Organizations invest approximately $48 trillion in projects annually, yet only one-third of these projects are deemed successful. Many project managers still depend on slides, spreadsheets, and manual record-keeping to oversee their projects. This approach is inadequate, especially for large-scale projects with evolving targets. Fortunately, AI is revolutionizing how work is done across all business areas, including project management.
According to a Gartner report, 80% of current project management tasks are expected to be automated by 2030 due to advancements in AI, which will take over traditional functions like data collection, tracking, and reporting. AI is set to transform how program and portfolio management leaders use technology to support their business objectives.
Organizations clearly need an effective solution to manage their entire operations lifecycle, from initial client interactions to final delivery and profitability. Microsoft Dynamics 365 Project Operations, with its new Copilot feature for AI-driven project management, addresses current challenges in project management and has emerged as a game changer.
In this blog, we’ll explore how Dynamics 365 Project Operations, with its advanced AI capabilities in time tracking, can transform the traditional approach to project management, providing a more sophisticated and efficient way forward.
How AI will transform project management?
Given the challenges in project management, AI is poised to transform traditional approaches. Beyond automating routine tasks, AI will reshape project management in several key ways, including:
- Improved project selection and prioritization: AI can analyze vast amounts of data to help organizations choose and prioritize projects that align best with their strategic goals.
- Enhanced monitoring and reporting: AI tools can provide real-time insights into project progress, identify potential issues early, and automate reporting, making it easier for project managers to stay on top of their projects.
- Optimized resource allocation: AI can predict resource needs and optimize their allocation, ensuring that projects have the right resources at the right time.
- Risk management: AI can help identify potential risks and suggest mitigation strategies, improving project success rates.
- Enhanced communication: AI-powered tools can facilitate better communication and collaboration among team members, ensuring everyone is on the same page.
Overall, AI will make project management more efficient, data-driven, and strategic, allowing project managers to focus on higher-value activities and improving project outcomes.
Microsoft Dynamics 365 Project Operations: A solution for achieving project success
As AI continues to advance project management, Microsoft Dynamics 365 Project Operations stands out as a transformative solution for achieving project success. Enhanced by Copilot capabilities, this platform offers a comprehensive solution designed for service-oriented organizations. It integrates key functions, including sales, project management, resource allocation, and financials, ensuring a smooth transition from prospect to profit. Dynamics 365 Project Operations also streamlines lead conversion into actionable projects and aligns sales efforts with project management objectives, optimizing service operations at every stage.
Further readings: Intelligent project management capabilities of Dynamics 365 Project Operations
