May 30th, 2018
Project Management is a process that is guided by vast amounts of information and data. Within this information and data are the keys to project efficiencies and improvements leading to improved project performance. So, how do organizations harness this information and data to drive results?
Artificial Intelligence: A Technology That Will Change Business
Artificial Intelligence (AI) was once a purely theoretical idea that was the inspiration for Hollywood movies. Now, what was once fantasy is becoming a reality. AI technology is built on data mining and machine learning. By using data mining and machine learning, AI can predict future outcomes, better manage resources and calculate risk. AI’s abilities are game-changing when thinking about their uses in project management.
The Possibilities of AI in Project Management
Predicting Future Outcomes
AI can turn into a fortune teller’s crystal ball by predicting outcomes. For example, in March of this year, Wells Fargo Securities used their AI-based program called Aiera (Artificially Intelligent Equity Research Analyst) to predict where Amazon will place its new headquarters. Aiera concluded that Boston would likely be home to the new Amazon headquarters, with Chicago being the second most likely location.
Aiera is a prime example of what AI can do regarding predicting outcomes, so businesses can make more informed decisions without human bias. Applying this function to project management, it could save organizations time and money by providing them with the most likely outcomes. This allows project managers and their teams to make more informed decisions when considering project approaches, strategies and plans.
Better Management of Project Resources
AI can also track performance in the execution of a project which can aid in better resource management. When AI analyzes project data, small details come to light that can identify issues in progress and performance that may go unnoticed otherwise. These data findings can then be used to make improvements and modifications to aid in enhancing project performance and the distribution of project resources. With the help of AI, project managers can make better decisions regarding work schedules, staffing and materials management.
Accurate Calculation of Risk
Evaluating and planning for risk is a crucial part of project management. By using AI, project risk can be significantly reduced. By using machine learning models, AI can detect patterns and trends in project data (milestone schedules), that can more fully expose all possible risks. AI not only allows for risk to be more clearly seen but it eliminates human bias that may either amplify or underestimate risk based on personal preferences. Being able to see all risk scenarios allows for better planning and better prediction of one-time project delivery.
Incorporating AI Technology Into Your Business Today
AI could revolutionize the way organizations do business, especially in the field of project management. If your company is facing project management issues, it’s time to turn to an expert in business solutions consulting. At ASB Resources, we are leading providers of project management solutions for businesses of all sizes. Contact our leading IT recruiters today to learn more!