2019 is on its way and the year holds a great transformation in the field of project management. There is a paramount focus on people and technologies to execute the projects successfully. The significant amount of growth will take place in the project management industry. In fact, several project management trends also predict the same. The industry is continually evolving, and the transformation or changes we see are both intimidating and exciting.
The companies who won’t prepare for the future would probably end up in failure. This is because project management is an unsettled market wherein new solutions and tools are always entering the field. So, it is necessary to upgrade the project management strategies. If you adapt to the prevailing business environment you can run a successful and sustainable business.
With that said, let’s first have a brief overview of project management.
Project management is all about using the new methodologies and practices to ensure the timely delivery of the project. It is categorized into five key stages- conception/initiation, planning, execution, monitoring and closure. It is now simple for project managers and teams to understand each of these phases. They plays a vital role in the successful completion of the project. Here we’re providing you with a better overview of where things are heading next year. Have a look at some project management statistics:
- According to PMI (Project Management Institute), the project management industry is set to grow by $6.6 trillion by the year 2020.
- According to KPMG research, 70% of the organizations have suffered at least one project failure in the past 12 months.
- 50% of the project managers agreed to the fact that their project failed to achieve their goals consistently.
- Over 56.6% of manufacturers use a combination of project management methodologies.
Here’s a list of top 10 project management trends for 2019. This will give you a fair idea of where the project management industry was going so far. And what could be the possible solutions to address the gaps if there were any.
10 latest project management trends to watch out for 2019
In today’s corporate world, emotional intelligence is not at all a new concept. This is a trend that is definitely progressing and source of inspiration in the practical industry that is process-based. In today’s world efficiency and productivity are of utmost importance. There is a high probability that you might lose the opportunity in the diversity of methodologies that are implemented. Seeing the steady existence of technical skills, the availability of soft skills must be ensured at any cost.
You should be good at tracking schedules, managing the people at work and establishing proper communication. These qualities increase the chances of your plans to proceed without any failure.
When you have a group of people with varying cultural diversities working together, some kind of issues are definitely going to arise. If you face such issues among the peer group you can quickly resolve such issues with effective EQ capability in place. So, it is necessary for a project manager to get a proper knowledge on different aspects of emotional intelligence. It is gradually going to play a dominant role as one of the project management trends in 2019.
2. The Internet of Things (IoT)
Internet of things is going to affect every part of the projects and business that are not related to the internet. It will drive the next set of opportunities that will bring a significant change in the projects launching in 2019. You need to have a proper team collaboration, enhanced security, remote controlling an increase in project timelines. These effeciencies can change the entire face of the project management. Thus, the Internet of Things bisects with project management on all the elements.
The IoT helps project management strategy in a way that the devices can respond. The most prevelant reason being the happenings in the surrounding automatically through its network. This will, therefore, reduce the need for the involvement of manual intervention.
The IoT will play a big role in lowering down the operating costs. It will also improve the response time and eliminates the errors. You can also leverage its benefits by providing comparatively better and faster service to its customers. Here are some other advantages of implementing IoT in the project management workflow:
- Enables you to handle the overall monitoring control and process
- Gives you the option of providing hyper speed reporting
- Makes easy to find extremely deep data analytics
- Provide you with the various options to create highly valuable project data
- Brings comparatively stricter and ethical implications into the practice
- Raise the expectations of most of the stakeholders
3. Distributed Remote Teams
More and more companies are appreciating the use of distributed team structure. Also, the sharing economy is evidence of the same. This is important to retain the talent from across the globe for handling the projects. Moreover, as workers also need flexibility in work to save their time and energy. The trend of hiring remote teams is continuously rising, and it will continue to soar with the collaborative trend.
There is certainly one reason for this as the remote teams are way cheaper and productive. If managed effectively with suitable tools for management you can get great results.
And it is of no surprise that, remote teams are slowly becoming a standard practice. In the project management sector the project managers are also progressively moving forward. They invest in the tools and technology to have a communication medium. This is highly effective on different platforms. This will also help enhance the growth in day-to-day work from a distance.
4. Working collaboratively at the workplace
In the next few years, you’ll get to see a phenomenal shift in the collaboration in project management. The concept of effective team collaboration or communication is poised to grow. With the growth in the culture of remote teams the project managers have to adapt to the changes in management. This will help in turning their deliverable. Also, the change in hierarchies will bring a change in the way people will communicate.
The project manager with wider teams will realize the fact that effective communication is required to increase productivity. All in all, this will help bring better results by triggering a sense of motivation. With commitment among project teams to work more effectively as one unit you can obtain greater results.
5. Agile Business Methodologies
Seeing the dynamic market today, the user experience is also changing day by day. As a consequence, the project management methodology such as Agile is growing in popularity. Be it small, medium or large business, every type of business highly appreciates the use of business Agile methods. This is why it has now become a trend for project managers to use this method.
To achieve the desired results and deliver high-quality projects on priorities you can use this method. However, it is a daunting task to manage Agile and bring quick change through innovation.
With the advent of Agile approach, the use of waterfall project management methods has completely come to an end in smart organizations. And thus 2019 will see PM’s hitting key milestones with faster project status. The use of Agile project methodology will help project managers streamline everything. This will definitely affect their success rate.
6. Socially responsible and accountable
Social responsibility has become a major part of project management. It will increase the better accountability in teams. The two factors- the trustworthiness and accountability will instil a sense of responsibility in project managers. This will encourage a positive impact on everyone, including employees, stakeholders and the environment.
This is why people are giving preference to socially responsible companies. The project manager can help their companies change their social behaviour. By improving the workplace regulations, employee rights they can derive greater results.
Focus on soft skills:
Soft skills are the one thing in reality that helps us in stepping ahead in our career. The soft skills such as leadership, communication and communication provide an edge over others. They help you easily fit in the company culture. As the demand for project management is growing, the value of soft skills is also increasing. And this makes one thing sure, that the strong emphasis on soft skills will set a new trend.
Alongside, the project managers will have to understand the importance of best practices for developing the constructive method. With the increase in demand for soft skills, it will help them address project management issues effectively.
7. Risk analytics
Project management analytics include critical chain analysis and resource management. This is the standard that has been followed for years. The risk was defined and identified by critical chain analysis. But the loading of resources was supposed to cover analytics. With the increase in the use of agile methodologies, there is a shift in the focus of the critical chain. The critical chain is now no more considered relevant in a world of consistent delivery and gradual cyclical progress.
The calculation cannot be done in most of the cases. And without critical chain, there is nothing left to calculate except resource management for project confidence analysis. And if the project resources are available, one can easily do it. But, only the resources are not enough for a project. The reason behind it is the fact that the structure of modern projects are complex.
There needs to be significant operational effort and contribution to simplify them. The knowledge in gap drives the risk, and thus the project can collapse due to the unexpected changes. However, as these factors are not in relation to resources you need to calculate them. You can do this while calculating the project confidence analytics.
So, you can expect the focus to shift in this direction in the coming year.
8. Technology Push
There is an increasing technology push to move projects to cloud-based systems. The companies are also seeing a great shift in moving towards a paperless work environment. And it comes with many positives like real-time connectivity with the project team. Live data and instruction capture, and many more features work as an add on.
Therefore, the modern age project manager should need to understand various cloud-based application platforms. They should also have fluency in mainstream providers. These providers such as Bluebeam, Aconex, and Procore can change the way companies function.
9. Digital Project Management Tools
Organizations are showing an immense interest in using digital project management tools. As digital tools are simply amazing, you can choose a digital tool on the basis of your workflow. These tools and teams will help your business perform much better. They will also help project managers to manage their projects and deal with the problems. The team members can increase their work productivity through these tools.
Digital tools also help automate most of your tasks on a daily basis to make you reap maximum profits in future. There are many trending solutions and tools in the market. Tools like Zoho Office Suite, Smartsheets and Freedcamp have come up as a savior for project teams. As a project manager you can get better control over the success of a project. You can also make accurate client invoicing simply through these tools. They are available to manage every aspect of projects.
10. Project Management Office (PMO)
The PMO helps to fill the gap between the strategic organization’s insights and effective project implementation. This is the foremost reason as to why PMO is gaining immense popularity in the project management trends of future. It is fuelling the projects by allowing them to achieve their pre-built objectives and goals.
As per a recent study, there were almost 42% of the projects that met their defined goals due to PMO in place. So, the companies seeking strict monitoring and more efficiency in IT projects should look forward to this trend. The PMO is bound to bring the business change within the organizations.
So these are the top 10 project management trends that are likely to shape 2019. There is no surprise that with constantly evolving project management industry, project management professionals will face a great challenge to remain in the game in future. But, we hope these trends will help you and your team in preparing for everything. Roll out everything that is staggering your company’s growth in the next year.
Tip: Every year comes with new trends in the project management industry. However, the project management trends may change, but the basic goal of managing the projects will remain the same. And the time and budget are always going to serve there as two key factors. So, you need to invest in the right tool to get real-time data and flexibility to project management.
This will help you in adapting according to the changing industry trends. You’ll get a head-start on your project and it will assure you to provide project success.
Will you gear up for project management trends in 2019?
Often, most of the project managers do not try something new. It can be out of the fear that their project will fall spectacularly due to some reasons. But, you know what? Your projects will never fail and become a disaster if you act at the right time. You just need to move swiftly on your project management style.
Put your best foot forward in 2019 with a focused approach and project team collaboration.
Will these project management trends able to shape the way project management works? With the advent of new technologies, how will project managers fill the necessary gaps while still staying relevant?
If you feel some important point is missed in this article, please comment in the section below. You can also share your views on what it takes to address the future needs of business across the globe.