Generative AI (genAI) is rapidly transforming the landscape of project management, a new report from the Project Management Institute (PMI), has found.
A new study, First Movers’ Advantage: The Immediate Benefits of Adopting Generative AI For Project Management, reveals that high adopters of genAI are reaping significant benefits across key aspects of project management. These include improvements in project scope, scheduling, cost, quality management, productivity and problem-solving. Surprisingly, the research also indicates enhancements in traditionally human-centric skills such as collaboration and creativity.
The importance of this technological shift becomes evident when considering PMI’s broader research findings. Globally, 10% of projects are outright failures, while in Europe, only 71% of projects meet their business goals. In light of these statistics, the potential of AI to boost project success rates could be crucial in addressing global challenges, from climate change to navigating dynamic geopolitical circumstances.
However, the adoption of genAI in project management is not without its challenges. The research highlights that GenAI adoption goes beyond merely embracing new technology, it’s about catalysing organisational transformation. And there is need for caution. AI is incredibly powerful but it is only as good as the data it has to work with.
The message is clear – while AI offers unprecedented opportunities for improving project outcomes, its successful implementation will require a balanced approach that makes the most of technology while maintaining crucial human oversight.