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The project management landscape is continuously evolving, and it is essential to stay updated with the latest trends in project management to ensure that your organisation stays ahead of the competition. In this article, we will discuss the top five project management trends that are expected to shape the industry in 2024 and beyond.
So, let us dive in and discover the future of project management!
What Is Project Management?
Project management involves leading a team to accomplish a set of goals within specific constraints, such as scope, time, and budget. The process also involves planning, organising, and allocating a company’s resources to execute a particular task.
Project management can be a one-time project or an ongoing activity, and the resources managed include personnel, finances, technology, and intellectual property.
Top 5 Project Management Trends in 2024 and Beyond
Over the years, project management has witnessed several new trends. Here we look at the top five emerging trends in project management that can help teams save time and money, improve internal communication, and make better business decisions.
1. The increased focus on Artificial Intelligence and Data Analytics:
The Project Management Institute notes that 81 percent of professionals say that AI is impacting their organizations.
And the urge for business automation is expected to continue rising in the coming years.
Where organizations of all sizes generate copious amounts of data every day, therefore, it is intelligent to leverage that data to drive decisions.
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Data analytics and reporting can help project managers identify hidden opportunities, measure project progress rates, and more.
AI-powered analytics provide a complete picture of the entire organization and all projects.
2. Bringing Project Management and Change Management together
Moving through its lifecycle a typical organization goes through dozens or even hundreds of organizational changes, ranging from small adjustments to internal processes to total reform of a company’s products, services, supply chain, strategy, or structure.
In today’s business with the emergence of the coronavirus, organizations are forced to embrace those substantial change initiatives while also completing previously existing projects.
And project managers are now frequently left managing not only their own projects but the organization’s change initiatives as well.
This is evident in a recent survey conducted by the International Project Management Association (IPMA), stating that 63 percent of organizations conduct projects that include at least some form of change management.
The pandemic brought change management processes to the forefront as organizations struggled to embrace extensive change initiatives in a matter of days or weeks.
Another report by the International Project Management Association highlighted that only 30 percent of organizations feel that their capabilities in managing organizational change are effective.
To solve this, many organizations are counting on their project managers to drive change initiatives, such as digital transformation and adopting AI as explained above.
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3. Advanced Project Management Software
Project Management tools have become an integral part of organisations. According to a report by PWC, 77% of high-performing teams use project management software.
The emerging trend of using project management software reflects a paradigm shift in how organisations plan, execute, and monitor their projects.
As businesses strive for greater efficiency, collaboration, and adaptability, project management software has become a cornerstone in achieving these objectives.
One key aspect of this trend is the increasing reliance on cloud-based solutions, enabling teams to collaborate in real-time, regardless of geographical location. The accessibility and flexibility offered by these platforms contribute to a more agile and responsive project management environment.
4. Adoption of Remote & Hybrid Work Culture
Remote work was already increasing before 2020, but the pandemic boosted its adoption to unprecedented levels.
Like many other career sectors, project management has also embraced a remote work culture lately. Digital tools and collaboration platforms have become a part of remote and hybrid work environments, enabling team coordination and smooth communication.
While organisations were forced to let employees work from home or telecommute due to safety concerns, remote work models will likely continue in the future. This brings up numerous challenges for project managers.
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To make the most of a hybrid work model, companies must balance remote-work benefits with the advantages brought by in-person work. Increased productivity can also be achieved and sustained when organisations balance the flexibility of work with a structured environment.
5. Increasing emphasis on emotional intelligence (or EQ) in leadership:
Traditionally, the value of project managers depended on their certifications and their skills in deploying and implementing different methodologies.
Recently, more organisations have shifted their focus to soft skills. Research confirms that developing these skills will help project managers deliver more value to their organisations. This is also reflected in the rising demand for employing emotionally and socially intelligent leaders in recent years.
Along with technical skills, Emotional Intelligence (EI) is also gaining prominence among project managers. EI is important to understand the emotions of the working team.
Project managers must focus on and strengthen soft skills such as conflict resolution, stakeholder engagement, negotiation, mentoring and training, decision-making, and team building.
Future of Project Management
Successful project management is not just about keeping your resources and tasks organised.
To stay ahead of the curve, you need to keep up with the latest project management software and techniques affecting the industry. Paying attention to these trends helps project managers lead with success. Individuals working in project management should prioritise identifying, forecasting, and adapting to the constantly changing needs of their respective industries.
Even non-project management professionals can benefit from project management soft skills, considering project management is an aspect of all modern businesses and industries.
As we approach the future, it is crucial to stay updated with the latest trends and developments in the project management world. The project management trends discussed in this article, from AI-powered analytics to remote work culture, are expected to shape the industry in the coming years.
By embracing these trends and equipping themselves with the necessary skills, project managers can help their organisations stay ahead of the curve and achieve their strategic objectives. The future of project management is exciting, and by staying abreast of the latest project management trends, organisations can stay competitive and thrive in the years to come.
