The number one thing we see is firms trying to figure out how artificial intelligence (AI) will impact project management and how they can harness AI effectively. There is a will to adopt AI, but people need to know exactly where and how to use it. The current A&E culture is similar to what we saw in the early 2000s during the tech start-up boom. \u202fThere are so many technology choices out there and it’s confusing for firms to determine what to prioritize for investment. The one thing that is certain with AI is it will disrupt the labor-based economy. However, there is no need to panic, AI isn\u2019t taking our labor-based jobs tomorrow, maybe not even 5 years from now. Although, those who embrace the notion that the way we do our jobs today will change, are the ones who will be in a better position to stay relevant.<\/p>\n\n\n\n
Firms can harness the power of AI to automate time-consuming tasks and shift focus to domain expertise and value-added functions that a large language model can\u2019t automate yet. Consider using AI for predictive intelligence to increase insight into portfolio project risk or have AI write smart collection letters and streamline the proposal writing process. It just seems like there’s so much happening in technology that firms are dealing with analysis paralysis when thinking about what technology to invest in and use for better business results.<\/p>\n\n\n\n
The good news is that firms are willing to invest and see technology as necessary. Firms are not looking at AI as a fad and recognize that it can help firms prioritize their time and become more efficient.<\/p>\n\n\n\n
Firms are still utilizing spreadsheets and manual data entry for accounting and finance, with many firms still using spreadsheets for resource management. Project managers (PMs) are often overburdened and wear multiple hats, having financial and resource management responsibilities in addition to their project management function. We encourage firms to invest in technologies that will eliminate manual work, create consistent reporting maturity and frequency and help managers focus on value-added tasks. Remember AI won\u2019t broker deeper relationships with your clients, that is what great project managers do.<\/p>\n\n\n\n
Staffing challenges continue to be an issue; for example, firms are seeing a shortage of tenured qualified engineers in the market. Over the last 15 years, we\u2019ve seen several significant events transpire, such as the recession of 2008 and COVID-19 that wiped out the PM community and it is not easy to replace someone when they leave. High-performing firms are emphasizing the PMO role as crucial and investing in the right tools to help them make the best use of their scarce time.<\/p>\n\n\n\n
According to the 5th Annual UK and ANZ Deltek Clarity Study<\/a>, 25% of firms believe that limiting project cost overruns would significantly increase the organization\u2019s profitability. Firms need to build discipline and have insight into the financials, the plan and the roadmap to get a job done within budget. One way to solve this is to honor and understand your project scope, then communicate continuously with the customer and key stakeholders when the project goes out of scope. For most A&E firms, project profitability is how they make money and this needs to be protected throughout the project. This fundamental responsibility of the project manager needs to be in place long before a firm investigates how AI is going to automate the project workflow.<\/p>\n\n\n\n AI technologies allow firms to automate some of the more manual tasks, such as creating proposal content for marketing. AI can also be used to distill data from documents and drawings making that information more usable when making business decisions. Deltek’s new digital assistant Dela\u2122<\/a> can help with administrative functions like writing collection emails for clients and viewing and sorting data that can be used to get insight into KPIs.<\/p>\n\n\n\n One of the opportunities for firms to grow lies in understanding what they already possess and what they truly need. Often, firms might feel the need for new tools, but a closer look at their existing resources can reveal untapped features and potential. Sometimes, a simple upgrade to the current solution can meet the needs effectively. While the cost of technology can influence decisions, exploring the marketplace with a strategic approach can help identify high-impact investments.<\/p>\n\n\n\n When we think about the project management journey, start with low-hanging fruit. One strategy that we see frequently employed when rolling out new technology is pilot programs with one PM or one division. This can reduce risk dramatically. Additionally, invest in the right people, invest to create a culture of project management maturity and invest in getting those people trained in project financial literacy. Then understand what tools your project managers need, identify what solutions you already have, adopt AI and hire people who are excited about using the technology.<\/p>\n\n\n\n The natural progression of this journey should be to build that foundation of project management culture, then look at the business and opportunities. Make sure you are staffed correctly to take on the projects. Examine your clients and ensure they are the right fit for your firm. Choose your projects wisely. Focus on internal and external communication by having consistent conversations with employees and clients and then put in place a plan to retain employees.<\/p>\n\n\n\nHow can software help firms resolve some of these challenges?<\/h1>\n\n\n\n
What are some challenges holding firms back in applying new technologies?<\/h1>\n\n\n\n
What is the best way for firms to get started on the journey of implementing technology to solve these issues?<\/h1>\n\n\n\n