The application of processes, techniques, abilities, knowledge, and experience to accomplish particular project goals in accordance with predetermined guidelines and within specific constraints is what project management is all about. This dynamic world is evolving drastically, and so are the tools and technology. This sets new project management trends. That's why the market for project management software is expected to witness a CAGR hike of 10.67% by 2026.
It becomes essential to be briefed about the changing dynamics of the industry. This read gives complete insights into the project management trends transforming the existing work style in 2023.
Artificial Intelligence (AI) & Automation
Artificial Intelligence (AI) has gradually integrated into various industries like healthcare, construction, finance, education, etc. It has made its place in the project management sector. AI assists in managing a project as companies implement complex technologies for routine tasks and particular functions.
Apart from automating project tasks that require human effort, AI can also be used to derive or predict performance insights of the project. AI bots and technologies can perform all the manual tasks like scheduling meetings, collecting information, analysing data and sending notifications to team members. This allows the project managers and their teams to use their time more productively. Moreover, it can also help estimate project risk, duration and budget, which helps avoid last-minute errors and close calls, thereby boosting overall efficiency and productivity.
AR in Marketing
The needs and demands of customers are the primary driving forces of the outside market. Augmented Reality (AR) is one such trend that allows brands to provide a friendly and unique customer experience with the convenience of their smartphones.
Augmented Business Card is one of the emerging project management trends and a great way to market a business. It has a QR code that can be scanned, activating the user's interaction when a person points the device's camera (phone, tablet) onto the business card. This gives customers detailed documentation, instructions, and files about a certain project using AR. The customer/client is aided in comprehending the project easily as the information provided is convenient, brief and precise.
Project management trends methodologies consist of a combined team effort to give rise to a unique result, product or service. On the other hand, Digital Project Management uses new technological innovations to improve, optimise and speed up the project management process.
The Project Management Professional can accomplish project goals using digital tools and software to help streamline business processes. He can outline the project's scope to the entire team, plan and manage the project's duration, budget and resources and delegate tasks to the team members accordingly. Moreover, he can also use it to communicate between teams and the client and ensure satisfaction from the client once the project is done, giving easy communication and managing access.
Hybrid Project Management Approaches
Different projects have different team members, each with its own approach to working. Hence, not all teams have a general methodology for working. That is why including hybrid project management approaches is important. The project is carried out using two or more different project management methodologies and collaborating with them to give rise to an entirely new method.
The hybrid project management model is also one of the emerging project management trends. It assists in bringing all the projects, assigned tasks, teams and communications in one place, which aids in making strategic and right business decisions. This way, it helps to get the best of various methodologies, enabling the project managers to embrace the chosen approaches' potencies and find a way to avoid potential failures.
Many companies are open to the idea of remote working, and a report revealed that 40% of companies are working remotely. This will continue to grow. These hybrid working styles and project management trends help employees to maintain a work-life balance. This, in turn, increases their efficiency and reduces the project's budget.
The Project Management Professional can host several video conferences to give updates regarding their business and update the team regularly regarding the changes in the project, which will also fill up for the missing office interaction among employees. Moreover, project managers get the opportunity to work with a diverse pool of talents worldwide, which can benefit the project extensively.
Emphasis on Statistics and Data Analysis
Companies generate a lot of data, and using that data to make informed decisions is a part of project management. Data Mining and Machine Learning techniques can assist decision-making by analysing project data and resolving various business problems.
Data analytics techniques help the project managers to derive insights from various analytical reports of the company and visualise the data using charts to present the trend of the data and how it could be used to make decisions for the company. Project Management Professional can predict the behaviour and outcomes of the data and help him navigate the project within schedule and budget.
Cybersecurity is a crucial element for businesses in this digital world which is mostly online and is prone to data breaches. The 2022 report states that 82% of data breaches are due to human elements, including social attacks, errors and misuse, underlining the importance of cybersecurity.
The Project Management Professional can assign software permissions only to those job roles which require access to that software. This strategy will help employees get a clear idea of their clients, and they can communicate with them seamlessly. It can also tackle third-party risks by building a centralised vendor repository, assessing and monitoring the risk for each vendor and keeping them in check.
Project management trends vastly depend upon emerging technologies and solutions. Hence, traditional methods may prove to be insufficient for solving problems. So, the need for project management training is more than ever now! With expert trainers having 20+ years of experience, 35 PMI Approved PDUs, and a 100% Guarantee, enrol in this PMP Certification Online Training Course and take your career to a new height.
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