Majority of companies think AI will play a crucial role in critical business decisions in the future

Majority of companies think AI will play a crucial role in critical business decisions in the future

A recent survey by software recommendation site GetApp reveals that nearly two-thirds (63%) of professionals in Australia view Artificial Intelligence (AI) as a key solution for overcoming challenges in project management.

While 18% of respondents are unsure how AI technology can be beneficial, a combined total of 74% agree that technology such as AI in project management processes will soon play an essential role in making critical business decisions.

Additionally, 44% of respondents said their company does not currently use AI but expressed interest in adopting it. Of these respondents, 23% are now in the process of incorporating it, and 21% have yet to start.

Out of over 500 survey respondents in Australia involved in project management, 84% believe there is room for improvement in its processes, with 24% saying there are significant areas for improvement and 59% seeing some potential for improvement.

Notably, 46% of survey respondents said that the availability of expertise and technology is the most critical factor in project success, suggesting that improvements are needed where some organisations continue to use manual applications.

Almost two-thirds (64%) of respondents reported using two to three software programs for projects, as some systems are used for specific processes, such as task management (58%), project planning (53%) and communication (52%).

When asked about the project completion rate, 40% of respondents said that only 50% to 80% of their projects are completed on time and within budget. According to 39% of respondents, insufficient skills among the project team is the leading cause of project failure, followed by other top contributors such as poor cost management (31%) and inadequate financial resources (30%).

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

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.”

“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.”