By – Vartika Kashyap
Just think of what project management industry looked like ten years ago? Fewer methodologies, lesser tools, smaller teams, and simpler projects. Cut to 2019, things have changed tremendously as the teams are no longer smaller and the projects no longer simpler.
As the old adage goes, “Change is the only constant.” It seems so true for the project management industry. The project management landscape is changing rapidly with evolving technologies, tools, and the latest trends. And, the change doesn’t seem to slow down.
Let’s cut the chase and take a look at the emerging trends in project management happening all around the world.
The Most Important Project Management Trends for 2023
1. The expansion of Artificial Intelligence (AI) & Automation
There is a lot of buzz around artificial intelligence and its implications. Just like software development, aerospace, healthcare, and finance, the impact of artificial intelligence and automation can also be seen and felt in the project management sector.
Impact: Many companies have already started using AI in project management to perform their daily tasks that require human effort through task automation. The effect goes beyond automating simple tasks but is also quite helpful in obtaining performance insights.
Project managers can use automation to perform complex tasks ranging from scheduling to data visualization and make informed decisions based on the captured insights.
What to do about it:
First and foremost, project managers should embrace AI in project management and then learn how to leverage it for successful project completion.
Once you’ve learned to leverage AI to automate data, project execution will be much easier than before. It also makes way for building meaningful relationships with your team members and clients.
Let’s see how AI has enabled better risk estimation: We all know how deadlines are pushed ahead either due to bad estimation or unknown external factors. With artificial intelligence, you can get the right estimation of a project’s duration, costs, and progress helping you predict realistic timelines for your project.
2. Inclusion of hybrid project management approaches
It’s true that not all projects are made equal and not all teams can stick to one specific methodology. Maybe that’s why the concept of hybrid project management has been gaining a lot of attention and the number of project managers and Scrum masters combining more than one methodologies is increasing day by day.
In simple words, hybrid project management refers to methods combining approaches from the traditional PM environment and the agile word.
Impact: When you implement the hybrid model, you get to bring all your projects, tasks, people, and communications at one place helping you make the right business choices.
For instance, on mixing the traditional approach with the Agile methodology, team members with different views, working styles can work together in their own way making way for more stability, engagement, and efficiency.
What to do about it:
Use discretion to understand which methodology works best for a specific project. Smart project managers are opting for a mix of agile and traditional methodology to get the best of both worlds.
Tip: We recommend using a traditional approach for simple and clear parts and agile for complex ones while working in a multi-project environment.
3. The impact of emotional intelligence (EQ)
You might be wondering how the ability to understand and recognize emotions has something to do with project success? Well, it does play a vital role. When TeleSmart took a survey, it was found that 58% of respondents believe that emotional intelligence is one of the strongest predictors of performance irrespective of the nature of your job.
Impact: Managing projects go beyond defining the scope, making deadlines, deciding the budget. Project managers have to manage people as well and that means more complications.
Failing to understand team members’ emotions could lead to a lot of emotional activity in a team. Obviously, the result isn’t always all hunky-dory.
What to do about it:
To deal with different personalities and ensuring project success, a proper understanding of emotions (both yours and others) is required – making it a necessary leadership skill for project managers all over the globe.
Thus, learning the art of emotions and what drives people is becoming more important than ever to predict project success in the future.
4. More focus on data analytics and numbers
Project management involves a lot of data. Project managers are increasingly leveraging data insights to make informed decisions to handle projects in a better way and increase business growth.
Impact: Whether it’s project planning, quality management, or risk estimation, the use of big data analysis has already started shaping the project management world. The collected data is useful to learn how to form teams, the size of the team, how to include and position team members, skill sets needed to manage projects better.
What to do about it:
The smart and wise ones leverage the technological advancements to stay relevant. Data analytics, if used the right way has the power to produce a lot of business value.
“What gets measured, gets managed” — Peter Drucker, management guru
If you’re someone who doesn’t like numbers, find the tools that can do the work for you. Project analytics tools offer strategic parameters that could help you get the complete picture of all project activities. Get high-level data and custom reports with tech tools such as Google Data Studio, Tableau to visualize data.
5. Advanced project management tools and solutions
In today’s digital era, project management tools s have become an indispensable part of project management. The numbers tell the same story. According to a research, 77 percent of high-performing projects use project management software to plan, execute, and control all aspects of the project management.
Impact: Project management tools and solutions have always been the game-changing factor. Below are some ways how these tools are making positive changes in project management.
- Project planning: Uses data from previous projects to plan better
- Scheduling and time tracking: Keeps track of time spent on tasks and manages scheduled events, meetings, milestones, and deadlines
- Communication and collaboration: Lets you share critical information with team members, clients, stakeholders
- Budgets and deadlines: Helps you deliver projects within the allocated budget
- Progress tracking: Keeps track of the ongoing projects if they are on track or not if resources need to be adjusted or not.
6. Increased remote working
It’s no news that the number of professionals opting to work remotely has sky-rocketed in the last couple of years. And the trend is here to stay. According to Gallup,
“Remote working has been on the rise since 2012: from 39% in 2012 to 43% in 2016. The desire to work remotely is here to stay and it isn’t limited to a few select industries.”
Impact: Remote project management offers many benefits. The first one being more flexibility in the schedule and second, not having to commute to the office every day. It’s also important to start considering investing in tools that can help protect you in a remote-work set up. Project costs are also reduced. Plus, you get an opportunity to work a diverse talent pool.
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TimeLinx delivers innovative project & service management software as a complete solution that perfects the sell-track-manage-support-bill cycle that services organizations must have to delight their customers; TimeLinx brings the cycle together in a single application that offers less frustration, better project management, complete reporting, and improved profitability – all specially designed for Infor and Sage.