INNOVATIONS AND INSIGHTS
THE IMPACT OF AI ON THE AUSTRALIAN PROJECT MANAGEMENT INDUSTRY (Source: iStock)
By the end of 2020, the Artificial Intelligence (AI) industry is predicted to reach $US36B globally and this figure is forecast to grow exponentially to $US127B 2025 – making AI the largest driver of tech spending in the next 5 years
Artificial Intelligence (AI) is a broad field that incorporates smart machines, machine learning and reasoning, ro/ chat/web bots, artificial neural networks and new programming parameters. But the new machines and software that we see now are only the first in what will eventually become a new industrial revolution which will fundamentally redefine global economic systems, create new labour markets, challenge our understanding of ‘personhood’ if current research is correct over one third of graduate level jobs will be replaced by some form of AI in the next decade. In fact, by the end of 2020, the Artificial Intelligence (AI) industry is predicted to reach $US36B globally and this figure is forecast to grow exponentially to $US127B 2025 – making AI the largest driver of tech spending in the next 5 years. With this new industrial revolution poised to have such a profound impact, it would seem naïve to believe that the field 6
of project management will survive this revolution unscathed. This takes a futurist perspective of the profession and looks at how it may change over the next 5 to 10 years.
THE RISE OF THE MACHINES Perhaps the most astounding thing about the impact of AI is the speed of its adoption. The drivers behind this rapid change are the confluence of data collection and analysis, massive leaps forward in computing power and better algorithms. Together these drivers are already making inroads into the profession of project management. Within the project management space, AI has already begun to take over some of the routine administration tasks. Activities such as creation and maintenance of registers and logs, automated meetings preparation including booking rooms, emailing invitations and drafting agendas. In addition, AI is taking over paper-based communications such as minuting meetings, following up on action items via automated emails and preparing monthly reports. But this is only the start.By 2025, we can expect to see Machine Learning (ML) based platforms that can: • schedule projects • assign resources • create basic cost plans • assist with contract interpretation and administration • undertake earned value assessments • forecast completion costs, as well as • assist with identifying trends for opportunity capitalization and risk mitigation
