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The Evolving Role of AI In Financial Services Project Management  

In the world of financial services project management, and indeed every industry, it is becoming increasingly common for organisations to lean on the new technology that is becoming more readily available. These are technological tools that can not only simplify the way in which we work but also help to automate some of the simpler day-to-day processes. AI is an obvious benefit in this respect not only to project managers but also to their teams and collaboration between machine and human can assist with the delivery of insight to stakeholders, as well as realising objectives and executing strategies.

Project manager courses such as APM PMQ, PMI or PRINCE2 can help to build up the relevant skillsets that will help to offer support when these technologies fall short. It will also act as a complement to AI practices; both are likely to be dependent on each other. AI removes the requirement for the monotony of everyday tasks like data analysis, and reporting helps free up the project manager to drive projects and make important key leadership decisions

There are four main areas where AI can be of particular benefit when it comes to project management in the financial services industry:

Informed decision making

Data analytics has a power that allows for the coding of algorithms that depict trends and draw attention to crucial information. This then automatically and in real time alerts the project manager to take a look at any red flags chest any necessary corrective action.

Resource management

tight schedules and budgets can often bring about the need to manage resources actively in order to get a job done on budget and on time whilst remaining within scope. AI house the capacity to track this and also suggest the appropriate mix of resources that will effectively deliver a project whilst also monitoring conflicts that occur within the schedule. It recognises top contributors and captures key performance indicators.

Automation for repetitive tasks

The list of jobs that a project manager has may appear endless however the use of AI will allow them to concentrate their focus on refining the strategic plans and directing execution. Reporting scheduling of meetings and some forms of communication are all tasks that can be automated through the use of a virtual assistant.

Access to information in real-time

The technologies of today and their applications help project managers in any field to consider things like portfolios, projects and programmes whilst offering them the information that they need through smartphones. This flexible approach helps with multitasking and being more productive whilst being mobile.

How is this useful in the financial services industry?

Within the financial services industry, AI has digitised and automated many tasks. This offers an enhanced experience for customers through the use of personalised services like robotic process automation, voice learning, and even the use of chatbots. Banks, in particular, depend heavily on predictive analytics and programmed engines when it comes to monitoring the back office activities and compliance whilst still ensuring they provide security to their customers and assurance over their finances

It is necessary to have a culture of lifelong learning and adaptability moving forward with project management roles. Collaboration with AI is increasingly becoming the norm. Whilst it makes life easier, there is still a great demand for the human touch in order to successfully deliver on every front. Therefore project managers with the right skills and qualifications will still be very much in demand.

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