In today’s era, Project management is no longer the same old stagnant platform. Instead, it is a constantly evolving and developing business domain. Even though embracing the use of the outgoing of formal project management tools and methodologies might help save the upcoming startups from ending up in failure, it is always advised to keep yourselves updated with the changing project management trends.
The reason behind the fact is that Project management is a field that entwines itself through all the domains across a wide range of geologically diverse industries. Also, it is mandatory to tune the Project management strategies in accordance with the prevailing business environment for running a successful and sustainable business.
The Most Important Project Management Trends in 2020
In the current year of 2020, there are various ongoing as well as upcoming project management trends that the professionals should be aware of.
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According to a recent report published by the Project Management Institute, the companies with a well-planned EPMO (Enterprise Project Management Office ) report is successfully able to meet almost 48% more than their initial goals and objectives. So, in this blog, we will be taking you through some of the latest global trends in project management:
1. AI (Artificial Intelligence)
Artificial intelligence (AI) is currently the talk of the town. But most of the content that you get to hear is more from a consumer-based perspective. Evidently, the top-notch AI technologies like Siri, Google Home, and Amazon Echo line up of the products are finding themselves a sweet spot in your home, it is of no surprise that there are multiple AI applications that are also associated with the project management functionality.
The inclusion of AI into the future project management trends 2020 will no doubt add a great essence of productivity to the project outputs. It will incontrovertibly help the overall project management workflow with an interactive interface for the available resources and give you the innate capability to respond to your agenda with suggestions and insights. The algorithm based suggestions are bound to add an extra boost of efficiency to the overall process of managing the project.
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2. Hybrid Approach
The one-size-fits-all strategy is now facing extinction. The conventional waterfall methodologies are now being tweaked with the modern strategies and adapted vividly to help with the various processes of project management. The implementation of these hybrid methodologies is best suited for the scenarios where the projects are handed over with an exceptionally larger work base with an imperative requirement of multiple project managers to be involved in it.
Hence, the present corporate world is demanding a considerably higher number of hybrid project managers, who are not exclusively expert in one prescriptive methodology but are well-versed in several multiple methodologies.
3. Emotional Intelligence (EQ)
Emotional Intelligence is not at all a new concept in today’s corporate world. But it is definitely a progressing and inspiring trend in our process-based practical industry. And in a world where productivity and efficiency are all that matters, the chances are high that we might get lost in the diversity of the implemented methodologies. Hence, when the technical skills are staying rock steady, the existence of soft skills have to be ensured at any cost. The better you are in managing the people and establishing proper communication with them, the higher are the chances of your plans to proceed without a pitfall.
So, when you have a constellation of people with various cultural diversities working together, there’s definitely going to be some kind of issues among the peer group. And with an effective EQ capability in place, you would be quickly able to resolve these issues with the blink of an eye. It’s compulsory for a project manager to have a proper understanding of the various aspects of emotional intelligence as it is slowly taking the path of an influential factor in the 2020 project management trends.
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4. PMO (Project Management Office)
The PMO (Project Management Office) is what fuels the projects to make them meet their pre-defined goals and objectives. These have the innate ability to bridge the gap between the effective implementation of the project and the organization’s high-level strategic prescience. And due to this robust reason, the PMOs have been seen gaining more popularity in the recent future project management trends 2020.
According to a recent research study on the various project management cases, almost 42% of the projects were able to meet the set goals with a highly efficient PMO in place. This data was taken in comparison to the previous study titled “current trends in project management 2017”. The PMOs are in a way, bound to drive the business change throughout the organizations.
5. Kanban Boards
Kanban is a Japanese term, that means “billboard” in English. Initially invented and implemented by the automobile company Toyota to improve manufacturing, the Kanban theory is currently being integrated into the various action items of the project management methodology.
Kanban is a slender cataloging approach that makes use of a visual board comprising of a set of Kanban cards and a grid to help manage the workflow. The implementation of Kanban is definitely a sign of progress as the project managers avoid a prominent stagnation in terms of the tools being used for managing the projects. It would also help them embrace innovation to a greater extent.
It’s mostly been helpful in cases of smaller Agile projects that are more prone to a series of changes. And moreover, the Kanban Board is seamlessly being assimilated into the more structured frameset of future project management trends 2020.
In short, Kanban gives the project managers, the leverage of managing tasks in a more centralized way, thereby avoiding stagnation.
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Project managers are fond of numbers. A majority of their expectations are related to crunching these numbers and peering into the results. And to help them achieve this, perfect and accurate analytics of the performance and the project dashboard is the apt solution. The project management analytic tools are going to be more of a cloud-based structure in the coming future. This will help you collect real-time data and reflect the results even more accurately.
With all the advancements in internet technology around us, it won’t be wrong to say that security over the internet is a myth. Until and unless you are securing your data with a highly protected firewall, the concerns about the security of your project is highly valuable as the data getting compromised is only going to increase every minute.
It has to be accepted that data breaches aren’t completely fading away by enhancing the cybersecurity measures. But once you secure your project management methodologies and strategies from an online threat, you stand a chance of not getting robbed online. And with the rise of cyber attacks at an alarming rate, the chances are more for a formal regulation to be created in order to set a standard of detection, prevention, and response from technology and agencies alike.
8. Remote Teams
The sharing economy has proven the fact that more organizations are highly appreciative of the use of a distributed team structure. This is because remote teams are comparatively cheaper and way more productive when managed efficiently and effectively with the apt set of management tools.
And needless to say, remote working teams, are gradually becoming standard practice in the world of project management. The present-day project managers are steadily proceeding ahead with the investment of this technology to promote highly effective communication over a wide range of platforms.
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9. IoT (Internet of Things)
The IoT is basically a global network of devices that can use the internet to communicate with one another as well as with the end-users. And the interesting fact is that IoT bisects with project management on all the aspects ranging from data collection to team collaboration.
The advantage of IoT in a project management strategy is that the devices can sense and respond to the surrounding happenings automatically through their network, thereby reducing the requirement of involving manual intervention. IoT has a significant role in the 2020 project management trends. It helps to lower the operating costs, minimizing errors and increasing the response time. You also get the leverage to provide the customers with a comparatively faster and better service.
When implemented effectively into a project management workflow, you get the following advantages from IoT :
- It enables you to provide a hyper-speed reporting
- It gives you an overall process and monitoring control
- You get the options to create an explosion of highly valuable project data
- Extremely deep data analytics is made easy by the use of IoT
- A comparatively stricter legal and ethical implications can be bought into the practice
- The expectations for most of the stakeholders are raised with the presence of IoT.
Understanding and acknowledging these above-mentioned latest trends in the project management domain will undoubtedly help your organization and the project managers to align with both new and existing business strategies. The possibilities to propose new innovative ideas and ascertaining the utilization of new trends for project delivery becomes even wider. The future project management trends 2020 relies upon these above-mentioned methodologies and a more improvised version of the same can be witnessed in the project management trends 2020 also.
Whatever be the upcoming trend in project management, the knowledge and skills will remain valuable for the career. So, if you are aspired to validate and demonstrate your skills, taking one or more project management certification is a good option. We at Whizlabs are aimed to help you in having a bright career and so we bring project management certifications online training and practice tests.
So, join us today and take a step ahead towards a bright project management career!