Project management refers to the systematic practice, which is useful to design, initiate, manage, and control business projects. The professionals within an organization focus on crucial project management practices to reach specific objectives in the specified time. However, it is not easy to achieve the methodologies of project management. The greatest challenge faced by project managers is to reach all the objectives of projects within the set time.
Managing projects is not always an easy task; it can sometimes be very challenging to achieve business goals. In the past years, it was quite difficult to manage business goals and various tasks with fewer tools for project management. Moreover, large business projects were managed by smaller teams. It generally creates a problem for team members to gain high productivity and potential credits.
In today’s time, the situation is not similar. There is quite a different scenario for project management in business. The organizational teams are not smaller, and neither task seems more challenging. It is because 2020 is the time of digital solutions that allow organizations to define their business goals with a proper project management system.
Effective latest project management trends in 2020
Undoubtedly, the project management industry is facing quick changes but for a better one. With the introduction of advanced technologies, latest trends, and standardized tools, project management has become an easy process.
Availability of high job opportunities
Almost every business industries hire project managers. According to a conducted report, there will be around a 33% increase in the labor of project management by 2027. Over that time, there will be a wide range of job opportunities for project managers.
- It is not only about the popularity of project management across the world. But also, the qualification of Project Management certification is highly recognized globally and provides high salary prospects.
- It is making the minds of many project managers to develop their career in the field of project management.
With the exponential growth of project management with the latest trends in 2020, multiple jobs will get created. It becomes easy for project managers to experience high potential growth by focusing on essential changes and implementing strong services.
Focus on Automation and Artificial Intelligence
According to conducted research, Artificial Intelligence has a positive impact on business projects. Various sources like healthcare, software development, aerospace, and financing implement Artificial Intelligence to manage business projects.
- It becomes necessary for project managers to implement AI while implementing project management processes.
- It will allow the business managers to utilize the best management practices for completing the projects successfully.
- By using AI in the automation of organizational or business data will make it easier for businesses to handle projects effectively. Along with it, AI deployment will allow project managers to form positive relationships with other team members and clients.
Thus, the introduction of automation processing will result in better transparency and proper coordination.
The main issue arising within project management is the lack of knowledge to estimate external factors pushing the deadline for executing the project. However, Artificial Intelligence helps in calculating the cost, time, and progress of the business project. It becomes easy for project managers to predict realistic project schedules by acknowledging automation processes.
Rise in remote working
In the modern world, it is not surprising to find out the trend of remote working. In 2020 and upcoming years, it will become a significant rise offering many advantages to people who are working remotely.
- It is because working remotely provides high flexibility plus save much of time people.
- It leads to a reduction in costs for both employees and the company as employees not need to travel from one place to another.
- It will lead to the development of talent. According to a conducted report, around 83% of employees prefer to work remotely for at least one to two years.
In the current time, 43% of employees are working remotely, and thus it shows that project management trends will allow the workforce to start working remotely. When project managers start working remotely, then the projects will be managed by stand-up meetings and day-to-day set-ups to stay updated for the progress of the project.
Integrate hybrid project management
The objective of hybrid project management is to combine the standard techniques of project management with the agile methodology. With the achievement of this model, the professionals can achieve high productivity within the business projects.
- Every business projects are different in terms of creation, design, and methodologies.
- The concept of hybrid project management within the business industry is gaining high popularity.
- With the increasing time, many project managers are thinking of combining more than one methodology of project management.
- When the hybrid model of project management gets combined with an agile process, then team members come together.
Thus this process helps in the collaboration of project managers having different points of view and variant working styles. It allows managers to achieve more dedication, flexibility, and improved productivity.
The combination of traditional methodologies with agile practices comes out to be best suitable in a multi-project environment. Business managers can use traditional methods for simple projects and agile methods for the execution of complex processes.
Gain better outcomes with Emotional Intelligence
The success of the project is directly related to human understanding and focusing on emotions. The introduction of Emotional Intelligence allows managers to predict the performance of business processes.
- EI enables the team members, clients, and business management teams to interact with each other and handle critical challenges.
- When business teams collaborate to work with clarity, then they can make committed choices. It will enhance business productivity by allowing managers to act strategically.
In today’s modern world, EI serves as the crucial technology which helps gain better business outcome. It becomes easy to understand the emotions of the team members with the knowledge of Emotional Intelligence. Moreover, it allows the project managers to deal with different personalities at the same time and ensures the progress of the project. EI acts as a valuable ability of leadership across the globe for project managers. That is why; it becomes crucial for project managers to learn about Emotional Intelligence through project management.
It becomes essential to keep the project management team updated with essential project changes and issues to focus on. The future of project management will have an increase in the project management offices and, thus, in next-gen project managers.
With the introduction of new project management trends in 2020 will fasten up product development. By acknowledging new technologies, project managers can experience an increase in workflow efficiency.