Impact of emerging Technologies on the 4Ps (Project, Program, Portfolio and PMO)
About the Author : Kartikeyan Ramamurthy is currently working with Amadeus Labs as Director – Strategy & Coordination. He is certified as PfMP, PMP, PMO-CP, DevOps Leader. He is on the Board Of Directors – PMI Bengaluru Chapter also Country Regional Ambassador of PMO Global Alliance.
This article is an excerpt from sessions done by the author of the article at PMI Indonesia, PMI Singapore, IIM Trichy & IIT Kanpur over 2020-21
The advent of new age/emerging technologies like AI/ML, IoT, Cloud computing seems to be impacting and enabling various industries and competencies to varied extent. This made me wonder as to how this impacts our own world of Projects, Programs, Portfolio and PMOs.
If we were to go by Garter, who in 2019 proclaimed that “80% of today’s project management tasks would be eliminated by 2030 as AI takes over”. Obviously Gartner’s view cannot be taken lightly, but we also know that these technologies will simultaneously enable our work as project managers.
The PMI Pulse of profession in-depth research in 2018 mentioned that cloud, IoT and AI/ML were the technologies giving competitive edge to organizations.
AI/ML clearly seems to be making an impact in the world of 4PS. The impact could be in bringing better insights, risk management, human capital optimization, Optimized schedules and enhanced & improved portfolios. There are already tools from companies like Aangine, Forecast, Aptage (now part of Planview) that are already addressing the scheduling, risk management and improved portfolios with abilities like real time multi horizon plan, algorithm-based portfolio prioritization. Bots and active assistants ( eg. PMOtto.ai) will alleviate the challenge of updating tasks, adding risks for the project as well as for KPis and reporting synchronized with the enterprise PM tool. It also enables project managers at projects to be well synchronized with HQs and could reduce administrative overheads.
IoT on the other hand seems to be impacting certain industries specifically, with possible benefits in terms of better monitoring & control, improved manpower allocation, health & safety, Predictive analytics. The engineering, construction, manufacturing industries obviously are the pioneers in this area.
Cloud computing is clearly the most mature of these technologies in terms of technical development and adaptations. This is really given a push in managing technology infrastructure projects with lower IT operational costs, faster and easier time to market for IT implementation projects and fostering innovation through a flexible and adaptive ecosystem. However the risks on the security are still a concern and need to be monitored especially in case of large organization implementations.
There are other technologies like Blockchain which are also expected to impact project management. Certainly one use case is that we will have irrefutable single source of truth. Hence project monitoring and its efficiencies can be managed very well. Of course the ROI for such use cases has to be established and so does the veracity of block chain outside of the financial services and banking industry.
In summary, while we do see emerging technologies impacting the 4P world and possibly even disrupting it in some way, it will largely enable projects to function more effectively and efficiently. Clearly the cost is one aspect that needs to be looked at very closely for this to be viable.
Looking forward to this space to evolve further !!