AI Investments in Project Management Set to Increase by 20-50% by 2025, Finds Capterra Survey
Capterra Survey Reveals AI's Transformative Impact on Project Management and Growing Adoption of Emotional Intelligence Gurugram, 22 August 2024: Capterra conducted a recent survey among 200 project managers who utilize AI-enabled project management software. The survey findings showcase the positive impact of AI on project outcomes and the increasing adoption of emotional intelligence (EQ) in the field. Growing Recognition of AI's Potential in Project Management 97% of respondents experienced a positive return on investment (ROI) from their company's AI project management technology investments. 47% of project managers leveraging AI-enabled project management software anticipate a substantial increase of 20-50% in AI investments within their organization's project management function by 2025. Increased productivity and efficiency (69%) and improved planning/scheduling (66%) were identified as the most beneficial aspects of AI in project management. PMs believe that decision-making (43%), predictive analysis (40%), and project planning (37%) are the top areas where AI has the greatest impact on project management. Challenges Associated with AI in Project Management Despite the positive findings, the survey also addressed the challenges associated with AI in project management. 80% of project managers expressed scepticism towards AI, emphasizing the need to effectively address these obstacles. Key challenges include high initial costs of integration, hardware, and software, as well as the criticality of data availability and quality for AI efficacy. Adoption of EQ by Project Managers Has Increased in the Past Two Years 93% of surveyed project managers reported an increase in their use of EQ in their roles over the past two years. 55% significantly increased their use of EQ, while 38% moderately increased it. 96% of project managers are able to accurately identify their own emotions when highly stressed in the workplace, indicating a greater awareness of their emotional well-being while at work. The first part of the survey also revealed that 60% of project managers consistently incorporate EQ-based techniques into their project management responsibilities, while an additional 40% often do so. This integration of EQ into project management has proven beneficial, with 66% of project managers believing that it has enabled them to make better decisions, and 53% reporting that it has helped with team management. Commenting on the survey, Sukanya Awasthi, the analyst of the study, said: “A modern workplace demands a shift from traditional management styles. Majority of project managers we surveyed are incorporating EQ-based techniques and seeing positive outcomes. Moreover, when it comes to using AI, businesses should start small by integrating AI in strategic areas, regularly reviewing and modifying AI models, and cultivating an environment that welcomes AI-driven models if they want to succeed with their efforts to use artificial intelligence in project management. Having said that, it is also important for businesses to maintain a balance between human judgement and AI outcomes in order to best reap the benefits of artificial intelligence.” For more information and in-depth survey findings, please visit: https://www.capterra.in/blog/6855/ai-project-management To view previous research reports from Capterra, please visit: https://www.capterra.in/blog/6515/newsroom-capterra-india-2024 About Capterra Capterra helps organisations around the world find the right software for their needs. Founded in 1999, Capterra's global product footprint, verified user reviews backbone, independent research, and tailored comparison tools provide more than five million in-market buyers with a confidence-building discovery experience every month. For more information, visit https://www.capterra.in/ Survey methodology Capterra's 2024 Impactful Project Management Tools Survey was conducted online in May 2024 among 2,500 respondents in the U.S. (n=300), Canada (n=200), Brazil (n=200), Mexico (n=200), the U.K. (n=200), France (n=200), Italy (n=200), Germany (n=200), Spain (n=200), Australia (n=200), India (n=200), and Japan (n=200). The goal of the study was to understand the leadership and emotional intelligence skills needed for PMs to successfully lead teams and projects leveraging/incorporating AI. Respondents were screened to be project management professionals at organizations of all sizes. Their organization must currently use project management software.
Capterra Survey Reveals AI's Transformative Impact on Project Management and Growing Adoption of Emotional Intelligence
Gurugram, 22 August 2024: Capterra conducted a recent survey among 200 project managers who utilize AI-enabled project management software. The survey findings showcase the positive impact of AI on project outcomes and the increasing adoption of emotional intelligence (EQ) in the field.
Growing Recognition of AI's Potential in Project Management
- 97% of respondents experienced a positive return on investment (ROI) from their company's AI project management technology investments.
- 47% of project managers leveraging AI-enabled project management software anticipate a substantial increase of 20-50% in AI investments within their organization's project management function by 2025.
- Increased productivity and efficiency (69%) and improved planning/scheduling (66%) were identified as the most beneficial aspects of AI in project management.
- PMs believe that decision-making (43%), predictive analysis (40%), and project planning (37%) are the top areas where AI has the greatest impact on project management.
Challenges Associated with AI in Project Management
Despite the positive findings, the survey also addressed the challenges associated with AI in project management. 80% of project managers expressed scepticism towards AI, emphasizing the need to effectively address these obstacles. Key challenges include high initial costs of integration, hardware, and software, as well as the criticality of data availability and quality for AI efficacy.
Adoption of EQ by Project Managers Has Increased in the Past Two Years
- 93% of surveyed project managers reported an increase in their use of EQ in their roles over the past two years.
- 55% significantly increased their use of EQ, while 38% moderately increased it.
- 96% of project managers are able to accurately identify their own emotions when highly stressed in the workplace, indicating a greater awareness of their emotional well-being while at work.
The first part of the survey also revealed that 60% of project managers consistently incorporate EQ-based techniques into their project management responsibilities, while an additional 40% often do so. This integration of EQ into project management has proven beneficial, with 66% of project managers believing that it has enabled them to make better decisions, and 53% reporting that it has helped with team management.
Commenting on the survey, Sukanya Awasthi, the analyst of the study, said:
“A modern workplace demands a shift from traditional management styles. Majority of project managers we surveyed are incorporating EQ-based techniques and seeing positive outcomes.
Moreover, when it comes to using AI, businesses should start small by integrating AI in strategic areas, regularly reviewing and modifying AI models, and cultivating an environment that welcomes AI-driven models if they want to succeed with their efforts to use artificial intelligence in project management.
Having said that, it is also important for businesses to maintain a balance between human judgement and AI outcomes in order to best reap the benefits of artificial intelligence.”
For more information and in-depth survey findings, please visit:
https://www.capterra.in/blog/6855/ai-project-management
To view previous research reports from Capterra, please visit:
https://www.capterra.in/blog/6515/newsroom-capterra-india-2024
About Capterra
Capterra helps organisations around the world find the right software for their needs. Founded in 1999, Capterra's global product footprint, verified user reviews backbone, independent research, and tailored comparison tools provide more than five million in-market buyers with a confidence-building discovery experience every month. For more information, visit https://www.capterra.in/
Survey methodology
Capterra's 2024 Impactful Project Management Tools Survey was conducted online in May 2024 among 2,500 respondents in the U.S. (n=300), Canada (n=200), Brazil (n=200), Mexico (n=200), the U.K. (n=200), France (n=200), Italy (n=200), Germany (n=200), Spain (n=200), Australia (n=200), India (n=200), and Japan (n=200). The goal of the study was to understand the leadership and emotional intelligence skills needed for PMs to successfully lead teams and projects leveraging/incorporating AI. Respondents were screened to be project management professionals at organizations of all sizes. Their organization must currently use project management software.
