Increase Project Performance by Combining AI With New Technology

 

AI is not the only technology being implemented for project management. The next wave of project performance improvement is likely a combination of AI and other technologies. In this blog, I review blockchain, the Internet of Things (IoT), and virtual reality.

Blockchain, known for secure Bitcoin transactions, offers advantages when deployed in the project methodology. Blockchain protects data using a unique yet distributed method for recording data. Blockchain provides a high level of security in transactions because once data is recorded, an approval process is required to change it. Projects can use this characteristic to preserve or share project data. Research into using blockchain for projects reveals that it increases trust, improves stakeholder communication, reduces disputes, and prevents fraud (see references). Making project decisions using AI can be supported by blockchain technology to provide a trusted and transparent process. For example, stakeholders can resolve disputes with contractors based on the analysis of secure data and avoid expensive legal alternatives.

IoT comprises numerous connected devices, such as video cameras and sensors, that share data. Cameras are already used on construction sites to capture images and deliver them to AI algorithms. For construction projects, a camera is embedded in the front of a construction hard hat, and the images are captured as the construction supervisor walks around the site. The images are sent to AI software to determine the project status, detect an excessive use of materials, and identify new project issues.

Virtual reality (VR) can turn managing a project into a video game experience and reinforce decisions that lead to successful project results. The VR world can be combined with digital twin software for projects and generate insight into improving project performance. Adding AI to a virtual project environment might provide early analysis of impending issues with a warning that requires action in the existing project to prevent performance deterioration or enhance the project objectives.

Technology development continues to outpace our ability to assess the value to project management and take action to improve project performance. Two of the most common impediments are the fear of change and the lack of knowledge about the new technologies. The advantage will go to those who address and overcome these issues.