AI Unleashed: Transforming Project Management with Intelligent Solutions | Episode 496

Introduction

In Episode 496 of the Project Management Podcast, host Cornelius Fichtner dives into the transformative impact of artificial intelligence (AI) on project management. Joined by Lloyd Skinner, CEO of Greyfly.ai, the episode explores two fascinating case studies that illustrate how AI can revolutionize project management across organizations. With detailed insights into real-world applications, challenges, and outcomes, this discussion is a must-listen for anyone interested in the future of project management.

Introduction

Hello and welcome back to the Project Management Podcast at pm-podcast.com. This is the live stream for episode 496, and I'm Cornelius Fichtner. Thank you so much for joining us. As a reminder, this is a video episode, so if you are only getting audio, please visit pm-podcast.com/496 to watch the video version. In this episode, we delve into the transformative impact of artificial intelligence on project management by exploring two groundbreaking case studies that showcase the potential of AI in this field.

Guest: Lloyd Skinner

Our guest today is Lloyd Skinner, the founder and CEO of Greyfly.ai. With over three decades of experience in program and project management, Lloyd has led strategic initiatives and full life cycle project deliveries in various sectors, including at the BBC. He holds a Masters of Science in analysis, design, and management of Information Systems from the London School of Economics and Political Sciences. At Greyfly.ai, Lloyd advocates for AI integration in project management to drive revolutionary changes across sectors.

The State of AI in Project Management

Lloyd shares his journey of advocating for AI in project management over the past five years. Initially, AI in project management wasn't widely recognized or understood. However, with the advent of tools like ChatGPT, awareness has significantly increased. Today, organizations such as PMI and APM actively discuss AI's impact on project management. While the technology is still emerging, Lloyd emphasizes that the industry is at a pivotal moment.

Greyfly.ai’s Role in AI-Driven Project Management

Greyfly.ai offers a platform called Intelligent Project Prediction (IPP) that uses AI to provide insights to executives, increasing the likelihood of project success. The company also provides consultative services for organizations not yet ready to implement AI fully. These services include planning AI strategies, developing data models, and assessing data quality.

The two case studies discussed revolve around the same company, highlighting the journey and ongoing relationship Greyfly.ai has with its clients. The first case study focuses on improving project success rates, while the second addresses leveraging AI to enhance project Lessons Learned databases.

Case Study 1: Improving Project Success Rates

Challenge

The client, an enterprise with a portfolio of around 300 projects, faced challenges as many projects did not deliver to their original budgets or go-live dates.

Solution

Greyfly.ai deployed its IPP system to provide AI-driven insights, helping executives make informed decisions early in the project lifecycle. The AI system examined various features such as project types, sponsors, and methodologies to predict project outcomes.

Outcomes

The key outcomes included:

• Improved data quality.
• Achieving a 96% accuracy rate in predictions.
• Integrating AI insights into project delivery workflows.

Case Study 2: Enhancing Lessons Learned Database

Challenge

The client had a Lessons Learned database with 5,000 entries but struggled to leverage this knowledge effectively.

Solution

Greyfly.ai developed Intelligent Project Lessons, an AI-driven system that categorized and extracted valuable lessons from the database. This system provided project managers with actionable insights early in the project lifecycle.

Outcomes

Key outcomes included:

• Rapid identification of relevant lessons.
• Improved efficiency and effectiveness in project delivery.
• Integration with investment control functions.

The Future of Project Management AI

Lloyd envisions AI becoming a standard tool in project management, enabling efficiency and effectiveness. He stresses the importance of being open to AI advancements and incorporating them into workflows. Organizations should strategize around AI implementation while individuals should stay informed and curious about new technologies.

Recommendations for Project Managers

1. Be open to AI and embrace its potential.
2. Advocate for AI initiatives within your organization.
3. Focus on both efficiency and effectiveness improvements.
4. Prioritize people's skills and change management during AI integration.

Conclusion

AI has the potential to revolutionize project management by providing accurate predictions and actionable insights. As AI tools become more prevalent, staying informed and adapting to these technologies will be crucial for project managers.

Keywords

• Artificial Intelligence
• Project Management
• Intelligent Project Prediction
• Lessons Learned
• Greyfly.ai
• Data Quality
• Predictive Analytics
• Efficiency
• Effectiveness
• Change Management

FAQs

Q: What is Intelligent Project Prediction (IPP)? A: IPP is a platform by Greyfly.ai that uses AI to provide insights to executives, helping increase the likelihood of project success by predicting project outcomes based on various features.

Q: How does AI improve the management of Lessons Learned? A: AI categorizes and extracts valuable lessons from databases, serving them early in the project lifecycle to inform project managers of potential risks and mitigations.

Q: What are the primary benefits of using AI in project management? A: AI improves data quality, provides accurate predictions, increases efficiency, and enhances the effectiveness of project delivery.

Q: How important is data quality in AI-driven project management? A: Data quality is crucial as it fuels the accuracy of AI predictions, making it essential to continually assess and improve data quality.

Q: What should project managers do to prepare for AI integration? A: Project managers should be open to AI, advocate for its adoption within their organizations, and focus on improving efficiency and effectiveness while maintaining strong people skills.