At present we are seeing a wide range of global scenarios at play, both political and economic, which is impacting the way businesses operate.
Particularly in industries where the projects are often large and complex, firms are having to overcome the additional difficulties of managing the quality of deliverables, increasing client demands and pressing timelines.
As traditional management approaches struggle to keep pace, emerging technologies offer promising solutions to simplify operations and enhance decision-making.
The benefits of adopting emerging technologies, particularly Artificial Intelligence (AI) are increasingly obvious, as more businesses see increased productivity and competitive advantages. From automating manual processes to analysing large datasets, AI holds the potential to empower teams to deliver projects more efficiently and accurately. Technological innovation is becoming critical to weathering challenges and complexities.
Below, we discuss some proactive measures project leaders can take to ensure their success.
Streamline processes and enhance collaboration
The need for tools to better manage project information has never been more apparent. According to Deltek’s Clarity Trends and Insights for Architecture, Engineering and Consulting Firms report, ‘increasing project complexity’ emerged as the top challenge for project managers over the next three years. In addition, 46% of project leaders ranked ‘managing the quality of deliverables’ as a top challenge when managing project information, and 42% referenced ‘struggles with project collaboration’. Three in five firms (60%) are still somewhat reliant on manual data entry to manage their projects’ financial data.
Project managers must find ways to streamline processes and enhance collaboration on a continuous basis, to adapt to increasing workflow complexity. This is a key step to enable a productive team environment. For example, using AI to automate routine tasks gives employees the ability to focus on more critical aspects of projects particularly customer preferences and their individual drivers.
Harness AI to automate administrative workloads
Many firms recognise the potential of emerging tech to transform project management. A staggering 79% of businesses plan to invest more in technologies like AI in 2024 compared to 2023. For project leaders, the benefits are clear. 41% believe AI can reduce administrative workloads, a top challenge when managing project information.
Beyond AI’s ability to automate processes – holding the potential to accelerate the project lifecycle and free up valuable resources – it offers numerous benefits for project management. From the Clarity report, which surveyed architecture, engineering and consulting firms, we know that 43% of firms use AI for automating repetitive drafting and modelling tasks, and 34% use it in simulating or analysing building performance. Looking specifically at delivery, 38% leverage AI to provide insights into operational performance, and 35% use it for predicting project outcomes.
Firms are also implementing AI-powered features to complement smart labour resourcing. For example, we know that that our customers are using generative AI to provide comprehensive summaries of customer data, including project statuses and engagements. This helps with resource allocation decisions by providing a clear overview of client needs and project demands.
Commit to continuous learning to fully leverage new technology
While the appetite for emerging tech is high, firms must address the skills gap to fully realise its potential. Half (50%) of project-based firms cite ‘a lack of employee education about emerging technology trends and how they are applied in their industry’ as a challenge for the next three years.
Firms must invest in training and upskilling initiatives to ensure employees can effectively leverage these technologies. Project managers must embrace continuous learning and enhance their AI and emerging tech related knowledge.
The importance of people in relation to managing complex projects cannot be understated. AI will never replace human logic and creativity, and instead, must be considered a tool to augment human input. By delivering on the above, project managers can capitalise on the promised benefits of increased productivity, enhanced collaboration, and streamlined project management processes.
By embracing innovation, prioritising digital transformation and cultivating the expertise within teams, project managers will be better able to deliver successful project results, generate long term value, and help bring their organisations to the strategic forefront of their industries.
Neil Davidson, Group Vice President, Deltek.
