The Future of Project Management: Trends to Watch in the Next Five Years
Technology is moving faster today than at any time in history, and if you’re in the project management field, you need to stay on top of the trends. What’s going on in your industry that your competitors are using and your clients want? Which changes, like automation and other tools, are temporary, and which are worth the investment? In this guided article, we’ll share what the top trends in project management are projected to look like over the next five years.
1. Required Skills Are Evolving
For decades, people have been able to skate by with the hard skills of their field and enough basic soft skills to help them communicate with others and do their jobs. That’s no longer the case today. Since the pandemic’s global shutdown and the advent of innovations like machine learning and artificial intelligence made commerce without borders, consumers and employers are searching for more.
In the future, project managers will need traditional skills that connect with clients on a personal level. However, they’ll also be expected to have computer skills, knowledge of digital collaboration, and problem-solving abilities. It won’t be enough to know your stuff — you’ll need to prove to your clients that you have the tech-savvy know-how, staff, and tools to follow through with the latest innovations that put you ahead of your competitors.
2. Embrace Artificial Intelligence
No matter where you stand on the generative AI side of the debate, artificial intelligence is already part of the scene. Your competitors are likely using AI to simplify and automate their workflow, and you can do this, too. You’ve already been using software to make many of your tasks easier. Today’s specialized programs, such as the accounting CRMs for CPA firms discussed in this article by Accelo, are designed for the unique needs of a particular industry. All you have to do is find the software that’s right for your project management needs.
By transferring routine tasks to AI, you and your staff are freed up to make more complex decisions. Use the reports and data at your fingertips to work with your team and make more efficient, thorough plans. Avoid challenges, train staff, reduce your budget expenses, and drive decisions through your software’s features.
3. Flexibility and Adaptability Are Essential
If you aren’t good with change, the next few years could be a challenge. As the world continues to evolve to adjust to technology, crises, societal requirements, and other advancements, your project management workload and the tools required to meet it will shift. You and your staff will need to be flexible enough to adapt to these changes, and this can be difficult.
You may find the best tools on the market, train your staff, create policies around them, and then find out they’ve become obsolete. Your target market may have a need that you meet, and then they adapt and no longer need what you offer.
Rather than focusing on honing a particular skill, project management leaders are encouraged to train their employees on adaptability, innovative thinking, and flexibility. Consider how you’re handling your staff’s need for mentoring and mental health care.
It’s also necessary for your business to stay connected to your community. When your finger is on the pulse of your market, you can see the changes early and use the time freedom AI gives you to make informed decisions for the future.
4. Changes in Leadership Are on the Rise
In the past, leaders could follow the “Do as I say, not as I do” philosophy of management. However, research shows that project management leaders can make or break a business’s success, and successful companies are replacing those in management positions with individuals who understand how to lead by example.
The changes in leadership include focusing on transparency, adaptability, and diversity, equity, and inclusion (DEI). When a team feels appreciated and safe, they are more likely to be productive and goal-focused. By establishing workplace cultures where everyone feels included and safe to be themselves and ask questions, less conflict arises within the team, which leads to a more efficient completed project. Leaders communicate the goals and why they are important, train and support those involved when new tools are implemented, and request and listen to feedback.
These changes in leadership through improved transparency continue to show positive results. Spending resources to cultivate the right individuals in management positions can create a ripple effect of success that boosts a company’s bottom line.
Changes in project management have always been part of the industry, but the evolution of technology over the past two decades has created unprecedented uncertainty and shifts. These four trends will shape the direction of every business in this field, and embracing them early can help you get and stay ahead of your competition today.