Project management can be twice as effective if you integrate AI tools with it. Discover five amazing ways through which AI will empower your business and increase your competitive edge
Based on the 2019 Economist report, Artificial Intelligence (AI) is among the top four fastest-growing sectors alongside robotics, blockchain, and agtech. This technology has primary value for startups and small and medium companies that strive to improve their business infrastructure and optimize operational processes. AI can be easily integrated with project estimation techniques that allow project managers (PMs) to better control workflow and minimize business risks.
Whatever the field of activity where your business operates, AI provides a number of basic advantages that enable every company to achieve higher efficiency and enhance their competitive edge. For example, clinical institutions employ AI software to monitor health risks and evaluate patients’ conditions, while banking companies count on AI frameworks to prevent cybercrime and detect fraud transactions. One way or another, the adoption of AI is a need for every firm that faces business challenges and attempts to improve their risk management system.
There are five basic advantages of AI tools.
- Intelligent Assistance
The first upside to having AI in your business system is that PMs perform their administrative and managerial responsibilities more effectively. When dealing with several brains projects concurrently, the PM can make an error by chance, especially when being under strong pressure from the client. The best remedy against mistakes and unplanned difficulties is the integration of AI chatbots that help PMs keep track of the business processes and inform them of any discrepancies as soon as they appear so that the PMs can eliminate them quickly. AI chatbots’ assistance also involves workflow management with consideration for a project’s specification and a team’s expertise and skills. For example, AI bots can identify the best candidate for a specific task after analyzing each employee’s workload and experience. As a consequence, PMs can use AI chatbots’ recommendations to assign projects to the most skillful and suitable workers. Finally, AI software is especially convenient in reporting. The bot automatically makes reports at the end of each development stage so that both the client and the PM see intermediate gains and future projections.
- Sound Consulting
The reason why so many businesses opt for AI project management tools is that AI assists PMs in making the right decisions when it comes to cost and risk analysis. By assessing the company’s performance and examining their reports, AI can offer the most relevant and cost-effective solution with minimum risks. Similarly, AI can be useful in predictive analytics and provide PMs with valuable insights about the workflow and projects in particular. AI projections can be further used to build the right business model that ideally fits into the company’s infrastructure.
- Smart Risk Management
The appeal of AI project management software is also connected with its ability to improve risk management practices and thereby safeguard the business from failure. From start to finish, PMs can employ AI to monitor the project development process and manage the team correctly. Since AI gives real-time feedback, it is easy to predict many difficulties that typically undermine the project implementation. For instance, if any team member is involved in wrongdoing, AI software will communicate this situation to the PM at once. As a result, it is easy to prevent a project collapse and complete the work in time.
- Accurate Project Estimating
Artificial Intelligence seems attractive in terms of project estimates too. Large-sized businesses will find it more useful in this case because it is challenging to assess and allocate resources correctly when the company’s staff numbers over 200 employees. AI tools, in turn, allow PMs to succeed in project planning and manage the project development in the best manner possible. Likewise, the use of AI software for project estimates is sensible when the PM is in charge of many projects at a time and it is physically impossible to manage everything without AI assistance.
- Fraud Prevention
Finally, the last and biggest reason for adopting AI technology is that it shields your business data and processes from cyber-attacks and fraudulent schemes. AI chatbots are able to detect any noncompliance with the requirements. It works in both ways. While AI is programmed to supervise employee performance and actions, it can also monitor billing, accounting, and funds management processes. With the help of AI, PMs can greatly improve their performance and eliminate the financial risks facing their projects on a regular basis.
All in all, AI project management benefits any business that looks for the most optimal ways of project implementation. Although plenty of firms have been slow to incorporate this technology into their business infrastructure, AI is gaining popularity and soon will prove its value worldwide.