Artificial Intelligence is gaining popularity with small and medium businesses facing challenges in project management. Learn 5 sound reasons why it is desirable to integrate AI tools into your business system
The 2019 Economist report says that the area of Artificial Intelligence (AI) has seen the largest number of startups in recent years. There has been a growing demand for this technology across many sectors, especially among small and medium businesses. The role of AI in business becomes more and more important as it gives plenty of advantages in project management. It helps to align business processes as well as monitor project management risks. Besides, AI software is frequently backed by project management techniques that enable a project manager (PM) to hold a multitude of accurate analyses and risk assessments quickly.
The five advantages below explain why AI is going to change the way businesses evolve and emulate.
1. Workflow management
The use of AI in project management leads to substantial improvements in a workflow. In particular, PMs can delegate a part of their managerial responsibilities to AI chatbots that can monitor and control business processes without human intervention. For example, an AI chatbot is able to analyze each team member’s expertise and assign a new project to an employee with relevant experience and skills. It also analyzes the project workloads and decides how many workers will be needed to complete the project on time. This intelligent assistance is of great value for PMs that are in charge of several projects at a time and pressed by clients or short deadlines. As soon as any hurdle in the workflow process takes place, the AI chatbot can quickly help the PM organize a project team and achieve better work efficiency. Another advantage of AI in workflow management is simple reporting. The AI chatbot can be programmed to automatically report to a client at the end of each sprint or development stage. As a result, the PM will have more time to improve a working climate within the project team.
2. Smart Assistance
Another reason why AI tools seem so appealing to PMs is consulting options. When the PM is faced with a project challenge, the AI chatbot can offer a sensible and risk-free solution allowing the project team to perform smoothly and deliver good results. Similarly, AI recommendations may be of much help when a client changes their requirements or deadline and the PM can no longer follow the initial project plan. In this case, AI can come up with a new plan that fits into the initial budget but also complies with new changes or demands. Here, AI assistance enables PMs to reply to challenges quickly, so avoiding delays in project development and failure as a whole.
3. Effective Risk Assessment
When it comes to risk assessment, AI project management software turns out to be a remedy against the PM’s wrong decisions and missteps. It enables the PM to conduct a cost risk analysis correctly even when the project is multi-stage and expected to last a couple of years. AI tools allow monitoring the project risks constantly so that it is easy to detect any incongruity in the workflow. AI software is also designed to provide the PM with real-time feedback during the project development. These metrics give insights into whether the project will be finished successfully, and if not, they can be a good basis for developing a new strategy for project implementation. In short, AI tools act as an airbag keeping the PM from false solutions and pushing them in the right direction.
4. Project Estimating
Alongside the risk analysis, AI software is also used to get accurate project estimates. One of the PM’s main responsibilities is to assess the project workloads and runtime. With the help of AI, it is easier to define what amount of resources will be needed to complete the project in a due manner. Compared to human intelligence, AI thinks a lot quicker and needs less time to provide correct estimates of the project. Needless to say that this feature of AI plays an essential role for giant companies and manufacturers numbering hundreds of staff members. Since their office houses numerous departments, each being responsible for a separate operational process, it is complicated for the PM alone to conduct all the estimates correctly. For that reason, the adoption of AI tools is a smart upgrade of the business system that results in error-free and more effective PM performance.
5. Fraud Detection
Many businesses downplay the potential of AI in the area of security. In fact, AI software can be a powerful mechanism to resist cyber-attacks and protect confidential information. It is designed to verify customer identity and thereby prevent any fraudulent schemes that cyber criminals often use to take advantage of vulnerable businesses. Similarly, AI software is installed to manage billing, accounting, and funds as well as make sure all payments and transactions are secured. Strictly speaking, AI has great value for all firms that struggle with cyber-invasions and strive to improve their level of information security.
Is AI worth spending?
Statistics reveal that 47% of projects are poorly managed and result in customer dissatisfaction. The most common reason for project collapse is the lack of alignment between project and business objectives. AI project management software, by contrast, increases the chance of successful project completion as it allows for the creation of the most optimal business model and smart project implementation methods. In a nutshell, if you are not ready to risk your company’s reputation, it is desirable to invest in the adoption of AI tools that will improve your operational processes and eliminate the risks of project planning.