With the boom of artificial intelligence (AI) applications hitting the market, many business leaders are brainstorming ways to use this innovative technology to successfully complete their most critical and complex projects. To understand how to do that, we must first understand what AI is.
What is artificial intelligence?
Fundamentally, artificial intelligence is the theory and development of computer systems that perform tasks that normally require human intelligence. Tasks include but are not limited to visual perception, speech recognition, decision-making, and language translation. Computer systems are often based on software programs that “train” on data sets. But unlike the software programs that “train” them, AI computer systems are programmed to learn how to perform the tasks themselves using predictive algorithms. A lot of time and engineering hours go into “training” AI programs to make sure the desired outcomes are produced by the system.
At their core, AI systems are advanced statistical programs used to perform complex tasks which previously could only be performed by a human worker. At the time of this article, AI is far, far away from the sentient robots that many associate with these systems. With that being said, modern AI programs can still change the competitive landscape, especially in the life sciences industry.
How can AI help life sciences projects be successful?
AI holds immediate potential to decrease the administrative workload of a company’s project management office. Life sciences companies have strict regulatory requirements to document project artifacts such as project plans and risk assessments. Project management professionals (PMs) traditionally spent a great amount of time creating and maintaining these artifacts to ensure their companies were ready for audits by third parties and regulatory agencies. This took time away from other project management duties such as leading and supporting teams, interfacing with critical stakeholders, and problem-solving as issues arose during the execution phase of the project.
Today, project managers can leverage existing AI technology to automatically transcribe meetings into easily digestible meeting notes – complete with action items and due dates. These action items can then be run through an automated workflow (like those created through Zapier) to populate a project planning workspace in Smartsheet, Asana, or other project management software, thus greatly reducing the administrative workload. Project managers now have the time to focus on the parts of their job that require a more human touch.
Future PMs can look forward to AI software improving some of the most difficult parts of project management – quantifying risks and predicting project delivery dates. The industry standard for these types of estimations has traditionally been Monte Carlo simulations. Monte Carlo software programs run through hundreds, if not thousands, of simulations to develop a bell curve of likely outcomes. These predictions help a project manager report their best estimates for probabilities of risk and schedule variances. While very useful, the Monte Carlo technique is time intensive and is typically reserved for critical risk items and long-term forecasting. AI has the potential to greatly accelerate this process. Instead of using a Monte Carlo program, project managers can use AI applications to perform predictive analysis in real-time based on past project data. This would give the project manager an up-to-date assessment of current risks and potential delays.
While commercial AI technology is still in its infancy, it’s being developed and iterated at an incredibly rapid pace. For example, consider Open AI, which upgraded ChatGPT 3 to ChatGPT 4 in a matter of months. It won’t be long before we see applied use of advanced AI practices like those described in this article become standard practice for competitive companies.
What can life sciences companies do to leverage AI?
AI is a rapidly evolving technology that will continue to gain prominence in the modern business environment. It’s important for businesses to partner with expert project management consultants who can keep pace with this technology and know how to best leverage it for project success. MustardSeed stays on the cutting edge of AI technology. Our project managers are ready to provide clients with guidance and cutting-edge service in the face of rapid technological advancements.