What are the Top Trends in Project Management?

Want to find out the top project management trends?

This is the very question that we will answer here.

Getting your project management right is the best way to ensure a great product. Great products make money and improve the lives of the people that use them. 

Trends Shaping the Project Management Industry

Let’s look at how cutting-edge technology-driven project management methods have transformed over the years and how they are no longer only confined to the software industry.

While there are types of project management methodologies in the industry, we need to be mindful of the ones that work best for specific types of projects.

Organizations need to be intelligent enough to draw up a comparison between the latest tools and technologies that will allow them to deliver the desired outcome within a fixed budget.

This is the era of digital transformation. Digital tools have proved to be extremely beneficial in managing projects successfully. While there are no “one-size fits all” approach, a Project Manager needs to be extremely meticulous and careful in choosing the right project management software depending on the team and workflow.

2018 saw some significant shifts in Project Management, starting with the Project Management Institute (PMI) releasing the sixth edition of “A Guide to the Project Management Body of Knowledge (PMBOK®).”

Going by the latest trends, the latest edition of PMBOK® Guide touches upon how to implement management techniques in an agile project management environment. You can read more in “What’s New in the PMBOK® Guide – Sixth Edition?”

There has been a paradigm shift in the ways organizations manage projects now. As mentioned earlier, since Project Management is no longer limited to the IT industry alone, there are changes in roles and in resource management.

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The entire process is more data-driven, client-centric, and outcome-focused.

Let’s look at a project management trends list relevant in 2024:

1. Agile is here to stay
2. Artificial Intelligence
3. The Internet of things
4. Digital Tools
5. Kanban Boards
6. Hybrid Project Management Methodologies

Learn more about emerging trends in this article: “10 Emerging Project Management Trends In 2024”.

Agile is Here to Stay

Being agile is the need of the hour. Imagine managing a geographically dispersed team. Can we think of managing such a team using the traditional project management Waterfall method? That’s the reason smart organizations are turning to agile.

Agile rises above and beyond traditional software project management methodology. You can apply agile anywhere; be it content marketing or visual design, product development, or construction management.

With each passing year, projects are becoming more complex and the need for flexibility has risen multiple folds. What has changed is that project managers are able to close complex projects successfully with predictable results.

In the past, project managers relied on daily face-to-face meetings with the team. With the emergence of sophisticated collaboration tools, face-to-face meetings have given way to online meetings.

With teams becoming more distributed, project managers need to constantly brush up on their interpersonal and soft skills.

They need to have in-depth knowledge about using the right collaboration tools and understand the nuances of communication spanning various cultures and geographies. They need deep expertise and knowledge in time management, cross-cultural hiring, resource management, coaching, and overall project management skills.

Read “Agile project management: A comprehensive guide” to learn more about how agile methodology can increase the efficiency of your projects.

There’s no way that we talk about agile without mentioning the importance of a scrum master’s role. There is a very thin line between the project manager and a scrum master. On a broader level, the roles might look very similar, but they do differ, and each has its reason for existence.

The minute we visualize the traits of a project manager, we attach attributes like the planner, leader, decision-maker, motivator, and risk-taker. He is responsible for the successful completion of any project.

The scrum master’s role varies slightly in the fact that he has assumed the role of a coach and facilitator. They are not directly responsible for managing the project team. Their key objectives include coaching the team about Scrum processes and ensuring that the team abides by all Scrum processes.

Artificial Intelligence

Artificial Intelligence (AI) – powered solutions have taken the world by storm and organizations can’t ignore the tremendous effects AI and machine learning have on streamlining business processes. If organizations want to stay ahead of the competition, they must embrace AI for enhanced productivity and efficiency.

AI-powered solutions help in controlling costs, assessing risks, and tracking time. These automated tools and processes help with managing workflows, promote team collaboration, and provide deep insights into your plans to accelerate efficiency.

Most project management tools are well-equipped to collect a plethora of information while safeguarding critical historical operational data. It depends on the project managers how they would want to utilize this goldmine of information.

When such a wealth of information is at my disposal, I would use that data to produce actionable outcomes.

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Are you interested to understand how you can apply AI to your processes? Read “The Rise of AI-Powered Machines in the World of Project Management.”

The Internet of Things

What is the Internet of Things (IoT) and how does it blend with project management methodologies? The IoT is the global network of devices communicating with each other as well as the end-users via the Internet.

According to Fortune Business Insights, the Internet of Things market size will be $2465.26 billion in 2029. As project managers, are we ready for a connected workplace?

The IoT is present at every bend of the project management journey right from breaking silos to enhanced team collaboration to maintaining a data repository and real-time reporting.

As historical data archival happens without any manual labor and data collection happens effortlessly and continuously, Project managers can use deep-dive diagnostics to make better and more informed decisions. This will aid in the successful monitoring and control of projects.

Don’t fall back in the game. Use IoT to minimize risks, reduce errors, and complete projects ahead of time. Read “How IoT will Change Project Management?” for further insights.

Digital Tools

Day-to-day project management activities would be very time-consuming and cumbersome without digital tools. Let’s embrace the smart way of working.

With projects increasing in scale and complexity and a shift in the mindset of today’s workforce, we have no choice, but to be a part of the digital journey.

However, a project manager must have the knowledge and expertise to evaluate different digital tools before deciding on the one that is best suited for his team’s needs. He needs to understand the processes, workflows, and team dynamics before zeroing in on any digital tool.

So, this is the hardest part. Once we are successful in identifying the right tool, we will be able to iron out problems and make our day-to-day activities more productive and efficient ultimately resulting in project success.

Since a lot of tasks would be automated, the project would surely turn out to be profitable in the future.

Kanban Boards

Toyota Company was the first to use Kanban Boards to improve its manufacturing processes. But, now Kanban Boards are seeing deeper integration with PM methodologies.

Kanban Boards are excellent tools for daily stand-up meetings with the project team. It is a lean scheduling technique that aims at identifying blockers and fosters collaborative problem-solving.

It is a visual board that consists of grids and uses Kanban cards for workflow management. The Kanban Board has five grids:

• Backlog;
• To-do;
• In progress;
• Review;
• Done.

You push Kanban cards from one grid to the other as and when the task gets completed. This visualization helps to quickly identify roadblocks and sets the right tone for tasks, which are in progress for a long time.

As teams get together during daily stand-ups, there is a free flow of information and better engagement.

This works extremely well in an agile environment where projects are more dynamic in nature. Kanban Board limits work-in-progress tasks and helps Project Managers have better control of the situation.

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Use Kanban Boards to visualize, control, and optimize workflow and collaborate effectively with the team. Learn more about Kanban Boards and how these help in maximizing project efficiencies.

Hybrid Project Management Methodologies

Hybrid Project Management methodologies combine the best of Agile and traditional Waterfall methods. This is a new project management concept that is gaining popularity.

Since the nature of each project is radically different, there are chances that teams don’t get to adjust to either the Agile way or the waterfall approach.

The hybrid Project Management trend comes to the rescue when the Waterfall approach seems too restrictive and the dynamic nature of Agile projects raises doubts about costs and completion.

So, why don’t we take the best of both worlds? Project teams can plan with the Work Breakdown Structure, while implementation and delivery follow the agile way.

Keeping in mind the dynamic nature of the market, the project team can be more proactive in responding to market changes. The hybrid approach also helps in better project planning and estimation.

Read “What is a hybrid project management approach?” to understand where you can use this for faster project delivery.

Final Thoughts on the Latest Project Management Trends

It is imperative to adapt your project management method to the latest industry trends in order to succeed in the competitive market out there.

There are lots of software products out there and a lot of teams developing them. But businesses with an efficient project management process and using appropriate management methods and tools according to the project requirements are the ones winning the race.

If you, as a business CEO or CTO, do not find the required software project management expertise in your project team, we would advise you to partner with an experienced software development company that assigns a skilled project manager to your project.

These project managers have experience in developing and deploying multiple software products that are similar to your product. They can help you choose the best development path with minimum blockades, and moreover, have enough experience to overcome any setbacks.

DevTeam.Space is such a community of field-expert software developers who follow an AI-powered agile process for software solution development and management.

You can partner with these vetted and high-quality software developers by sending your product specifications via this form. One of our account managers will reach out to you to provide further assistance.

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