Fritzerland

Hello 2023, what to expect!

Just think of what the project management industry looked like ten years ago. Fewer methodologies, lesser tools, smaller teams, and simpler projects. Cut to 2023, and things have changed tremendously as the teams are no longer smaller, and the projects are no longer simpler. Heraclitus, a Greek philosopher, said,” Change is the only constant in life.” The project management landscape is changing rapidly with evolving technologies, tools, and the latest trends. And the change doesn’t seem to slow down. Let’s cut to the chase and take a look at 2023.

Becoming data-oriented with BI and BA

As technology advances, project managers are increasing their use of data insights to make informed decisions to handle projects better and escalate business growth. In 2023, data has a high chance of becoming a significant protagonist in guiding project management measures and activities. We predict project professionals will rely even more on relevant insights using Business Intelligence (BI) and Business Analysis (BA). BI is considered a descriptive form of data analytics, responsible for presenting past and present insights into what has happened or is currently happening in a particular process. These pieces of information give managers access to realistic metrics to operate with and better visibility into projects, processes, and their results. On the other hand, BA is aimed at the future, and it analyzes data to predict challenges better and adapt to provide improved outcomes.

Inclusion of hybrid project management approaches

In the post-pandemic era, there have been renewed efforts to find a more reliable and efficient methodology for project success. To that end, organizations have begun experimenting with a hybrid approach in which different elements from two or more methodologies are brought together. It is no longer about agile, scrum or lean only but rather about bringing specific attributes together for increased flexibility in driving project success. This has enabled organizations to find unique approaches to suit specific industries and projects. The hybrid concept extends to the development of project team structures as well. In her article “The Future of Project Management is Hybrid,” Olivia Montgomery found that 37% of teams are cross-functional and led by a dedicated PM. In addition to leveraging untapped skills from new team members, cross-functional teams can share their department’s best practices for the project team to decide whether they want to incorporate them into their own processes.

Business demand will spike

Last year Mulesoft interviewed 800 global IT leaders from organizations of 1000+ employees. Their report found that only 37% of IT teams could complete all the projects asked of them in 2021, and they were asked to complete 30% more projects in 2022. IT teams can expect this to increase in 2023 as the pressure on organizations to digitize services quickly at scale, innovate boundlessly, and create new revenue channels shows no signs of easing. Indeed, in a study by Forbes, when asked which trend is having the greatest impact on their business, CEOs put ‘Accelerating technology and digital transformation’ at the top of the list, and 71% said they are planning a major new transformation initiative. It’s excellent news for the end-users who will benefit from these advances. But if you are charged with delivering these initiatives – with ever tighter deadlines and limited access to resources – you’d be forgiven for feeling a mild sense of dread.

Adapt Disruptive Technology

No one in the business world needs to be told about technology and disruption. It’s happened and is still happening in every industry worldwide. A 2018 report from Forbes Insights and the Project Management Institute (PMI) titled “The C-Suite Outlook” found that while 80% of organizations surveyed around the globe had experienced “significant transformation using disruptive technology,” only 25% of those initiatives yielded tangible results. In its latest 2019 Pulse of the Profession® report, PMI digs deeper into the issue. Disruptive technology and the rapid pace of change it causes is “the new normal,” according to the report. Disruptive technologies force businesses to change what they do and how they do it. Technological advances like artificial intelligence, virtual reality, and predictive analytics have disrupted businesses positively by offering organizations a way to increase efficiency, reach new markets and make better, data-driven decisions. Print media outlets, music record stores, and travel agencies are examples of businesses disrupted by technology. However, businesses that are committed to restructuring their strategy based on the rise of disruptive technologies can thrive in an era of constant change. Technology has become a central part of project management. The theme throughout the Pulse report is that project managers need a high PMTQ – project management technology quotient. In other words, they need a firm grasp on integrating technology into project management for improved results. This situation – driven by disruptive technology and the need to understand and put it to use – has led to “the new normal.”