Author:Sahil Khullar
Artificial intelligence (AI) and machine learning are being used increasingly across a variety of industries. In investment banking, there has also been a growing movement to use these new technologies for tasks traditionally performed by humans, particularly when it comes to processing and digesting large amounts of data.
For instance, some investment banks have replaced a portion of their entry-level financial analysts with machines designed to process data financial information and produce useful insights. AI bots can also be used to validate data and ensure that data sources from multiple systems are synchronized and reliable.
While artificial intelligence has immense potential in the investment banking sector, the technology is in its early stages and still requires a significant amount of human input to be developed properly. In this article, we explore agile project management and how the future of AI will impact the role of project managers.
What is agile project management?
Agile project methodology focuses on incrementally and frequently delivering value in smaller pieces of code or work. Several frameworks fall under agile methodology, the most well-known of which are Kanban, Scrum, and Scrumban. Each of these frameworks allows teams to deliver projects quickly and effectively without being bogged down by unnecessary planning processes.
To deal with complexity and uncertainty, agile project management emphasizes a much shorter period between planning and execution. The methodology accepts that action plans rarely include all the details necessary to carry them out to completion successfully. Therefore, it is important to use creativity and acquired knowledge to make sense of specific situations and environments.
With agile project management, features are released in short, iterative bursts, and any subsequent code is integrated continuously. This practice affects not only the way managers work, but also how teams interact and how information is shared during software development projects.
What are the key skills project managers should possess?
Project managers are increasingly taking on the roles of Scrum Masters and Agile Delivery Leads as industries shifts toward an agile methodology. Here are some essential skills for project managers in the agile environment:
Competent and flexible leadership – Aside from being well-versed in agile concepts, agile project managers should have servant leadership qualities instead of the conventional command-and-control project management style. This increases the chances of building an engaged team that collaborates closely and shares ideas.
Strong emotional intelligence and communication – As the head of a team, you must effectively communicate with your team members and keep them motivated throughout the project’s lifecycle. This will help you to address problems and resolve conflicts promptly and avoid costly delays or damage to team morale.
Excellent time management – All agile projects are time-bound and require clear milestones to keep the process moving forward. As the leader of a high-functioning team, you must be able to juggle multiple tasks and keep on track with deliverables while keeping communication lines open with team members.
An interest in learning and improvement – As a project manager, you should always be looking for ways to hone your skills and expand your knowledge base. You must be open to criticism and new ideas. This will allow you to grow professionally and drive open discussions, honesty, and ultimately creativity in your team.
How will AI impact project management teams?
With artificial intelligence technology becoming more mainstream, project managers now have access to tools that they can use to improve the efficiency and quality of their projects.
AI-based tools can automate repetitive and monotonous tasks such as data analysis and project tracking to provide project managers with a more convenient and efficient workflow. They can also analyze data and identify patterns and provide insights into project performance and trends, allowing project managers to identify potential problems and prevent disruptions in their projects.
Artificial intelligence can also help to prioritize tasks, detect bottlenecks in the workflow, and delegate tasks to team members based on their skills and task load. These tools provide significant value to a project manager and help to minimize the risk of delays in the project. Project managers can now focus on critical aspects of their projects that will benefit from their personal attention and the human touch.
Why will soft skills be important for project managers?
While AI can optimize and streamline workflows, it cannot create. Machines cannot yet respond to novel situations or come up with creative solutions to unforeseen challenges. This all requires human intervention. This is why soft skills will become increasingly important for project managers who want to work in technologically advanced agile environments that favor quick decision-making and rapid action.
Project managers act as the bridge between technical and non-technical resources and keep the team focused on achieving the common goal. This is where soft skills such as communication, negotiation, leadership, adaptability, and collaboration are crucial. These skills are invaluable to a project manager and will ensure that projects stay on track, meet tight deadlines, and are completed without error.
As artificial intelligence and machine learning become more commonplace, some project managers fear that their role will become obsolete. However, smart project managers understand the importance of AI and machine learning technology and will learn to leverage its benefits. At the same time, they make sure that they hone their strengths and continue to improve their skills to meet the needs of the agile workplace.