As you climb the steps of early developmental stages in life, how many times were you shown a picture of a cat or you literally encountered one, only to realize that the thing lurking around the edge of your balcony is nothing more but a cat? It took time for your memory to register that a specific being that has a bushy tail, sharp claws, and a lot of furs is known as a CAT.
The human mind wanders and wonders how exactly one is capable of jumping to such a conclusion? How did the toddler possibly register the fact that the feline creatures (roaming in alleyways, running around parks, climbing up trees or purring in the living room) are all CATs!
Here, let me help you understand how your memory enabled you to become capable of registering that sort of information.
You see, when you were only a kid, your teachers, mentors, guardians, parents and a whole lot of other people who participated in your education and nurturing, showed you a picture of a cat and trained you. They taught you what a cat looks like in reality and to top it off; they even let you play with the beast, to let you fully come to grips with the fact that this creature, and all others of its kind, are called CATs.
The very thought process which enabled us to register a feline creature as a CAT by identifying how it looks is exactly the principle behind the great myth of how machine learning works. No wonder our brains are dependent on neurons. Similarly, machine learning relies heavily on algorithms. When a vast amount of information on cats is continuously fed to the algorithm, over a passage of time, it automatically trains itself and becomes capable of learning, identifying and predicting the behavior of feline elements on its own.
The Entrance of Machine Learning in Corporate Sectors
As computers become more capable of simulating the behavior of human brains and how they think on most complex processes, they are empowered to yield results that are more accurate and bear a close resemblance to those produced by their human counterparts. The benefit of a computer to learn freely, reason and determine the best course-of-action, creates better opportunities for businesses to reap rewards. Individuals will now become capable of setting their focus on other aspects of their businesses, such as honing in on their soft skills and much more.
With the introduction of computer technology to the corporate world, enterprises have radically altered how they used to perform their business operations. As technology got a major overhaul, it started bringing more robust ideologies to the forefront. As the budding idea of machine learning took its toll, another revolution set the propellers of advancement into motion. Now, we are standing at a stage where machines aren’t only capable of manipulating our processes, they have become capable of making managerial decisions on our behalf as well.
The Gap in Project Management and the Role of AI Powered Machines
Most corporate employees manage business operations by capitalizing on diverse project management tools and strategies. By deploying effective project management practices in organizations, managers supervise most of the planning, scheduling and monitoring operations. But, times have changed. With the introduction of concepts such as machine learning, data science, and artificial intelligence, managers are now shifting their focus towards enhancing soft skills. Most complex projects which used to take days in terms of planning under human supervision are now being commenced in just a matter of minutes, all thanks to the supreme power of machine learning.
AI-Powered solutions and machine learning are changing the course of history for all mankind. They have resolved more corporate issues by providing automated solutions than any other individual non-AI powered business tools over the market. These automated solutions have significantly benefited organizations in controlling costs, analyzing risks and managing time on budget. Are you eager to learn how Machine Learning and predictive analysis have benefited other major project management outcomes? Let’s check them out.
Machine Learning Would Automate Data Collection Procedures
Most project management tools are adept at collecting information and keeping historical operational information safe. When a wealth of information is at the expense of managers to manipulate, they can produce actionable outcomes by utilizing that information. If you are planning to integrate a machine learning algorithm in your project management software, it is crucial to provide it with copious amounts of accessible information. The greater the access to available information, the more deeply compatible AI solution will be with your business processes.
Most timeline predictions conducted by project managers are based on studying historical data on performed tasks. It enables managers to identify how much time a task is going to take to complete successfully. Recording and analyzing such information can become a cumbersome and time-consuming task; however, if an AI-powered solution is integrated with the software, it will ultimately result in automating the complete procedure of analyzing historical information. The Result: AI will automate the procedures and save time on the clock.
Cloud Computing Will Groom Project Management AI Solutions
Cloud computing is growing at an exponential pace. It has taken a multitude of businesses around the world by storm. From SaaS-based projects to IaaS based platforms, everything is supervised under the cloud environment. Project Management tools that leverage the power of cloud computing provide more significant insights into the data as these tools are used not only by your respective organization but also quite others.
When AI-powered solutions will be integrated with such tools, AI will not only be able to access a user’s or company’s historical information, it will be greatly empowered to learn all that they did in order to make a significant process successful. It will greatly help teams that often find themselves having to contend with tasks that involve certain complexities. As far as the privacy factor is concerned, the provider of the solution will remain anonymous; yet, the solution will be at the person’s expense.
External Factors Could be Addressed in AI Project Management
Imagine that your company plans on constructing a resort at a picturesque Caribbean island. Your project manager is skilled at setting budgets and creating timelines. He manifests a project analysis report which addresses several factors, but not all of them. He feeds that information to an AI-powered project management tool and gleans an unrealistic response. However, now that he has an idea of where the gap lies in his analysis, Machine Learning can help him bridge the chasm.
To use or discard the new AI automated plan lies with the decision-making skills of project managers. A smart project management software does not only prepare a project management plan addressing internal factors such as the time and costs involved, it will always bring into consideration several external factors as well. These external factors can be natural calamities or commute delays, etc. Normal human assessment often falls short of soliciting information from the cloud, such as an AI-powered Project Management tool does. Hence, it is obvious that it can create better timelines than any human could.
Assign Right User Roles with AI Powered Project Management Tools
A recent Gartner published report reveals that authors Tom Austin, Mark Hung and Magnus Revang assert that AI is expected to be ingrained as an essential part of the workforce by the year 2021.
One of the major applications of applicant tracking systems is observed among project managers who are investing quite a lot in AI-powered technologies. Companies, where project managers have adopted AI for assigning task roles, have observed a performance increase of up to 20%. Their revenues have seen a boost of 4%, and their losses have been significantly mitigated by 35%. If AI keeps on revolutionizing the world of project management, the time is not far away when these numbers would double up.
One of the professions that have dramatically advanced over the years is none other than project management. Compared to the past, project management has become highly efficient and productive by introducing more robust management concepts. A significant surge is observed in tool mobility, analysis, and performance-oriented usage.
Are you excited about the new wave of possibilities? Are you wondering how artificially intelligent workplaces can become quite productive? It’s time to change your day-to-day project management tactics and replace them with more technologically smart ones.
What do you intend to do to incorporate AI into your workspace seamlessly? Share your thoughts with us.