As an IT project manager, you must stay current with new and evolving ITPM industry trends. Like all other professions, project management is an evolving wheel that keeps turning, and some of the ideas popular in 2023 may not be so today. Different factors shape the trends in the project management field, such as frontier technologies, client needs, market demands, and innovation. This article discusses the top IT project management trends emerging in 2024.
Overview of Project Management Trends in 2024
Emerging Project Management Trends in 2024
Newer technologies and management paradigms shake the world of project management every year. These emerging trends shape modern project management and determine how project managers can do their work. Almost every industry and even business operations department feels the impact of new technology, and project management is not an exception. These technologies can potentially impact the PM industry along all the stages of project management, from initiation to closing. Data analytics, hybrid management, and remote work are some of the few emerging trends in project management in 2024 and beyond.
Future ITPM Industry Trends
The future of project management cannot be predicted with certainty because project management methodologies and tools are always evolving. With new technologies and methods like artificial intelligence, cloud computing, hybrid management, big data, data analytics, 5g technology, blockchain technology, and knowledge-sharing tools, project managers are increasingly being introduced to new ideas. To complete a successful project, managers must use their project management skills and all available tools, including emerging tech, where possible. Therefore, managers must follow information technology trends and how they affect project management.
ITPM Technology Industry Trends
Project management professionals must keep up with trends that will shape their industry because they need the skills required to remain relevant. Qualified project managers must go beyond understanding people, processes, and project environments, as they need these modern skills to make an impact in the market today. It has become more important due to the fast-paced nature of the professional services industry. Here are four of the major industry trends you should be watching.
Artificial Intelligence (AI) in Project Management
Artificial intelligence is, in simple terms, the simulation of human intelligence by computers. It rests on the backbone of technologies like machine learning, deep learning, natural language processing, and text/image/audio automation. This tech trend will transform project management by enabling faster planning, execution, and tracking. It will also create virtual assistants that can supplement the role of the PM and lead the team to project success. In addition, it reduces the time required to test systems before they go live, which is one of the biggest challenges for project managers. Finally, it is one of the new trends to watch because it is already shaking the world of project management.
Automation in Project Management
Skilled project managers know the secret to a project’s progress is eliminating redundancies and focusing on project activities that move the needle towards set goals. The latest tools enable project managers to automate repeated tasks to avoid missing deadlines, wasting time, and major project delays. Automation allows managers to mitigate constraints that may cause project failure. The benefits of this trend include increased visibility into the project for stakeholders, limited human errors, and better information retrieval.
Internet of Things (IoT) in Project Management
The Internet of Things (IoT) is a collection of devices that pairs to the internet using sensors or chips. These devices share data, can be tracked, and their activities measured. IoT will enable faster reporting as data does not need manual collection. In addition, the accuracy of the data received will provide the information necessary to make informed decisions in real time. Furthermore, it improves business intelligence as organizations will now have more robust data sets to work with. Finally, IOT will help managers to optimize projects for efficiency and results.
Cybersecurity in Project Management
Cybersecurity has become more relevant for project managers as the internet expands and seeps into every facet of human life. Therefore, a project’s security should be baked into the planning as managers would be required to help their organizations seek out possible threats to a project. These threats need to be eliminated or mitigated as they can become a huge detriment to the success of the project down the line. An example would be PMs working in the gaming industry who must ensure the quality testers report all bugs and possible attack vectors to the developers for patching. Navigating the security end of projects is a developing trend in the industry.
Changes in ITPM Industry Trends
Project management practices are the systems and processes used by PMs to oversee projects. These practices have evolved to remove outdated methods and incorporate newer and forward-thinking methods. The Project Management Institute (PMI) frequently updates its certification to provide PMs with the necessary skills and certifications to succeed in their field. In this section, you will learn how some of the latest management practices are used.
Agile Project Management
Agile project management is a method of managing the life cycle of a project using iterations. The project is delivered through continuous releases, and the feedback received from each is used to inform the next release. It requires projects to be broken into smaller tasks and tackled based on importance. Agile project management methodologies are popular in areas like the construction industry, where projects are usually large with multiple moving parts. Two major frameworks are used to implement agile project management, which are Scrum and Kanban.
Hybrid Project Management
The hybrid approach to project management is a blend between agile and traditional management modes. It combines elements from waterfall (traditional) and hybrid project management methods to limit the downsides of using either singularly. This method is usually adopted by computer and information systems managers who frequently manage shifting deadlines and moving project goals. This method provides a project management-oriented approach that intends to provide a flexible and adaptable approach to overseeing projects.
Emphasis on Soft Skills in Project Management
Soft skills are the non-technical skills project managers require to succeed at their jobs. These skills include communication, leadership, social skills, critical thinking, motivation, team building, and cultural awareness. Learning these skills complements a manager’s hard skills and gives them an edge when managing projects. Therefore, managers should improve their soft skills and seek to gain those they lack.
Change Management in Project Management
Change management is inputting changes into a project without interrupting the project flow. Project managers need to master this process if they want to manage large projects successfully. The goals, requirements, and deliverables will constantly change as a project progresses. This is where the project manager must shine as they need to ensure all teams stay on track and within budget while introducing changes.
The Future of Project Managers
In the sections above, we have discussed the emerging technologies and new methodologies modern project managers use. We will discuss how project managers must evolve to meet modern market demands. The expectations of PMs in 2021 are quite different from what is required of project management positions today.
Increase in Demand for Project Managers
There has been an uptick in the demand for project managers within the last 5 years. Organizations are increasingly looking for project managers to handle and manage their projects from start to finish. According to PMI, 88 million project management-related job openings will become available worldwide by 2027. As this demand increases, project managers need to improve their skills to keep up with the demands of the new industries that embrace them.
Importance of Information Technology for Project Managers
Technology is playing an increasingly important role in all industries, and project management is not left out. Information technology plays a big role in project management by improving communication and increasing team collaboration. It also helps PMs to manage their remote team members better using management software. It also allows the tracking and measuring of employee output, which leads to optimization. Finally, it reduces the costs of team management and improves the security of data.
Role of Project Management Software
A project management software helps managers to track projects, tasks, and schedules. The software also makes it easier for PMs to have an overview of the project to see areas that need their attention. It also promotes and facilitates communication between all the teams working on a project using powerful features that allow easy reporting. Finally, this software improves the efficiency of managers through efficient task management tools that help them keep up with each individual team member.
Development of Soft Skills for Project Managers
Soft skill development is important for PMs as they need these skills to complement their hard skills. Modern managers should prioritize learning the most sought-after soft skills, such as leadership, critical thinking, team/relationship building, conflict management, and communication. These skills improves the competence of PMs and open the door for opportunities in larger organizations where they are put to productive use.
Shifts in the IT Industry
The shifts in the information technology industry are subtle and overt changes. These changes are responsible for the industry’s evolution and how actors within the industry behave. Some of the latest trends in the IT industry include remote work, virtual reality, augmented reality, and LLMs. Each shift brings new layers of advantages and disadvantages that users must navigate to stay current with developments in the IT industry.
Remote Work and Project Management
Remote work keeps changing the face of project management because of the proximity of team members. As more companies adopt a work-from-home approach, project managers must devise strategies that keep the team on the same page. PMs would need to use the right project management software, which would allow them to manage large teams in different proximity properly. The management methodology used by PMs managing remote teams must help them to deliver on time, budget, and schedule.
Implementing and Adapting to New Technologies
Implementing novel technologies should be done with surgical precision and critical thinking. Areas previously underserved by current technologies should be the first places these technologies should be applied. They should also be properly studied to ensure their pros outweigh their cons before integration. A poorly thought-out integration could derail a project and cause friction between team members. Therefore, it is important to only adopt novel technology when there’s net good benefit for a project.
Implications of IT Industry Trends on Project Management
IT trends positively correlate with project management because IT features heavily. As more tools, software, and protocols are being born, it becomes necessary for PMs to follow up on these trends and learn how they change the landscape of management. A curious mind is important to improve project management skills while learning new technologies, and PMs need to adopt this approach if they want to succeed. Finally, acquiring a certification is no longer enough to secure yourself as a PM because all modern PMs need to keep learning and growing in an industry heavily influenced by IT trends.
