Ways Artificial Intelligence (AI) is Helping Businesses Streamline Project Management Workflows
In the digital age, the term Artificial Intelligence – or AI for short – has become a buzzword. Companies such as Microsoft, Apple, Google, Tesla, Huawei, and Facebook are working to make AI a permanent part of the corporate sector.
From self-driving cars, to voice assistants such as Siri and Alexa, to seamless customer service software systems such as Cogito, AI is gaining a firm ground in every sector around the world. People like Krishna C. Mukherjee, a prominent figure in the tech world, has contributed significantly to the advancements of business and technology. He is the one who revolutionized personal computing and improved programmer productivity with his smart AI solutions such as AutoFormat and Office Assistant in Microsoft Office, and IntelliSense for Visual Studio. Subsequently, in his career, he popularized cloud computing and paved the way for performing business transactions online, on the cloud, with the Software as a Service, or SaaS, model.
Whether it’s the corporate sector, financial world, manufacturing or automotive industry, AI, in combination with automation, is helping companies streamline project management workflows, and even transforming the recruitment process through the use of AI recruitment tools that can screen resumes, conduct initial interviews, and identify top candidates.
Understanding Project Management Workflow
A workflow is a set of tasks and events which lead to the completion of a project. It is the process of ordering tasks and activities into an efficient and meaningful sequence. In the corporate sector, workflow refers to the steps a product has to go through to reach the end-user. Efficient workflows help organizations in making their project management efficient and effective.
A project management team always makes efforts to minimize the inputs and maximize the outputs. Process automation uses software to link together the elements of a workflow to increase the speed, visibility and coordination of how work gets completed. Today, automation is significantly helping industries to improve the productivity of their employees and increase their efficiency.
With the rapid advancement of the technology sector, industries are moving forward and combining automation with smart AI products to maximize their potential and get ahead of the competition.
Role of AI in Project Management
Previously seen as a threat to humanity, AI is gradually making its way into every sector around the world.
Distinguished personalities such as Nick Bostrom - a researcher of Artificial Superintelligence, Demis Hassabis - an entrepreneur and AI researcher, Geoffrey E. Hinton – a cognitive psychologist and computer scientist, and Krishna C. Mukherjee - a Microsoft veteran, are playing a crucial role in bringing smart AI solutions to help businesses improve their project management workflows.
AI, in combination with automation, is streamlining project management workflows in ways the world never even thought was possible, and we have people like Krishna, Demis, Geoffrey and Nick to thank for it!
Offloading of Repetitive Tasks
Repetitive tasks increase the project management time and the overall project costs. According to studies, 54% of the entire project management time is dedicated to the completion of simple and repetitive tasks. Addressing this area and offloading the repetitive tasks to AI is helping to reduce the project management time by 25%.
Intelligent Filing Manage or INTELLIFM - an AI-based system created by Krishna C. Mukherjee - has been helping organizations to publish high-volume forms in a short time and with great efficiency. INTELLIFM combines AI with smart graphical user interfaces (GUIs) to automate filings and form publishing most elegantly.
Overall Reduction in Operational Costs
With the help of AI, businesses get a chance to automate most of their project management tasks. By performing the repetitive tasks with precision and thereby reducing the need to hire people for these non-productive tasks, AI is helping businesses to lower the overall costs. Thus, the project managers are able to focus on increasing the productivity of the process while reducing the operational overheads.
Elimination of Human Errors
AI makes predictive analysis a possibility for businesses. Predictive analysis plays a crucial role in streamlining project management workflows. It uses historical data and statistical techniques together with machine learning to compute the probabilities of future outcomes based on past experiences. This helps project managers to make smart and well thought-out decisions.
Human beings are optimistic by nature; they often cannot identify the negative effects of their decisions effectively. Here is where AI comes in and helps businesses predict outcomes of the designed strategies before implementation.
The capability of AI to deliver reliable conclusions about future events plays a pivotal role in eliminating human errors. The predictive capability of AI is most useful in scenarios where a project manager comes across unfamiliar obstacles during project implementation.
Smart Risk Management
Risk factors make businesses skeptical about taking innovative steps and undertaking new approaches. The predictive analysis capability of AI-powered solutions plays a vital role in carrying out risk management activities for companies. The AI-powered solutions monitor the entire project management cycle from the start. They help project managers to gather data and detect problems in the initial phase before they escalate further.
The AI-powered systems are accurate and reliable because they can detect defects which a human mind cannot. This helps project managers to address possible ways of disruption in the workflow beforehand and not allow the productivity of the process to be sabotaged.
Controlling the project cost within the set budget is crucial when it comes to enhancing the efficiency of the project management lifecycle. AI systems allow project managers to create more robust plans and strategies. The project managers are able to make more accurate decisions regarding budgeting and yearly capital allocations. The analysis provided through AI is fact based on corporate data. It is not subject to biased opinions or a one-size-fits-all approach which has worked in the past, but may not be applicable going forward.
Efficient Problem Solving and Time Management
Minimizing the overall time of a project lifecycle is one of the priorities of project managers. Proper time management and reduction of the overall project time is important to enhance efficiency and improve productivity.
AI helps businesses to free up time and focus on crucial aspects of a project. It facilitates management tasks through virtual assistants and chatbots. Moreover, predictive analysis helps project managers to solve problems efficiently and without loss of precious time.
Coordinating Workflows and Breaking Silos
A problem which serves as a major setback in project management is organizational silos. To enhance the efficiency of project management, the entire project management team must work in close collaboration. Not only should team members work in synchronization, but also the tasks of the project management cycle should be closely linked.
AI is playing a crucial role in bringing together all the project management tasks, in breaking organizational silos, and in helping to eliminate the “us versus them” mentality. AI is one of the most important aspects which contribute to enhancing the efficiency of a project management lifecycle, providing exceptional results.
AI is revolutionizing the corporate sector by adding ease and convenience in the completion of critical projects. The corporate sector is enjoying the benefits of AI. Prominent technology innovator Krishna C. Mukherjee launched smart financial solutions such as Bloomberg Valuation Service (BVAL) which provides accurate valuations by using sophisticated algorithms and AI. He created a scalable architecture for BVAL. He ensured that BVAL uses the highest quality data for algorithmically computing the prices of financial instruments. Today, BVAL prices millions of financial instruments across multiple asset classes. It provides the finance industry with rigorous, transparent, and defensible valuations.
Summing it Up
Similarly, AI systems are helping businesses reduce costs, enhance efficiency, and seamlessly automate the project management processes. With the finest brains of the century dedicated towards creating a bridge between human and AI to maximize productivity, we have all reasons to believe that the AI-revolution is going to bring massive changes to the modern business environment.
Keep up with the top stories from Reader’s Digest by subscribing to our weekly newsletter.