AUSTRALIA - 12th March 2024
A recent survey by software recommendation site GetApp reveals that 98% of employees in Australia who use artificial intelligence (AI) software in project management estimate that their company will increase their investment in the next two years.
Reinforcing the benefits of AI technology, a third (33%) of employees expressed an 11-30% increase in spending. Remarkably, 76% of these respondents also said there has been a positive return on investment (ROI) since their company started using AI tech in project management processes.
Out of over 500 survey respondents, nearly a third (29%) of employees said their companies currently use AI software in project management processes, compared to those that are either in the process of incorporating AI (23%) or are interested in doing so (21%). Significantly, the majority (a combined total of 89%) who already use it said they are happy with doing so, with 58% having more time to focus on higher-value tasks and 49% saying they can interpret data quicker and more efficiently.
The survey shows that companies or employees considering implementing AI technology can see its benefits. Of those interested in using it, 34% expect to interpret data faster and more effectively, and 26% expect to have more time to focus on higher-value tasks due to using it.
Interestingly, 58% of employees named task management software the most used for project management. As a result of AI tech's capability to automate tasks, nearly half (49%) of employees who use AI software for project management, task automation is the most applicable area for its use. 27% of employees said their company has benefitted from automating repetitive and tedious tasks, freeing time for more complex tasks.
Nearly a third (31%) of employees said they have yet to integrate AI tech into project management processes because there is a need for a clear strategy. However, 22% of these respondents would prefer to adopt more established AI technology before ensuring they have a clear plan (21%). Similarly, 26% of those interested in implementing it cited the immaturity of AI as a challenge for adopting it.
Content Analyst for GetApp, Andrew Blair, said: "Pioneering companies that are currently incorporating AI software into their project management processes are reaping the rewards despite concerns about the maturity of the technology. In particular, companies that have adopted AI software in the past two years are already citing a positive return on investment, and the benefits of the technology may already be giving these companies an edge over their competitors.
"A well-rounded, thought-out strategy is essential for companies to embark on the journey to incorporate AI tech in project management," Blair continued.
