At a time when new technologies are disrupting markets and forcing companies to relook at the way they have done business so far, proven project management practices are becoming critical for survival.
The latest edition of PMI’s Pulse of the Profession® report, Next Practices – Maximizing the Benefits of Disruptive Technologies on Projects, shows that organizations need a new set of approaches and technologies to be successful in this disruptive market.
The report is based on in-depth research conducted online in February 2018 among 1,730 project management professionals globally, including seven PMO directors and seven C-suite executives from major national and multinational corporations.
"Innovator organizations realize that disruptive technologies can give them a competitive advantage by improving customer experience, enhancing employee ef?ciency, and shortening project timelines," says Mark A. Langley, PMI President and CEO. PMI research demonstrates how organizations that commit to proven project management practices experience better project outcomes.
India is seeing the emergence of innovative business models that are leveraging disruptive technologies. The Government of India wants to make India a US$ 1 trillion digital economy in the next five years through largescale adoption of these technologies across industries.
Says Raj Kalady, managing director, PMI India, "In India, organizations across sectors – IT, banking and financial services, e-commerce, healthcare, manufacturing – are embracing disruptive technologies and creating new, innovative products and services. Project management is a necessary ingredient for success both for traditional businesses as they transform themselves into a digital-first business and for new companies that want to establish themselves in a market that is fast changing."
DISRUPTIVE TECHNOLOGIES AND THEIR IMPACT
In the survey, project and business leaders shared examples of their experiences with the impact of disruptive technologies on projects and project management activities within their organizations.
Among the technologies that have impacted projects the most, survey respondents ranked cloud solutions, Internet of Things (IoT), and artificial intelligence (AI) as the top three. The other disruptors, ranked in the order of their total impact, are 5G mobile internet, voicedriven software, building information modeling (BIM), advanced robotics, 3D printing, blockchain, autonomous (self-driving) vehicles, large-scale energy storage, gene sequencing, and genomics.
As many as 91 percent of the organizations surveyed reported being impacted by these 13 disruptive technologies. A disruptive technology may be either a tool or resource employed in production (e.g., AI or 3D printing), or it may be the finished product or service itself (e.g., self-driving vehicle).
These disruptors are outperforming established players by addressing gaps in the market, forcing organizations to re-evaluate strategy and value. These game-changing technologies are transforming how we sell, market, communicate, collaborate, educate, train, innovate, and much more.
SOME KEY HIGHLIGHTS FROM THE RESEARCH