human error and provides insights to avoid risks — all cost-reducing benefits.
Faster and better predictive analytics
Though human employees can certainly create basic plans for managing a project, they may need a little help when it comes to predictive modeling and extrapolating likely outcomes of a job based on data. AI project management tools use machine learning to comb through massive amounts of data much quicker than humans ever could. They then use that information to draw actionable insights like identifying industry patterns or predicting potential bumps in the road throughout a project.
Identifying risks and errors quickly
AI systems can process large amounts of data quickly. That means they can catch errors or problematic tendencies from previous workflows. Without machine learning’s observations, these risks may have been otherwise overlooked. Machine learning tools can scrape data from previous projects and customer profiles, and use it to help predict a given project’s future.
AI-powered programs can provide intelligent guidance on scheduling, budgeting, and resource allocation based on its findings from previous data. However, Artificial Intelligence doesn’t only provide direction at the beginning of a project. The tools available can monitor a project from start to finish and will warn managers if risks emerge, or if a project is veering off track. From there, the technology can provide additional suggestions to get the project back in line.
Understanding the customer and sales journeys
Artificial Intelligence can be particularly useful for project management when it comes to sales teams. It helps managers and salespeople better understand their market and identify which leads show the highest potential. AI-powered sales tools have the ability to create detailed profiles for every potential customer and use them to make informed decisions. For example, Oracle apps recently released new additions to their suite of tools to help sales teams more effectively manage projects.
The applications’ machine learning resources gather information from the sales profiles to create the most accurate picture of a customer and their probability for success. That information is then evaluated using predictive analytics to identify which prospects are the best to pursue. Those analyses can also be used to provide an accurate forecast of future market trends and allow decision-makers to make well-informed sales projections.
Artificial Intelligence and automation are transforming businesses
Though project management may seem like a simple concept, it is far from a simple task. It requires hard work, deep analysis, and a significant amount of time. By employing project management software backed by artificial intelligence, companies can cut costs, save time, and create streamlined, effective projects on a large scale.