Unlocking Trillions in Value: The Potential of AI and Technology in Project Management

The integration of AI and groundbreaking technologies into project management holds transformative potential. Even a modest 25% improvement in project success rates could result in trillions of dollars in value and benefits for organizations, societies, and individuals. However, the challenge lies in effectively integrating these innovations into project management frameworks. This article explores the barriers to unlocking this value and highlights the need for timely and effective integration.

 As I began my research for this article, I discovered that the dynamic landscape of project management spends a staggering sum of approximately $48 trillion annually allocated to fund various endeavors around the world. Paradoxically, only 35% of these projects achieve success, leaving the remaining 65% mired in untapped potential and squandered resources. That means $16.8 trillion is being utilized effectively, while $31.2 trillion goes to waste. Those numbers are beyond staggering; they're sad, and they mean we really need to get our priorities sorted out.

Regrettably, many organizations and project leaders persist in employing outdated measures, such as spreadsheets and slides, which are relics of a bygone era. While adequate for measuring linear deliverables and deadlines, these tools falter within the dynamic landscape where initiatives continuously adapt and reshape business landscapes. Although strides have been made in project portfolio management applications, essential components such as advanced planning, seamless team collaboration, and the integration of automation and "intelligent" functionalities are glaringly absent. The dirty little secret is that these tools lack technological maturity in management tools.

One reputable research and analysis firm that provides technology-related insights for critical business decisions will remain nameless for the purpose of this article. Their research process involves input from a variety of market and industry experts, helping to discern crucial information from market noise. While their reports primarily offer opinions rather than objective assertions of fact, they predict that by 2030, 80% of project management tasks will be run by AI, powered by big data, machine learning (ML), and natural language processing.

In contrast, what came to me personally as a pleasant surprise, is that Egypt is giving more attention to AI and is aiming to increase its contribution to GDP to 7.7% by 2030. Egypt has launched the National Artificial Intelligence (AI) Strategy to exploit such technology to attain the country's sustainable development goals, play a key role in facilitating regional cooperation within the African and Arab regions, and establish Egypt as an active international player in AI. The national strategy for artificial intelligence in Egypt is based on three main axes: education and training, making practical use of the volume of dense data in Egypt, and making that data available to the private sector. The AI Robotics market in Egypt is projected to grow by 14.39% (2023-2030) resulting in a market volume of US$103m in 2030, while the Artificial Intelligence market in Egypt is projected to grow by 18.99% (2023-2030) resulting in a market volume of US$2033m in 2030. Egypt's planning for AI appears to be on par with other countries in the Middle East and North Africa region, with these key points:

• Egypt is currently ranked eighth in Africa in the field of artificial intelligence and 56th out of 172 countries on Government AI Readiness.
• The Egyptian government has launched the National Artificial Intelligence (AI) Strategy, which aims to increase the country's contribution of GDP to 7.7% by 2030 and establish Egypt as an active international player in AI.
• The national strategy for artificial intelligence in Egypt is based on three main axes:
• education and training,
• making practical use of the volume of dense data in Egypt,
• making that data available to the private sector.
• The contribution of artificial intelligence to Egypt's GDP is expected to reach about 10% by 2030, according to Google's "The Future of Artificial Intelligence in the Middle East and North Africa" report.
• The annual growth in the economic contribution of AI is expected to reach 20-34% annually across the region, with the highest rates expected in the UAE and Saudi Arabia.

Overall, Egypt's planning for AI is in line with the efforts of other countries in the region to adopt and implement artificial intelligence technologies. The government's focus on education and training, as well as making data available to the private sector, suggests a commitment to developing the necessary infrastructure and skills to support AI innovation and growth.

 In conclusion, the integration of AI and groundbreaking technologies into project management has the potential to unlock significant value. However, the timely and effective integration of these innovations remains a challenge. By recognizing the limitations of outdated tools, embracing AI and technology, and leveraging insights from research firms like Gartner, project management can evolve and improve, leading to greater success rates and maximizing the value of resources invested in projects.

General Topic Citations:

[1] https://www.rpsgroup.com/insights/aap/the-impact-of-ai-on-project-management/

[2] https://emeritus.org/in/learn/artificial-intelligence-and-machine-learning-ai-in-project-management/

[3] https://www.linkedin.com/pulse/project-management-ai-era-new-frontier-shahin-amiri

[4] https://www.pmi.org/learning/publications/pm-network/digital-exclusives/implications-of-ai

[5] https://hbr.org/2023/02/how-ai-will-transform-project-management

[6] https://www.apm.org.uk/blog/the-ai-project-management-driven-revolution-is-here/

World Markets - Citations:

[1] https://www.mdpi.com/2076-3417/13/8/5014

[2] https://www.forbes.com/sites/forbestechcouncil/2023/03/30/how-ai-is-revolutionizing-project-management-three-use-cases/?sh=24a45c962cb1

[3] https://www.capterra.com/resources/i-project-manager-the-rise-of-artificial-intelligence-in-the-workplace/

[4] https://emeritus.org/in/learn/artificial-intelligence-and-machine-learning-ai-in-project-management/

[5] https://www.pmi.org/learning/publications/pm-network/digital-exclusives/implications-of-ai

[6] https://www.rpsgroup.com/insights/aap/the-impact-of-ai-on-project-management/

Egypt - Citations:

[1] https://mcit.gov.eg/en/Publication/Publication_Summary/9283

[2] https://www.egypttoday.com/Article/3/81560/Artificial-Intelligence-in-the-Spotlight

[3] https://draya-eg.org/en/2023/02/08/artificial-intelligence-in-egypt-and-ways-to-enhance-it-within-framework-of-national-strategy/

[4] https://www.databridgemarketresearch.com/reports/egypt-artificial-intelligence-market

[5] https://www.statista.com/outlook/tmo/artificial-intelligence/ai-robotics/egypt

[6] https://www.statista.com/outlook/tmo/artificial-intelligence/egypt

Egypt AI Plans Citations:

[1] https://mcit.gov.eg/Upcont/Documents/Publications_672021000_Egypt-National-AI-Strategy-English.pdf

[2] https://www.egypttoday.com/Article/3/81560/Artificial-Intelligence-in-the-Spotlight

[3] https://draya-eg.org/en/2023/02/08/artificial-intelligence-in-egypt-and-ways-to-enhance-it-within-framework-of-national-strategy/

[4] https://www.databridgemarketresearch.com/reports/egypt-artificial-intelligence-market

[5] https://mcit.gov.eg/en/Media_Center/Press_Room/Press_Releases/53006

[6] https://www.zawya.com/en/economy/north-africa/what-is-the-potential-impact-of-ai-apps-on-egypt-and-the-middle-east-iubj1dfu

 

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