By 2023, technology providers, who are focused on AI, digital and virtual reality, will disrupt the program and portfolio management market
As artificial intelligence (AI) is to take over the traditional project management (PM) functions, 80 per cent of the work of PM discipline today will be eliminated by 2030, according to a latest report by Gartner, Inc. – the world’s leading research and advisory company.
The traditional functions of PM, such as collecting, tracking and reporting the data, will be taken over by the AI in the next 10 years, the report says.
Explaining the role of AI in PM, Daniel Stang, research vice president at Gartner, said, “AI is going to revolutionise how program and portfolio management leaders leverage technology to support their business goals. Right now, the tools available to them do not meet the requirements of digital business.”
In the present program and portfolio management software market, providers still lag in enabling a complete digital program management office; however, Gartner forecast that AI-enabled program and portfolio management will start to come up in the market sometime in 2019.
The major focus of market will be on offering incremental user experience benefits to individual project management professionals. Later, the focus will be to help them to become better managers and planners, the report says.
In fact, by 2023, technology providers, who are focused on AI, digital and virtual reality (VR), will disrupt the program and portfolio management market and cause a clear response by traditional providers, it adds.
AI to Enhance Results
A large proportion of program and portfolio management discipline includes data collection, analysis and reporting. AI will enhance the results of these tasks, such as the capability to analyse data faster as compared to humans and using these results to augment the overall performance. As these standard tasks will be replaced, leaders of program and portfolio management will look towards recruiting those who can manage the demands of smart machines and AI as new stakeholders.
“Using conversational AI and chatbots, program and portfolio management and program management office leaders can begin to use their voices to query a program and portfolio management software system and issue commands, rather than using their keyboard and mouse,” said Stang.
“As AI begins to take root in the program and portfolio management software market, those program management offices that choose to embrace the technology will see a reduction in the occurrence of unforeseen project issues and risks associated with human error,” he added.