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.

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.

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Benefits of AI Enabled Project Management

Artificial Intelligence (AI) and Project Management are being discussed together for a while now. 

Rather seriously! There is anxiety and excitement in almost equal measures among professionals across the globe.

What makes Project Management so relevant for Artificial Intelligence (AI)?

The answer is straight forward and lies in the very definition of AI and Machine Learning (ML). Let us take a look. 

Artificial Intelligence or AI sometimes called machine intelligence, is intelligence demonstrated by machines, in contrast to the natural intelligence displayed by humans. Colloquially, the term "artificial intelligence" is often used to describe machines (or computers) that mimic "cognitive" functions that humans associate with the human mind, such as "learning" and "problem solving”.

In simpler terms, AI enables machines to learn, think and act like humans. AI uses data, servers and algorithms to train machines for specific actions such as recognizing objects, reasoning, problem solving, planning, and perception.

Machine learning (ML) is the scientific study of algorithms and statistical models that computer systems use in order to perform a specific task effectively without using explicit instructions, relying on patterns and inference instead. It is seen as a subset of artificial intelligence. 

After careful review of both their definitions, one can safely state that AI and ML help provide deep insights from a huge data source built over time which is often difficult to track by us. 

If you take a further closer look, ML enables identifying patterns and structures within the data and predict outcomes of specific activities. 

Do note that the data is nothing else but “human actions and inputs recorded by various systems during the course of a specific activity or a project”.

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What You Should Know About AI in Project Management

 

According to a forecast by Gartner, artificial intelligence will take about 1.8 million jobs by 2020. However, it will also create 2.3 million jobs, which means that the impact of the growing popularity of AI will be rather positive. AI taking jobs from humans- this is the most common myth about this technology, however, there are real challenges associated with AI, as well as numerous tangible benefits. AI offers lots of opportunity for various fields, and project management is no exception.

Artificial intelligence is often called a disruptive technology, and it’s going to change project management as we know it. Some of these changes will be subtle, but the overall improvement effect will increase every year, as more businesses adopt AI.

Why It’s Important to Incorporate AI into Project Management Processes

Any project requires proper planning. Project managers have to monitor many aspects of project development, including finance, software development, construction, logistics, etc. There are many complex tools designed for such purposes but they often don’t provide the necessary results and cannot warn resources about the potential problems.

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