How AI Affects Software Project Management

How AI Affects Software Project Management

Today, we are lucky to see the advancements of the AI revolution. It has disrupted many industries, including transportation, automobiles, healthcare and education.

But the most interested party in investing in AI is business.

According to the statistics put together by Zoom info:

  • 47% of digitally mature organizations say have an AI strategy in place
  • 64% of business executives say that investments in the AI have already increased their profits
  • 61% of businesses say that using AI helped them identify the opportunities that otherwise could have been missed

Overall, according to Zoom info, 83% of businesses say that investing in AI is a strategic priority for them. As a result, with an immense endorsement from business, AI is expected to grow to a $190 billion industry by 2025, with global spending in AI systems reaching $57 billion by 2021 already.

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What Makes AI So Exciting for Business?

First and foremost, it’s the automation of processes that otherwise would cost companies millions of dollars.

One of the causes of investment in AI is concerned with customer support and creating a seamless customer service experience.

According to PR Newswire, investing in customer support Chatbots saves companies several million dollars a year, which otherwise would be spent on hiring and maintaining a whole team of customer support representatives.

We’re not saying that AI can now fully replace a customer support representative. But it takes a huge load of work off their shoulders, and it has a positive impact on the company’s profitability.

The biggest hit, however, is investing in project management software powered by AI.

What does it allow?

  • seamless collaboration and task tracking
  • better scheduling and appointment of roles
  • easier budget management
  • automation of standard processes, etc.

How does AI affect software project management? What new has AI brought to it?

Let’s take a look.

1. Enabling Predictive Analysis

The most beneficial feature that AI enables in project management software is predictive analysis. This feature is possible thanks to machine learning, and the demand for it only will grow, as more and more companies would want such software to:

  • predict sales (Disneyland is famous for employing project management software to calculate and predict toy sales)
  • figure out, what works, and what doesn’t, based on the data received from previous projects
  • estimate the success of current projects based on the budget, information from previous campaigns, and contribution from the members of a project management team

The predictive analysis consists of 5 elements: data collection, data modeling, statistics, and deployment. Altogether, these 5 elements contribute to interpreting data and determining the benefits more effectively.

So, from the popularity of only this one feature, you can see how the interest in AI affects project management software. This feature can be a true game

Many businesses understand that employing project management software to do predictive analysis can potentially be lifesaving for all their projects and marketing campaigns. That is why in the future, there’s a high chance that we will see more pressure from the business and demands to make the feature of predictive analysis more agile.

2. Managing Risks

Calculating benefits is not the only feature that business is after when it comes to AI-powered project management software. It is also about figuring out and managing risks, associated with the activity of the company.

Effective risk management is one of the top priorities for the business. According to Quantivate:

  • 62% of organizations experienced a critical risk event over the past three-four years
  • 65% of organizations reactive and basic risk management programs
  • 44% of organizations plan to increase investments into better risk management solutions

Yet, 69% of business executives are not confident in their current risk management solutions and are looking for technological advancements and AI-powered solutions to solve this issue.

Such expectations made it possible for AI-based project management software to automate and perform tasks associated with risk management.

Now, a project team can develop a so-called risk register and update it in the duration of the project, when they become aware of new risks associated with it.

The risk management feature is possible thanks to machine learning, which collects and stores data associated with issues and risks, and automates tasks associated with risk management according to previous experiences.

This feature, however, needs to be perfected in the future. While AI-powered project management software can estimate risks based on previous projects, it cannot calculate possible risks if there’s no record of them in the system.

But as AI becomes smarter and more advanced with each year, businesses can expect further improvements in the risk management feature in the nearest future.

3. Actionable Insights

The effect of AI on project management software is set to increase, as, in the future; it will not only deliver data but will deliver actionable insights as well.

Today, we can see project management software use machine learning to give tips on how to benefit from certain tweaks to your plan or by adding specific skills to the project team. However, businesses expect a smart AI solution that will help them deliver better results.

Third-generation AI-based project management software is expected to use metadata to deliver meaningful advice. Right now, the feature is only in the work, however, it is said that project management software will use a set of verbal cues to give advice regarding certain issues associated with a project.

As AI becomes more intuitive and agile, it will gradually become a new and trustworthy companion to the project management teams, not only collecting and analyzing the data but also effectively processing it to give reliable information for quick decision making.

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Wrapping Up

There are a lot of expectations for AI in the future. Most of them come from businesses that are looking for effective solutions to automate many processes, including project management.

Of course, there’s a lot to come for project management software. AI-powered solutions that it offers now, already became very helpful (and some of them – game-changing) for businesses today.

With time, however, more advancement in risk management and predictive analysis are expected, bringing businesses more opportunities to grow and deliver successful projects.

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