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The world’s most important projects could benefit from AI according to recent research from Project Management Institute (PMI), the leading global authority on project success, which highlights the transformative potential of AI in increasing project outcome.
PMI’s research shows that 10 per cent of projects globally are outright failures, while just 71 per cent of projects in Europe meet their business goals. So, increasing project success rates is crucial to addressing global challenges such as tackling climate change, navigating dynamic geopolitical circumstances, enhancing the benefits of new technology and dealing effectively with changing ways of working.
PMI’s report on the ‘Benefits of Adopting AI for Project Management‘ reveals that high adopters of GenAI enjoy significant benefits in key aspects of project management, including project scope, scheduling, cost, quality management, productivity, problem-solving and effectiveness. They even experience improvements in collaboration and creativity.
Lysan Drabon, Managing Director for PMI in Europe said: “We are on the brink of understanding how GenAI technologies will fundamentally revolutionise project management and organisations. While some of the technical improvements our research shows may be expected, the unexpected gains the high users of AI are seeing to human skills, like creativity and collaboration are particularly striking.”
Such is the expected impact of AI on projects around the world, that PMI is taking steps to ensure the profession is ready to benefit from the opportunities presented by new technology while mitigating the potential risks.
Drabon continued: “It is crucial for project professionals to seize the opportunities offered by AI to improve the success of their projects, but we must be cautious not to become over reliant on new technology. AI is incredibly powerful, but it is only as good as the data it has to work with. We must be extremely careful that the information we feed into GenAI tools is accurate, and free from bias. And we must check that the outputs make sense. The role of human oversight is indispensable in this process.”
Drabon will be participating in a panel discussion at the Reuters Momentum AI event in London (2-3 October), where she will be joined by leaders from HSBC, Ferrari and E.ON to discuss ‘How to accelerate organisational creativity and innovation with AI’.
