Trends in Project Management Series - Trend #3 Application of Technology to Project Delivery
Nice to see you again! If you are joining this blog series for the first time, we’ve been exploring the top 3 trends in Project Management through a series of blog posts all week. Be sure to read the first 3 posts where we started exploring the drivers behind the top trends in project management in 2020, taking an in-depth look at Cultural and Emotional Intelligence and Hybrid Project Delivery. Today, we have the pleasure of exploring the third top trend in project management: Application of Technology to Project Delivery.
The challenges of our time, remote and flexible work arrangements in particular, are requiring managers to rely more heavily on technology to enable basic day-to-day project activities such as meetings, collaboration information/document sharing, governance, and decision making. Managers are more heavily reliant on their team members’ ability to effectively access and utilize internet connectivity, video and audio conferencing, collaboration tools and cloud-based environments. Managers are required to devote more of their time and energy to managing the people aspects of team leadership in the current environment. To enable this re-balancing of effort, project managers are turning to technology solutions that have been designed to off load tasks that lend themselves to automation through Machine Learning (ML) and Artificial Intelligence (AI). Emerging disrupters in the world of technology such as: ML, AI and Big Data among other automation solutions such as Intelligent Predictive Scheduling can be utilized by Project Managers in identifying, assessing and mitigating risk, resource estimation, allocation and levelling, and improved decision making. AI systems can observe/monitor project activities and individual team member behaviour and can expose certain habits and nuances with team members that might be otherwise overlooked.
Did you know…75% of CEOs believe that ML / AI will be larger disrupters than the Internet was!
There is evidence that Investment in Project Managers’ Technology Quotient (PMTQ) has enhanced project performance metrics and outcomes. See the chart of survey results below.
PROJECT PERFORMANCE METRICS: PMTQ Innovators vs. the PMTQ Laggards in Adoption of new Technology
Below is a summary of the research findings:
- Company leaders are putting more and more emphasis on their employees’ Technology Quotient. PMTQ is defined per PMI as “a person’s ability to adapt, manage and integrate technology based on the needs of the organization or the project at hand.”
- Automation and AI technologies are becoming prominent and are increasing in popularity.
- PMTQ is reflected in how well (and quickly) project managers adopt new tech, like AI, Machine Learning, and automation, and successfully integrate it into their project management processes.
- AI systems can effectively handle scheduling, reminders, and follow-ups to eliminate the need for human input. Their integration with popular communication tools like Slack as well as project management tools like JIRA make for a more efficient process when it comes to getting work done and matters resolved.
- Technology is playing a larger role in enabling companies to succeed in this world of accelerating change. More of the critical projects that companies take on involve implementing and levering new emerging technologies.
- For anyone charged with implementing strategy in a world constantly being remodeled by technological change, PMTQ will be a must-have, make-or-break capability.
- The results of this PMI Pulse of the Profession survey are quite compelling. We see pretty solid evidence that PMs who are innovators in the application of technology to project delivery achieve better results and are less likely to fail:
- They are 15% more likely to meet intended project goals and business results
- 19% more of them completed their projects within budget
- 20% more completed their projects on time.
- 9% fewer are over budget.
- 17% fewer experience scope creep
- And 30% fewer overall experience failures.
Now that we’ve taken a close look at the top 3 trends in project management – let’s explore what it all mean for project managers. Join us tomorrow for the last instalment in our blog series – we will discuss recommended actions and expected outcomes for project managers and their clients.