It is 2020, all the companies that are trying to run their business are focusing on one thing and that is project management.
Yes, handling a company efficiently is a task and so is managing all the projects with it. Now in today's time, a business cannot survive if they do not plan out the future.
Qualitative measures are taken by different firms so that they can effectively run their firm. And by Projects, it does not mean just the business or the transactions.
By projects, here it means all the responsibilities that a business needs to invest for running a business, right from human resources to meet the business needs and objectives. Project Management Technology is acknowledged when Project Management is concerned.
The adoption rate of project management technology or software remains low.
According to a survey by Wellington, only 24% (as per data collected in 2018) of companies use a project management technology.
However, according to another study,
66% of project managers stated that they would utilize PM technology more widely if they had sufficient support from their company.
Therefore, chances are your own organization might start looking into it as well.
Let us look at some of the latest trends in project management that could help to run the business efficiently. There have been a lot of project management trends in 2020 that have come into the picture here.
1. Thinking Out of the Box
Well, your company might be the best at providing services or carrying out the businesses but so are the thousands of other companies in the market. What the investor of the stakeholder or the client or even the consumer for that matter is expecting you to offer 'Something Different'.
Project Managers need to constantly battle for more creative ideas and strive to outgrow all the other competitive companies. All the strategic objectives need to be fulfilled and that is one of the trends in project management.
Example: Companies nowadays are asking for the most creative content and consider content is the king. Providing the most creative and original content is the demand of every client. The business works on creativity and thinking out of the box.
2. Education of Technology
It's 2020 and the trends in technology are changing at the speed of light. Every day new technologies are coming up and at the most, the company can do is predict it. But that is just not possible and hence educating the employees to learn the new technological advancements is the best option.
They should be well aware of the new things coming up and parallelly teach them about the usage.
It is the era of technology and the project managers need to understand that the files need to be stacked up in the library and bring out the computers and the Ipads for the tasks.
Example: When the concept of EduCom came into schools, the teachers had no idea, but later the managers made it mandatory for the whole faculty of schools to attend training sessions and then teach the kids. It has since then adopted for the most efficient learning.
3. Importance of Artificial Intelligence
The company may be working fine with all the old school methods, But with the growing trends in project management, Artificial Intelligence is the need of the hour.
Virtual Reality, Robotic Process Automation, Machine Learning have come into the picture and they have made the life of the employee's way easier than it used to be.
Even the project managers can see the difference. They are way more efficient, accountable and are the way to go for complex project management.
Example: At stratejos, they began handling actuals, estimates, budgets, and sprints with an AI assistant, but are now moving to process data that can be learned from job descriptions.
For instance, AI will know the modifications made to source code and associate those modifications to people and jobs performed. This will let the AI associate bugs found on a line of code, the individual that coded it, and the jobs that link to it. This will enable real, workable determinants of projects and team performance.
Related Read: Artificial Intelligence In Project Management: Pros & Cons
4. Change is the Only Constant
Human Resource is the most valuable resource for any organization. The manager or the HR of the company makes sure that the employees are motivated to work.
But no one likes changes and with different projects coming up, employees are borne to feel less motivated. It is one of the current issues in project management.
Project managers all over are trying to motivate their employees to work in this constantly changing atmosphere. It is a task to work with human psychology, but they need to be handled well. Change Management is done here by the project managers. Project Management trends are taking into consideration.
Example: A lot of software is coming into the market now, the employees who have been well-versed with the old software may not like the new ways of it. They needed training and some degree of expertise working with collaborative online software like Google Drive.
5. Agile Project Management is Mandatory
Agile methodology helps with all the development and software changes throughout the lifecycle of the software.
Agile is not only a methodology to be used in the IT sector but for all sectors of the organization. Right from the bottom to the most top sector needs Agile Project Management.
Project Managers use Agile Management to strategically carry out tasks in the most efficient manner. With this, there are even chances of Hybrid Project Management taking place.
Recommended Read: Why Choose Agile Project Management Software?
6. Outsourcing Work is the New Cool!
Giving your projects to outsiders is a whole new level of responsibility. Getting the work done, making sure that all the rules are followed is some of the duties that a project manager needs to focus.
Maintain a good relationship with that particular Vendor Management company is also very essential. Also dealing with the deadlines and getting excellent quality of work is something that you expect from them. It is the future of project management in 2020.
7. Quality Result (Deadlines and Budget)
Quality is the result of a carefully constructed cultural environment. It has to be the fabric of the organization, not part of the fabric. - Phil Crosby.Tweet this
The future of project management will focus more on bringing up the quality content instead of just clearing out the deadline.
The project managers are making sure that they get the accurate and best result out of all the hard work that they are putting in, instead of just sticking through the budget and completing it before the deadline.
There are a lot of projects where the managers increase so much, just for the most appealing result. Traditionally, it was ideal to complete the projects on time and stick to the budget, but now it is all about the result.
Project managers and leaders need to have the right mindset to balance everything well. That stands out.
Recommended Read: 6 Ways Cloud-Based Project Management System Saves Time And Money
8. Project Management in Developing Nations
India and China are the fastest developing nations in the world. They are prone to the changes that are happening and have adapted themselves very well in this global environment. They have prepared themselves For Project Management Trends that are happening in the current scenario. These developing nations are doing their best to get the best results and are bringing in the initiative for project management.
9. Employees and Soft Skills
Like said earlier, human resource is the most valuable resource. They need to be motivated. And by motivation, project management does not just mean to give the most generous salary packages but give scope, experience, encouragement, and even belongingness, and even a healthy working environment. They need to be given the best treatment.
If the employees are not satisfied with the work environment, they may leave the firm. Office politics and ill-treatment were terms of the past, now all the managers are trying to provide a very healthy atmosphere for the employees. Leaves are also sanctioned from time to time.
A new rule of maternal and paternal leave has been appreciated by the employees. Right now, the biggest problem in any company is the rise in attrition rate. Employees leave and they need to be tackled well. Soft skills training comes in handy here. Project managers try their best to create the most desirable working atmosphere in the organization.
10. The Rise in Project Management Tools
Project Management tools have been on the rise for some time now.
Most companies utilize project management software to achieve a number of organizational benefits, such as:
- Planning and scheduling
- Resource management
- Budget management
Follow These Latest Project Management Trends to Gain Competitive Advantage!
With this rise in project management tools, a lot of companies have even been adopting it to streamline project execution and team communication.
Project management trends are really beneficial for any organization to operate their duties and get the best result possible. It is not straightforward to run a business. Especially in this fast-paced world. It is even considered that in the coming time, the need for oil and gas sectors are going to have a hype as they may be getting mega projects.
To run up this projects a lot of project managers will need to come up. A lot of project practitioners will be required and that will somehow increase. But with the help of these techniques and trends coming up for project management, a lot of project managers and leaders are having a helping hand.
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