The role of AI in the future of business

Crucial decisions for businesses happen every day; in the near future, however, artificial intelligence could be pushed to the forefront to deal with those decisions.

AI is slowly becoming a pillar for businesses when they look towards their future endeavours. Now more than ever, businesses are adopting the use of AI and building plans to utilise it as a tool that can boost productivity.

A recent survey by GetApp has revealed that two-thirds (68 per cent) of companies will look towards AI to solve critical issues and overcome challenges in project management, highlighting how crucial AI will be in assisting with key business decisions.

Although 18 per cent of respondents were unsure of how AI technology could be beneficial for a business, a total of 74 per cent agreed that technology such as AI in project management processes will, in the very near future, play a vital role in making these critical business decisions.

On top of that, 44 per cent of respondents said their company does not currently use AI tools to assist them but has a keen interest in adopting them. Of these respondents, 23 per cent were in the process of incorporating and acquiring AI tools, while 21 per cent were yet to make a start on it.

It’s not a fully solidified tool yet, though, as 84 per cent of respondents believe there is room for improvement in its processes, and 24 per cent added that there are significant areas for improvement.

Almost two-thirds (64 per cent) reported using two to three software programmers for their projects, as some systems are used for specific processes, such as task management (58 per cent), project planning (53 per cent) and communication (52 per cent). It just highlights how implemented AI has become with a number of common practices.

Andrew Blair, content analyst for GetApp Australia, said: “Project management is resource-dependent, meaning it often requires more than one individual to manage complex projects successfully. AI can reduce that dependency by automating tasks and allowing project management professionals to focus on upskilling their teams.”

In terms of project completion rate, 40 per cent said that only 50 per cent to 80 per cent of their projects are completed on time and within their impending budget. Thirty-nine per cent of respondents stated that insufficient skills among the project team is the leading cause of these project failures, followed by other reasons such as poor cost management (31 per cent) and inadequate financial resources (30 per cent).

Furthermore, the research shows that project management processes are primarily handled by a group of employees, with 44 per cent having a team dedicated to these processes and 22 per cent doing so alongside other responsibilities.

Blair touched on it in his previous comment, but the utilisation of AI tools can help dissuade these failures through a number of avenues. These avenues can allow project management professionals to instead focus on upskilling their teams, mitigating the failures.

“As a technical resource, AI can provide managers with real-time data insights from ongoing projects to aid decision making. Predictive analytics can benefit organisations seeking more knowledge and technical resources,” Blair concluded.

Kace O'Neill

Kace O'Neill is a Graduate Journalist for HR Leader. Kace studied Media Communications and Maori studies at the University of Otago, he has a passion for sports and storytelling.