Artificial Intelligence, or AI, is definitely a buzzword right now. Most people have heard about it, but do you really know what it is? A lot of people are afraid of "the AI." What is this beast? This fear is usually caused by the unknown. You don't know what it is exactly, so you become afraid of it. Maybe one is fearful of how AI might eventually affect their life, personally.
How can your business leverage Artificial Intelligence (AI) to your advantage? AI is a huge buzzword right now, but for a good reason. AI has extreme potential for tech. It will most likely, have a similar impact as the internet had. Though that's probably not even close to the real possibilities that AI has to offer.
What if you could cut off all the time you spend on mundane tasks at work? What if you didn't have to worry about schedules and keeping your projects on-track? What if you had all the time in the world to be creative and move bricks? Sounds great, right?
Did you know that 45% of projects experience cost overruns? McKinsey did the research, and found that a whooping 66% of software projects go over budget, and a similar scary percentage of non-software projects, namely 43%. They also found that 7% of all projects experience a schedule overrun too. Less scary, but still a major risk for your deliverables, and not least your overall business performance.
Project & Resource Management is foundational to running great projects. You need somebody to establish common ground and lead the team in the right direction. You need somebody to plan and schedule resources, and assign those resources to the right projects and tasks. Having your projects and resources aligned is exactly why having a proper project management and resource management practice in place is paramount to business performance, profitability, and a thriving work environment.
These are both fields with long histories, lists of methodologies, and opinions on how to run a team best possible. No matter your preference of Agile or Waterfall, and subcategories of each, we thought Project Managers could need a little extra help. That's why we built Forecast.
Forecast is an AI-powered Project & Resource Management platform built to make life easier for team members across an organization, thereby increasing business performance, and eventually directly influencing your bottom line. It's a collaborative environment with unique features assisted by AI. The system was built from the ground up to emphasize the benefits of implementing AI in your workflow, projects, and business. Forecast learns from experience across your organization to improve time estimations, labeling, etc. The Forecasted time estimates are used for scheduling and budgeting. It will thus give you a more accurate look at how your projects are performing, and if not well, show you where and help you get back on-track.
Learning from your data and others, the algorithms are continuously improved to assist you even better from day-to-day. To give you a concrete example, when doing time estimates in Forecast, you specify a high and a low estimate, you assign one or more team members to the task, you write a description, and define other descriptors such as labels. Analyzing this data in an instant, Forecast is able to provide you with a more accurate estimate of the time needed to complete the task. The AI is using some of all of this data, combined with previous data inputs from other tasks and projects, to make a more reliable estimate. This estimate is then applied across the system to present a more realistic view on your budgets and available resources.
The beauty of Forecast is really the simplicity, flexibility, and interconnectivity of the platform. Everything is linked together, simply because a change in your estimates naturally has a direct impact on your budgets, scope, timeline, and resources. Through the implementation of an open API and a wide array of native one-click integrations, Forecast is not only leveraging intelligence from within, but also by connecting with other tools you may already be using. Ultimately, Forecast will function as your hub for the interconnected one-truth on your business insights, projects, and resources.
With every passing day, technology is adding a new chapter in the revolutionization of humanity. In this fast-paced world, technology has helped in performing tasks with higher efficiency and faster rate. In earlier days, when technology was not prominent, industries required huge labor to perform the tasks.
The future is here. It’s time to rethink your position in the job market. It’s time to question your current career path, and consider if it would be wise to make a few changes. Bots and intelligent assistants / agents are on the rise, ready to disrupt and turn the job market on its head. Now, it has always been key in life to stay up-to-date, grow and develop yourself and your knowledge base. But now more than ever this is definitely true.
Artificial intelligence (AI) is probably the most rapidly growing new type of technology, and will for sure create a new era of the modern world as we know it today. Modern AI simulates the constant processes going on in our bodies every second of our lives, the human brain and nervous system. The nervous system takes every little piece of information in, through all of your senses, analyzes it, and decides what to keep and what to let go of. You learn from the past, gain experience, to improve your future. This is an ongoing process, and through time you learn to make better decisions; your intuition learns to navigate the world - you automatically improve over time. The is the essence of artificial intelligence.
Subscribe and get the latest posts now!