Artificial intelligence (AI) has come a long way in recent years, with new tools for image creation, text generation, and more. But can you really use AI for project management? These days, the latest AI tools can help with everything from project planning to task delegation, saving you time and helping you stay on track and under budget.Here’s what you need to know about project management AI, and how you can use AI technology to make better decisions and empower your team.
What Is Project Management AI?
Project management AI refers to software that uses artificial intelligence and machine learning to assist with project management tasks. Existing project management tools, such as Trello and Asana, are slowly incorporating AI project management into their software, while others are launching with AI features from the get-go.Project management AI tools include everything from virtual assistant chatbots that can report back on the state of a project, to automated note-taking tools that can automatically document action items and add new tasks to your project management software.According to Gartner, 80% of project management tasks will be performed by AI tools by 2030, and new project managers will need to be familiar with AI technology.
Benefits of Project Management AI
What is it that makes AI so powerful for project management, and what can you do as a project manager to prepare for the rise of AI? If you read the news, you’re aware of the potential risks of AI, but let’s take a moment to focus on the benefits. Here are several ways AI systems can transform your workflows and empower your team.
Increased Automation
First, AI tools can automate administrative tasks to keep your project running smoothly with less oversight. While task automation doesn’t require AI, artificial intelligence can increase the capabilities of your task management system.Project management AI can automate basic tasks like sending out email notifications about upcoming due dates, as well as more complex tasks like scheduling meetings with team members and communicating with external stakeholders.Task automation has already transformed project management, but AI solutions can take it to the next level with more advanced algorithms and integrations.
Better Scheduling and Budgeting
One of the biggest challenges for project managers is staying in control of the project management triangle: that is, balancing your project’s scope, timeline, and cost. AI project management tools can help with budgeting and scheduling by using data analysis to create accurate cost estimates and timeline projections.AI can account for task dependencies, analyze past project data, and make budgetary recommendations, sparing you from having to create new templates and spreadsheets yourself. Along with advanced analytics and forecasting tools, project management AI can lead to better decision-making and more effective resource allocation.
Improved Prioritization
Deciding which tasks are most important and which projects to work on next requires a thorough analysis of your team’s capabilities and priorities. Project management AI can assist with project selection and prioritization by analyzing data sets and determining which project briefs or initiatives are most likely to result in a successful outcome.For example, a startup might use project management AI to decide which projects to take on, and in which order, so as to maximize overall project success.
Risk Management
AI tools can be used to anticipate risks, and even to recommend potential solutions. You can use predictive analytics to identify specific risks based on proprietary project data, or simply use AI to brainstorm general risks that you may not have considered.Project managers can use AI to generate risk logs, assess the probability of potential risks, and develop contingency plans and risk mitigation strategies.
Real-Time Reporting
In addition to forecasting based on previous project data, AI software can also generate detailed project reports in real time. Whereas traditional project management tools use reporting dashboards to depict project progress, project management AI uses natural language processing to respond to complex queries in plain language.Simply ask your project management AI tool how a meeting went, or whether a team member is likely to complete their next milestone on time.
7 Practical Uses for Project Management AI
Despite the benefits, it can still be hard to imagine just how project management AI fits into your current workflow or project management framework. If you aren’t sure where to get started, here are seven practical ways to use AI in project management:
1. Automated Note-Taking
Good project management requires great notes. Whether you’re planning your project kickoff meeting or a daily scrum meeting, using an AI note-taking tool can ensure that everyone’s on the same page while taking the pressure off of your team members to remember every detail of the conversation.With no one responsible for taking notes, everyone at the meeting can take part in the discussion while still maintaining an accurate record of what went on.
2. Agenda Creation
Even with a meeting agenda template, creating a new agenda for every meeting can get tedious. Anchor AI’s QuickPrep tool does the hard work for you, creating a new agenda based on the notes from your previous meeting and what you’ve accomplished since then. Use it to prepare an agenda in advance or put it together at the last minute so participants know what to expect out of every meeting.
3. Meeting Transcripts
AI note-taking tools can do more than just take notes. Anchor AI can produce an entire meeting transcript, complete with speaker identification, so it’s easy to find a specific agenda item or section of the meeting.AI-powered tools go beyond the basic “transcribe” definition and turn your Microsoft Teams or Zoom recording into a time-stamped, searchable transcript that serves as a reference throughout the project management process.
4. Meeting Summaries
Often, key stakeholders are unable to participate in regular meetings and need to be informed about the project in other ways. AI solutions can craft follow-up emails and generate meeting summaries to keep external stakeholders in the loop.AI tools can help you draft messages, create key takeaways, and even summarize technical points in ways that less technologically experienced stakeholders can understand.
5. Identifying Action Items
During busy project meetings, documenting action items can feel like a full-time job. It’s easy for important items to get lost in the discussion, or for individual team members to forget whose job it was to complete a particular task.AI note-taking tools can capture actionable items for you and automatically add them to the built-in action item tracker. In fact, Anchor AI will even assign tasks to individual team members and add a due date based on what you’ve discussed in the meeting, saving time and ensuring follow through.
6. Tracking Progress
Once you’ve identified action items, Anchor AI can help you track progress over time with its built-in Task Tracking features. Assign a priority level and track the lifecycle of each task so you know where you stand on every aspect of your project.Anchor AI comes with an AI project manager, Max, to give you even more insight into your progress. Organize your meetings and tasks into separate projects so Max can keep you updated on your overall progress toward long-term project goals.
7. A Chatbot for Meetings
One of the most advanced use cases for project management AI is as a virtual assistant for your project. Imagine an AI chatbot like ChatGPT that’s specifically focused on your meeting or project. Provide your Anchor AI-powered assistant with access to meeting minutes or past project data, and it can answer any questions you have about the project.Instead of searching through spreadsheets or running data analytics yourself, you can simply ask your assistant to crunch the numbers and give you insight into the current state of the project or make predictions about future outcomes.
Streamline Project Management With Anchor AI
Project management tools make it easy for project managers to delegate tasks, monitor workloads, and communicate with team members without having to do it all manually. The latest AI tools introduce a whole new set of capabilities that use machine learning and natural language processing to facilitate resource management and decision-making.Anchor AI is a cloud-based tool that applies the latest AI technology to your project or meeting. Invite Anchor AI to your next virtual meeting, and it will take notes, create a transcript, write a meeting summary, and automatically identify action items.Plus, you can ask Anchor AI questions about your project or meeting, such as:
- “How did the meeting go?”
- “What should we work on next?”
- "Make an outline for this meeting so that it can be easily repeated and followed next time."
- "Write a follow up email hitting on key points."
It’s like having an AI-powered chatbot focused specifically on your meeting. Sign up today to try it out for yourself!