5 Disruptive Trends Impacting the Project Management Domain

5 Disruptive Trends Impacting the Project Management Domain Soumik Das NetCom Learning

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AGENDA Disruptive Trends in Project Management Why should Project Managers evolve as professionals How can Project Managers evolve as professionals

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DISRUPTIVE TRENDS IN PROJECT MANAGEMENT • In the next five years, the world will see more projects than ever. The reconstruction of the economy, healthcare, social care, and society at large after the devastating global pandemic crisis, will be unprecedented in human history.

According to McKinsey, Governments’ have announced $10 trillion in reconstruction funds just in the first two months of the crisis, which is three times more than the response to the 2008–09 financial crisis. These are millions of projects, which will need millions of project managers.

• However, despite this positive outlook, significant trends will put at stake the project management profession that we have learned to know in the past 40 years.

We should consider these signals as an urgent call for profound change in our practices and a much needed in our competencies. A small price to pay compared to the unique opportunity that the project management profession has to lead what I call our new world driven by change.

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THE END OF JOB DESCRIPTIONS, THE START OF PROJECT ROLES The move from a world driven by efficiency to a world driven by the change will have enormous consequences in terms of strategies, culture, organizational structure, competencies, compensations, etc. More and more work will be carried through projects. The Richards Group is the largest independently owned ad agency in the US, with billings of $1.28 billion, a revenue of $170 million, and more than 650 employees.

Stan Richards, its founder, and CEO removed almost all of its management layers and job titles, leaving only that of the project manager. The Richards Group is not an exception. One of the most significant impacts of this unprecedented disruption will be the end of job descriptions, which almost every organization has had for the past 30 years and will be replaced by project roles. Today most employees don't work on what their job descriptions state; they work on the changing priorities, the strategic initiatives, the focus on the clients, and delivering value to their organizations. They actually work on projects. Employees very soon will be assigned a role in a project, and once the project is over, they will be assigned a role in another project.

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FROM PROJECT MANAGER TO STRATEG IMPLEMENTATION PROFESSIONALS • It's about the competencies to succeed in the Project Economy. The World Economic Forum, in their Future of jobs report 2020, highlights the growing importance of project management as well as strategic roles. Current trends clearly shows that senior leaders see project management as a core competency and invest in them.

• However, project managers will need to learn new skills, and evolve to become strategy implementation specialist. They will need to start working on the project earlier on, within the innovation phase, facilitating ideation and using design thinking techniques to ensure that the best ideas are chosen and are developed into products that generate value through the right project management approaches. With the slow absorption of project management tasks by AI, most manual tasks will be replaced by leadership, strategic, and value creation competencies.

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EXPANDING OUR TOOLKIT, IT IS NOT WATERFALL AGILE; IT IS BOTH AND MORE Many of us grew developing and implementing project management methodologies with the idea that one size fits all. Meaning that all projects will need to follow the same methodology, the same project life cycle, the same templates... In the 1980s, 1990s, and 2000s, the focus was on traditional waterfall methods; in the 2010s, it moved to Agile; all projects then had to follow an agile approach. Today we know that this is wrong; you cannot have just one method to address all the projects and changes you have in your organization. In 2021, we will see the evolution of implementing projects into a set of tools, which will include agile practices, traditional project management practices, with design thinking, innovation, lean startup, program management, change management, and convergence with product management.

Depending on the type of project, project managers should be able to apply one tool or different techniques simultaneously.

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THE PROJECT MANAGEMENT OFFICE: TRANSFORM NOW, OR GAME OVER: The second big trend is the end of the PMOs as we know them for about 40 years.

During this period, PMO's were set up as a group in a hierarchical structure, either reporting to the CIO, CFO, or the CEO. However, hierarchies are structures of the past; today, most organizations look for more agile settings, with fewer management layers, promoting project-based work and self-managed teams. Therefore, PMOs need to change urgently. I see two essential evolutions. First, PMO's should move to cover strategy and transform into strategy implementation offices. Second, we need to develop agile PMOs, temporary entities that will assist in traditional and agile projects.

Once the project is over, the PMO should transition into running, operating, or selling what the project has produced and delivered.

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ARTIFICIAL INTELLIGENCE WILL RADICALLY DISRUPT PROJECT MANAGEMENT SOON; WE HAVE TO EMBRACE TECHNOLOGY NOW According to Gartner, 80% of the project management task will be taken over by AI by 2030. Most projects are managed with Microsoft Project, a software launched in 1987, more than 30 years ago. Project Portfolio Management tools offer more advanced features, but far from being applications benefiting from the latest technologies. Based on personal research, in 2021, we will start seeing some algorithms that can predict the success rates of projects, validate the projects' scope, and automatically design a project plan in a few minutes.

Losing a significant part of our current tasks as project managers might be scary for many; I see it as a vast opportunity to switch our focus on more added-value activities and drive an increase in project success ratios.

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WHY SHOULD PROJECT MANAGERS EVOLVE AS PROFESSIONALS

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CHANGING PROJECT LANDSCAPE • The business landscape has been changing rapidly over the last two decades due to many factors, including global competition, more demanding shareholders, and innovations in technology. To stay competitive, companies have had to transform their business and operational agendas. They must focus on reducing the costs of delivering services but at the same time become more productive and deliver more strategic and complex solutions.

• These transformational agendas have resulted in a different makeup of projects, which poses new challenges to the project management professionals accountable for delivery. In order to adapt to the new project landscape, the skill sets of the project management professional must also evolve. Project managers must move from a style of managing plans and direct reports to a more consultative approach that requires facilitation, negotiation, and relationship management. © 1998-2021 NetCom Learning

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CHANGING BUSINESS ENVIRONMENT YIELDED FOUR MAJOR TRENDS IMPACTING THE LANDSCAPE OF DELIVERY Technology is a significant part of a company's strategy and makes up a very large portion of its overall budget.

As a result of the large expenditure, there is a lot of scrutiny from senior management and subsequent pressure to keep costs down or, at the very least, to increase these costs proportionally to revenue growth.

This has led to two major approaches that companies are using to reduce the costs to deliver solutions: outsourcing, and shared service organizations.

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CHANGING BUSINESS ENVIRONMENT YIELDED FOUR MAJOR TRENDS IMPACTING THE LANDSCAPE OF DELIVERY: • Another major trend is the increasing complexity of technology used by businesses. With the evolution of multi-layered architectures and the Internet, the number of levels in technology has grown significantly. Also, companies recognize that technology is an enabler of strategy and produces a competitive advantage, which has resulted in larger programs with broad impacts and many stakeholders to manage. Today, it is not uncommon for a company to have many multi-million dollar and multi-year programs running concurrently. Lastly, business processes and organizations are becoming more complex and with that come more complex requirements for the technology to satisfy. This usually means a lot of integration into other organizations and systems that may use different technologies.

• To manage this complexity and the risk associated with it, companies have created several strategies including taking an enterprise focus and using third-party vendors.

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CHANGING BUSINESS ENVIRONMENT YIELDED FOUR MAJOR TRENDS IMPACTING THE LANDSCAPE OF DELIVERY: • Additional Rigor Because of the increasing complexity, size, and number of stakeholders on IT projects, additional rigor is needed and required by management. The rigor is focused on two primary places: demand management/governance and delivery processes/tools.

• Changing Workforce On top of an increasingly complex technology environment and additional process steps, the workforce used on IT projects is also changing. There are two significant trends in the project workforce: specialized resources and a mobile workforce.

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HOW CAN PROJECT MANAGERS EVOLVE AS PROFESSIONALS TO STAY RELEVANT IN THIS DYNAMIC WORLD

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UNDERSTAND THE GOALS OF PROJECT MANAGEMENT FOR YOUR ORGANIZATION •Your organization may have provided a corporate training program on Project Management Methodology, or you may have read a book on the subject — but that doesn’t mean you know what your specific team hopes to achieve by transitioning to this new mindset. Instead of stopping at the surface level, dig deeper to understand why your organization is adopting agile. Is it to decrease the time it takes to get new products to market? Is it to reduce dependence on external vendors or partners? Or perhaps the organization is implementing an approach simply because “everyone else is doing it.” If that’s the case, you have the opportunity to define your own goals, and demonstrate how organizational agility can help your team achieve them.

•Importantly, it’s not always obvious what your organization’s goals are. If you don’t know why your company is transforming, just ask.

Challenge your leaders, colleagues, and other stakeholders to answer the question, “If we get this right, what gets better?”

Follow up with, “How can we use our unique skills to help make that happen?”

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RETHINK YOUR SUCCESS METRICS • In the past, a project manager was considered successful if they delivered a specified quantity of work, on time and on budget. But in today’s world, the way project managers measure their success needs to change. Project managers must focus on metrics such as cycle time. Cycle time is a direct reflection of a team’s capacity to learn and adapt quickly, and it can be applied not only to the delivery of a product or feature, but also to the length of time it takes a team to learn new skills.

• In addition, project managers should strive to increase the percentage of decisions being made based on objective evidence such as customer input, rather than subjective, arbitrary assumptions. Consider measuring how many new initiative proposals are backed by market data, rather than just someone’s opinion that it’s a good idea. While it’s not always possible to precisely quantify how decisions are being made, even just regularly thinking about the question can help keep project managers on track. © 1998-2021 NetCom Learning

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CONTINUOUSLY INSPECT AND ADAPT YOUR WAYS OF WORKING • One of the core guiding principles of modern-day project management is empiricism: a philosophy of evidence-based pursuit of knowledge. As project managers navigate their roles in this new agile world, their success will hinge on continuously trying out ideas, evaluating what worked and what didn’t, and iterating accordingly. Some of the traditional tools and techniques that project managers are already familiar with will work well in current setting. Others might not.

• Agile doesn’t have to mean the end of project management.

But it does mean project managers have to adapt — or risk becoming obsolete. To be successful in an agile workplace, project management professionals must seek to understand their organization’s goals, rethink their own success metrics in light of those goals, and bring a mindset of continuous growth and iteration to their own development.

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