Approximately $48 trillion is invested in projects annually, but only 35% of these projects are considered successful, according to the Standish Group.
The waste of resources and missed benefits of the remaining 65% are staggering. However, change is on the horizon, as Gartner predicts that by 2030, 80% of project management tasks will be run by AI and big data, machine learning, and natural language processing.
6 Ways AI/ML will Revolutionize Project Management as outlined by Antonio Nieto-Rodriguez:
1️⃣ More Efficient Project Selection and Prioritization
AI and ML can analyze data to determine which projects will bring the greatest value to the organization, exceeding human accuracy in prediction.
2️⃣ Streamlined Project Management Office
Data analytics and automation startups are already supporting organizations in optimizing the role of the project management office (PMO), as seen in President Emmanuel Macron’s use of technology for monitoring French public-sector projects.
3️⃣ Improved Project Planning and Reporting
Big data and ML can help leaders and project managers identify potential risks and suggest mitigating actions, and soon, they will be able to adjust plans automatically to avoid certain risks.
4️⃣ Virtual Project Assistance
In project management, “bots” or virtual assistants like ChatGPT will learn from past data to tailor interactions and capture critical information, such as PMOtto or Oracle’s new project management digital assistant.
5️⃣ Advanced Testing Systems
Advanced testing systems will soon become widely available, enabling early detection of defects and self-correcting processes, reducing the time spent on testing, and delivering bug-free solutions.
6️⃣Evolution of the Project Manager’s Role
With a shift from administrative work, the project manager of the future will need strong leadership skills, strategic thinking, and business acumen. Teams may soon comprise both humans and robots.
These new tools will transform not only the technology of project management but also the work itself.
Integrating artificial intelligence in project management will have a profound impact, not just by automating tedious tasks but more significantly by providing better selection and implementation of projects through AI and other innovative technologies.
Project managers must be ready to guide their teams in this transition by providing the necessary training and support.
#projectmanagers Are you ready to embrace this transformation?
The link for the full article is at https://lnkd.in/dWihDjeT
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ZERO to ONE – By Peter Thiel
Recently, I again read this international bestseller after a few years. Its really a wonderful book.
As per the author, founders should ask one or more of the following seven questions related to their startup/business. If you don’t have good answers to these questions, you will run into lots of “bad luck” and your startup may fail.
1️⃣ The engineering question
Can you create breakthrough technology instead of incremental improvements?
2️⃣ The timing question
Is now the right time to start your particular business?
3️⃣ The Monopoly question
Are you starting with a big share of a small market?
4️⃣ The people question
Do you have the right team?
5️⃣ The distribution question
Do you have a way to not just create, but deliver your product?
6️⃣ The durability question
Will your market position be defensible 10 and 20 years into the future?
7️⃣The Secret question
Have you identified a unique opportunity that others don’t see?
If you nail all seven, you’ll master fortune and succeed. Even getting five or six correct might work.
Tesla nailed all seven, making it the most valuable company in a short time.
What is your view? Do you have any other points to add that might be secret sauce???