A roadmap for enhanced efficiency and strategic successInfo-Tech Research Group’s latest blueprint introduces a strategic approach for integrating AI in project and portfolio management, marking a pivotal shift toward outcome-focused leadership. Access the complete report here.
Jan. 26, 2024 /CNW/ – With AI and exponential technologies reshaping the IT landscape, traditional project and portfolio management (PPM) practices are also undergoing significant transformation. Info-Tech Research Group, a global leader in IT research and advisory, has released its latest blueprint, Exponential IT for Project and Portfolio Management. The research-backed resource offers a comprehensive guide to help IT and PPM leaders navigate and capitalize on these changes.
Info-Tech’s Exponential IT framework is designed to guide technology leaders in elevating their maturity and value-creation capabilities. The framework aims to bridge the gap between the exponential progression of technological change and the linear progression of IT’s ability to manage that change successfully.
“Most IT departments and PMOs have been running hot and sloppy for the past two decades. They were compelled and permitted to approve project demand far beyond their available supply of human capacity, based entirely on the perceived or purported value of the idea,” says Barry Cousins, distinguished analyst and research fellow at Info-Tech Research Group. “The ability to execute was rarely and infrequently considered, leaving vast numbers of projects lying dormant or under-resourced at any given time. Relatively few had meaningful portfolio-level reporting across all investments.”
Info-Tech’s blueprint highlights how PPM activities, such as portfolio management, resource management, budgeting, and performance monitoring, will be significantly enhanced through AI automation. This shift enables a more dynamic and responsive approach to project management, where real-time data and AI-driven insights lead to more informed decision-making and efficient resource allocation.
“Al will operate as a persistent monitor of executive demand, constantly seeking evidence that the organization can execute on its plans,” explains Cousins. “New and existing projects will be monitored in real-time for sufficient resourcing as overcommitted resources become the best predictor of project failure. Exponential IT will shift leadership’s focus from project approval to benefits realization, bringing back the gravity of a long-term commitment to deliver.”
The newly published research underscores a pivotal shift in project and portfolio management, emphasizing the need for IT and PPM leaders to focus on outcomes rather than just project completion. This approach is crucial in an era where AI and exponential technologies are not only tools but strategic partners in achieving project success and organizational objectives.
To effectively navigate this transformative landscape, Info-Tech recommends in the blueprint the following key actions for IT and PPM leaders:
- Solve Problems, Not Calendars: Automate Traditional PMO Capabilities – IT leaders should drive the automation of routine PMO tasks such as project planning, scheduling, and governance. This initiative will enable project management teams to shift their focus from administrative duties to strategic problem-solving and forward-looking tasks.
- Plan in Real Time: Let AI Run Ongoing Resource Allocation – AI systems can be utilized to dynamically manage the balance between resource supply and project demand. This approach allows IT and PPM leaders to make informed, agile decisions based on real-time data to enhance project planning and execution.
- Trust, but Verify: Enable True Accountability – IT and PPM leaders must ensure that those accountable for projects are continually engaged and making decisions that align with the best interests of shareholders and stakeholders. AI tools can be utilized to monitor and verify that these decisions optimize project outcomes and organizational value.
- AI Augments Team: Let AI Fill in Project Portfolio, Investment Risk, and Change Management Gaps – IT departments should integrate AI to support project management teams, particularly in auditing project portfolios, assessing investment risks, and implementing changes effectively. AI’s analytical and predictive capabilities will complement human expertise, leading to more robust and efficient project management.
Info-Tech’s research highlights a new era in managing projects and portfolios, where AI and technological advancements play a pivotal role. By implementing the recommended strategies, organizations can not only streamline their project management processes but also ensure that their projects are more strategically aligned and outcome-focused. This shift toward a more dynamic, AI-integrated approach in project management is essential for organizations to thrive in an increasingly complex and fast-paced technological landscape, driving innovation and delivering tangible business results.
About Info-Tech Research Group
Info-Tech Research Group is one of the world’s leading information technology research and advisory firms, proudly serving over 30,000 professionals. The company produces unbiased and highly relevant research to help CIOs and leaders make strategic, timely, and well-informed decisions. For more than 25 years, Info-Tech has partnered closely with IT teams to provide them with everything they need, from actionable tools to analyst guidance, ensuring they deliver measurable results for their organizations.