5 Ways Project Management can Benefit from IoT
Businesses have greatly benefitted with the introduction of the internet. In terms of advancements of future technology, the Internet of Things (IoT) has been touted to revolutionize the way project managers work now and will do in the future.
As devices get interconnected with each other, and cloud systems are used to store data in the long run, managing resources and projects has got more comfortable. In the end, project managers have been enabled to deliver much more in the same timeframe the Internet of Things and other emerging technologies.
The responsibilities of a project manager have become extremely diverse as a result of the introduction of IoT in processes. With geographical boundaries converging and becoming smaller, the collaboration between team members located across the world would become more manageable.
Let’s look at some of the most significant benefits that project managers will derive from IoT and connected economy in the future.
#1. Faster communication and knowledge transfer
The cost of communication gets significantly reduced once IoT is weaved into the different stages of the project cycle. Automated systems and hyper-connected devices would help speed processes up in the long run. Administrative systems would stop working in silos, and databases, systems, and IT operations would become connected much more quickly.
With automated processes, it would be easier to track resources and their progress in the project cycle. As a project manager, staying atop multiple projects on the boil can become challenging to handle, especially with the complexity of overlapping resources and deadlines. Once you choose IoT, you can take the help of software to track your resources. For example, there are SaaS-based resource management tools available online, which help you track resources while maintaining deadlines and targets.
#2. Better accumulation of data
Reconciling data after the completion of the project can be a challenge for managers, and would need to be standardized. However, one cannot wish away it as well, as past project data can provide useful insights to future projects. And for this reason, archiving data becomes a priority for project managers and other stakeholders.
Once IoT is incorporated into the process, data from previous projects would become readily available. Teams would find this extremely useful for cross-referencing. One has to make sure that the data is appropriately categorized. Or else, they might not be available when required. However, one should be mindful of the available data capacity. Without a proper estimate of the data capacity required, there may be an issue of how the project data is stored in the system.
#3. IoT makes in-depth data analysis possible
Not only does IoT technologies reduce the effort required to gather and support data, but it also makes the analysis of data a cakewalk as well. The predictive analysis becomes much easier with the help of IoT analysis. It is also essential to state that data handling would become much cheaper, with in-built analytics with the support of technology. The company, for example, will be less dependent on data analysts to make sense of the past project data in the long run. The analysts, in turn, can be engaged productively in more technical components of the project.
It would also ignore the impact of changing staff members on projects as well. Since the data will be centrally collected at one location, there will be no resource dependencies for the data collection and assessment of old projects.
In the IT world, IoT technologies will also have a more significant impact on Big Data in the future as well. In order to make sense and use the data that is available with companies, companies must come out with a faster way to sift through and analyze the data. The new patterns which will emerge with the help of IoT would help increase revenues and productivity for the firms.
#4. Reducing costs in the long run
Staying well within the project budget is one of the most critical priorities of project managers. With complex project components, keeping everything running on budget and on time may be difficult.
If you are a manager and are facing this problem, IoT devices may become the much-needed answer that you might be looking for. From tracking projects at their different stages to eliminating unnecessary spending, technical interventions can help save a lot of time and money.
From connected devices which help companies function remotely, to smart appliances in your office, the impact of IoT in cost-cutting can be far-reaching.
For example, relocation, traveling costs of employees can be avoided when staff members monitor projects through connected devices. With virtual updates, a lot of time and costs can be saved for the company. Not to mention, managers can take up more projects as well.
#5. Better collaboration among stakeholders
For technology companies, IoT has already become a reality with connected devices facilitating data exchanges. Data transfer and analysis have already become seamless, as discussed in the earlier part of this blog. And this trend is here to stay.
Experts agree that collaborating between employees will become much better once IoT gets introduced in all workplaces. Sales and post-sales processes, which are usually human-led activities, would also become digital, and thus faster and more efficient.
Needless to say, once processes become digital with the help of IoT, there will be a complete upheaval for the documentation processes. Paper documents will be replaced with online records, and the need for multiple records will also be completely minimized. It will also enable us to work with clients and colleagues who necessarily do not follow the local language. Smart translators can decode and translate discussions and documents easily, leading to a seamless growth of your workplace.
As a project manager, incorporating IoT technologies may be a necessity in the future. It is an essential asset for companies to stay ahead in the competition. Even for consumer-facing companies, IoT has become a key player in the marketplace.
Project execution can turn seamless once you have incorporated IoT in your management process. And with a little bit of training, project managers and other members can benefit significantly from this futuristic technology.