Study from Project Management Institute Identifies Six AI Technologies Impacting Project Professionals
Project Management Institute (PMI) today released its 2019 Pulse of the Profession® In-Depth Report: AI Innovators: Cracking the Code on Project Performance. The report provides an in-depth look at how artificial intelligence (AI) is impacting organizations and the project management profession. Findings reveal that AI disruption is happening and at a large scale: 81 percent of respondents report their organization is being impacted by AI technologies; 37 percent say adopting AI technologies is a high priority for their organization; and project professionals say they expect the proportion of the projects they manage using AI will jump from 23 to 37 percent over the next three years.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20190617005558/en/
These insights from a survey of 551 project management practitioners globally show that the presence of AI technologies will continue to grow, requiring shifts in how projects are managed and how organizations implement strategy. The report identifies six AI technologies that are impacting organizations globally. The three AI technologies currently impacting the greatest number of organizations are:
- Knowledge-based systems: Understands the context of the data being processed, helping support human learning and decision making.
- Machine learning: Analyzes data to build models by detecting patterns, yielding improved decision making with minimal human intervention.
- Decision management: Creates an intelligent process or set of processes based on rules and logic to automate decision making.
Over the next three years, project professionals expect the impact of these AI technologies to grow:
- Expert systems: Emulates and mimics human intelligence, skills or behavior in a particular field, topic or skill.
- Deep learning: Builds, trains and tests neural networks that predict outcomes and/or classify unstructured data based on probabilities.
- Robotic process automation: Mimics and automates human tasks to support corporate processes.
In a recent Pulse of the Profession® report, PMI called for organizations to bolster their Project Management Technology Quotient (PMTQ), which is a way of evaluating an organization’s ability to manage and integrate technology based on the needs of the organization or the project at hand. As organizations increasingly adopt AI technologies, having a strong PMTQ will be essential.
“What this report shows is that the time is now to start thinking about how organizations can leverage AI technologies to achieve project success,” said Michael DePrisco, vice president of global solutions at PMI. “Since project professionals are largely responsible for helping to implement change, they will play a critical role in influencing the adoption of these technologies in their organizations. Based on PMI research, we know that organizations with a high Project Management Technology Quotient (PMTQ) understand that capturing the value of AI will take more than simply rolling out the technology. It will require a new mindset, a learning culture and support from the top to establish an organizational infrastructure that leads to success.”
In fact, research by Accenture finds that most visionary organizations apply five key principles to their AI investments. Called the MELDS principles, they call on organizations to:
- Encourage the right Mindset
- Promote Experimentation
- Support actively involved Leadership
- Incorporate Data into strategy
- Cultivate new Skills
Organizations who embrace these five principles are called AI Innovators and are more likely than organizations that don’t embrace any of the principles (AI Laggards) to establish an organizational infrastructure that leads to project success. According to Pulse® data, there is a distinct payoff for organizations leading the way with AI. AI Innovators outperform AI Laggards on several key project metrics:
- Better on-time delivery: AI Innovators report they delivered 61 percent of their projects on time, versus 47 percent for AI Laggards.
- Superior benefits realization: AI Innovators report 69 percent of their projects realized 95 percent or more of their business benefits, compared to 53 percent of projects for AI Laggards.
- Higher ROI: AI Innovators report 64 percent of their projects met or exceeded their original ROI estimates, versus 52 percent of projects for AI Laggards.
Successful implementation of AI technology requires organizations to shift their priorities. Not only is it important to look at PMTQ as a measure of preparedness, but also how well an organization adheres to the MELDS principles. This will be especially important as more and more AI technologies are integrated into operations in the coming years.
Read more about 2019 Pulse of the Profession® In-Depth Report: AI Innovators: Cracking the Code on Project Performance at www.PMI.org/Pulse.
About the PMI Pulse of the Profession® Survey
This Pulse of the Profession® In-Depth research was conducted online in April/May 2019 among 551 project management practitioners globally.
About Project Management Institute (PMI)
Project Management Institute (PMI) is the world's leading association for those who consider project, program or portfolio management their profession. Founded in 1969, PMI delivers value for more than three million professionals working in nearly every country in the world through global advocacy, collaboration, education and research. We advance careers, improve organizational success and further mature the project management profession through globally-recognized standards, certifications, communities, resources, tools, academic research, publications, professional development courses and networking opportunities. As part of the PMI family, ProjectManagement.com creates online global communities that deliver more resources, better tools, larger networks and broader perspectives.
About Business Wire
(c) 2018 Business Wire, Inc., All rights reserved.
Business Wire, a Berkshire Hathaway company, is the global leader in multiplatform press release distribution.
Subscribe to releases from Business Wire
Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.
Latest releases from Business Wire
Quanergy and Chery Established Partnership to Propel a New Era of Autonomous Vehicles and Smart Cities18.7.2019 19:00:00 CEST | Press release
Quanergy Systems, Inc., a leading provider of LiDAR (Light Detection and Ranging) sensors and smart sensing solutions, announced a partnership with Chery Automobile, one of the largest automotive manufacturers in China. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20190718005616/en/ Quanergy and Chery Established Partnership to Propel a New Era of Autonomous Vehicles and Smart Cities (Graphic: Business Wire) On June 20th, 2019, Chery unveiled the logo of its new brand Chery Lion, and announced its strategic plan of working with selected partners to solve technological challenges across the ecosystem. Quanergy signed on to Chery Lion’s Smart Partner Program as the LiDAR partner, to focus efforts on advancing autonomous driving and smart cities in China. “As the autonomous vehicle industry matures, it is imperative to build an ecosystem that supports a transportation network with reliable solutions.” said Dr. Yong Huang, Vice
LTI USD Revenue Growth up 11.5% YoY; Digital Revenues at 39%18.7.2019 16:08:00 CEST | Press release
Larsen & Toubro Infotech (BSE: 540005, NSE: LTI), a global technology consulting and digital solutions company, announced its Q1 FY20 results today. Q1 FY20 In US Dollars: Revenue at USD 356.5 million; growth of 0.8% QoQ and 11.5% YoY Constant Currency Revenue growth of 1.0% QoQ and 12.9% YoY In Indian Rupees: Revenue at Rs 24,849 million; growth was flat QoQ and 15.3% YoY Net Income at Rs 3,557 million; growth of (6.1%) QoQ and (1.5%) YoY “We delivered 12.9% YoY revenue growth in constant currency driven by Digital Services that now make up 39% of our revenues. We also won a large deal by opening a new client logo in Insurance vertical with net-new TCV of US$44m. We are also pleased to welcome Lymbyc to LTI family. Lymbyc is a specialist AI, machine learning, and advanced analytics company. The acquisition further strengthens LTI’s Mosaic platform and our fast-growing digital and analytics offerings.” - Sanjay Jalona, Chief Executive Officer & Managing Director, LTI Recent Deal Wins A
Moody’s Analytics Wins Wholesale Modelling Software of the Year at Risk Technology Awards18.7.2019 15:30:00 CEST | Press release
Moody’s Analytics, a global provider of financial intelligence, has won Wholesale Modelling Software of the Year in the 2019 Risk Technology Awards. It’s one of six categories won, spanning finance, accounting, regulatory, and credit functions. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20190718005512/en/ A suite of integrated Moody’s Analytics offerings contributed to this win, including the CreditEdge™ solution, which delivers a leading probability of default model and advanced analytics for managing the daily credit risk of more than 60,000 public firms and sovereigns. Our RiskCalc™ credit scoring platform helps clients assess the credit risk of private firms, commercial banks, project finance projects, and insurance companies. The CMM™ solution combines property performance forecasts with commercial mortgage fundamentals to assess default and recovery risk for commercial real estate properties. The new CAP™ platform ex
Fabasoft is a “Strong Performer” for Cloud Content Platforms, Q3 201918.7.2019 14:39:00 CEST | Press release
Fabasoft, a leading European provider of cloud solutions, was invited by Forrester to be part of the independent evaluation “The Forrester New Wave™: Cloud Content Platforms – Multitenant SaaS, Q3 2019.”* Upon conclusion of the evaluation, Fabasoft was positioned in the “Strong Performers” group. The research and consulting firm Forrester Research Inc. has evaluated 13 top cloud content platforms based on 10 transparent criteria relating to current offering, strategy, and market presence. The report is based on an analysis of data from product presentations, a survey, and customer interviews. “We are proud that with Fabasoft Cloud, we have been positioned in the New Wave as a strong performer by a leading international analyst firm,” says Andreas Dangl, Business Unit Executive Cloud Services at Fabasoft. “We are especially pleased that Fabasoft is the only European cloud provider in this field. This makes it clear to us that Fabasoft Cloud is the best digitalization platform for large-
Gilead to Present New Data on HIV Prevention, Treatment and Cure Research at IAS 201918.7.2019 12:30:00 CEST | Press release
Gilead Sciences, Inc. (NASDAQ: GILD) today announced that new data from the company’s HIV research and development programs will be presented at the 10th International AIDS Society Conference on HIV Science (IAS 2019) being held in Mexico City from July 21-24. Fifteen abstracts, along with community-focused symposia and workshops, reflect Gilead’s ongoing commitment to scientific innovation, a key pillar to addressing unmet and evolving medical needs in HIV. “Gilead’s scientific discovery has helped transform both HIV treatment and prevention and we are committed to advancing the next generation of therapies to improve the care of people and communities impacted by this disease,” said John McHutchison, AO, MD, Chief Scientific Officer, Head of Research & Development, Gilead Sciences. “Our data at this year’s meeting include exciting progress in our HIV prevention, treatment and cure programs, which together are helping to advance the field of HIV toward the ultimate goal of ending the
SAMWHA ELECTRIC, a Manufacturer of Electrolytic Capacitor, Strengthens Global Business to Become the Digital Best Company18.7.2019 12:00:00 CEST | Press release
SAMWHA ELECTRIC (KRX:009470), a manufacturer specialized in electrolytic capacitors, is enhancing its global business by focusing on R&D and marketing to meet customers’ needs worldwide. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20190718005034/en/ SAMWHA ELECTRIC (KRX:009470), a manufacturer specialized in electrolytic capacitors, is enhancing its global business by developing electrolytic capacitors and Green-Cap (EDLC) which are essential to various industries including information technology, 5G telecommunication, eco-friendly cars, medical devices, LED, robots, IoT, wind power, solar power and ESS. In particular, it launched conductive polymer hybrid electrolytic capacitors for automotive electronics and 5G communication devices as 150℃ products with high reliability are needed in both industries. Products and solutions by SAMWHA ELECTRIC (Graphic: Business Wire) In tandem with increasing needs of high-value eco-frien