Project Management Trends 2024
In today’s article we discuss the trends we expect to see in the project management space throughout the coming year.
2023 was a year that saw the further use of data analytics and a rise in the use of Artificial Intelligence (AI) in project management. Similar to last year, we expect the AI hype in project management to continue in 2024, as well as the use of data analytics. Below we discuss these predictions in more detail, as well as some other project management trends we foresee in 2024.
Artificial Intelligence and Automation
The adoption of Artificial Intelligence and automation tools across industries is redefining the meaning of productivity. For workers in project management, the tools have prompted a transformative shift in how projects are planned and managed. AI and automation can help project managers optimise processes, streamline tasks and respond to challenges quickly and effectively. Below we discuss some of the ways the tools are assisting project work.
Document Management – AI and automation tools can improve the management of project-related documents. SharePoint Premium, for example, uses AI to recognise, categorise and store documents like contracts and invoices, and then automatically routes them to the relevant individual. This ensures workers receive and action project documents as soon as possible, streamlining project workflows.
Advanced Analytics - AI algorithms have the ability to analyse extensive data to pinpoint risk factors that may be missed by human managers, and then propose mitigation strategies. This enables teams to respond to unforeseen challenges, such as possible phase delays or budget concerns, quickly and effectively and helps ensure your team remains agile.
Task Automation – Helping project managers reclaim valuable time and reduce human error, time-consuming manual tasks such as report generation and scheduling can be automated. Reducing the amount of time required to carry out these routine tasks allows project managers to work on more intricate and strategic project elements. Power Automate can be integrated with your project management software to help you automate project-related tasks like generating data visualisations for reports.
Resourcing - AI can analyse historical project data to identify trends that can then help predict resource demands for upcoming projects. Further, AI can track real-time resource utilisation to help managers ensure the most effective allocation of resources and labour.
With the support of these tools, project managers are empowered to navigate project complexities with maximum efficiency and agility.
Advanced Project Management Tools
Providing a central location for all critical project data, project management software can assist project managers in managing multiple complex projects at once. Tools like Power PPM provide powerful end-to-end project and portfolio management capabilities, enabling managers to get a holistic view of important project information such as timelines, budgets and resources. Project management software supports project managers in executing successful projects on time and on budget.
Sustainable Project Management
With the demand for sustainable products and services surging in recent years, industry standards for environmentally and socially responsible practices are rising too, and the area of project management is no exception. The following year will be important for project managers as they must educate themselves and figure out how to incorporate sustainable practices into their project work. Managers who prioritise sustainability from this year onwards will likely be at an advantage as businesses are being prompted to integrate sustainability awareness and practices at each level of the organisation.
If you would like to learn more about the solutions that can help your organisation better prepare for what’s to come in project management over the next year, get in touch today.