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Australians see AI as crucial for future business decisions
Thu, 22nd Feb 2024

A recent GetApp survey has uncovered a belief among Australian professionals that Artificial Intelligence (AI) will play a crucial role in critical business decisions in the future. The survey notes that nearly two-thirds (63%) of respondents view AI as a key solution for overcoming challenges in project management.

Moreover, while 18% of survey participants express uncertainty regarding the benefits of AI, an aggregated total of 74% agree AI is likely to be essential in the future, particularly in the realms of project management and critical business decision-making.

The study also reveals a notable interest in AI, as nearly half (44%) of the respondents reported that their company does not currently utilise AI but showed keenness towards doing so. In explorer mode, 23% of these respondents are currently in the process of incorporating AI, while 21% are still on the ground, yet to initiate their journey into this digital revolution.

Interestingly, 84% of over 500 project management survey participants believe that there is space for betterment in existing processes. This includes 24% of respondents who perceive significant areas for improvement and 59% who notice the potential for enhancement.

The survey results point out the importance of expertise and technology availability for project success, with 46% of participants emphasising this aspect. Clearly highlighting the need for innovation suggests that improvements are essential in organisations persisting with manual applications.

Further, on the line of software usage, 64% of the respondents reported their reliance on two to three software programs for projects. These software systems assist them in dealing with specific processes like task management (58%), project planning (53%), and communication (52%).

However, not all seems to be green, as insufficiency in skills among the project team, according to 39% of respondents, stands as the leading cause of project failure. This is followed by poor cost management (31%) and inadequate financial resources (30%), with only 40% of respondents accomplishing 50% to 80% of their projects on time and within budget.

Task management, the research notes, is primarily overseen by an employee group, with 44% of respondents reporting that they have a dedicated team for handling these processes and 22% balancing it with additional responsibilities.

Andrew Blair, Content Analyst for GetApp Australia, commented on the survey results, "Project management is resource-dependent, meaning it often requires more than one individual to manage complex projects successfully. AI can reduce that dependency by automating tasks and allowing project management professionals to focus on upskilling their teams".

Blair further added, "As a technical resource, AI can provide managers with real-time data insights from ongoing projects to aid decision-making. Predictive analytics can benefit organisations seeking more knowledge and technical resources."