IoT in Project Management: Benefits, Applications and Impact

Project management is always changing and looking for new ways to increase organizational efficiency. It's an important process because keeping teams under control, especially larger ones, takes a lot of time and often results in underperformance.

 

Although agile project management technologies have been available for a few decades, we are now witnessing another revolution in the form of the Internet of Things (IoT). In this blog, we'll look at how the Internet of Things is affecting project management.

 

What is IoT and what are its benefits?

 

Before we can comprehend how IoT is assisting project management in its evolution, we must first understand the basics and its practical benefits.

 

As a rule of thumb,

 

The Internet of Things (IoT) is a network of items such as cars, gadgets, and home appliances that have electronics, software, sensors, and actuators that allow them to communicate, interact, and exchange data.

 

This is where the IoT's advantages come from. While there are numerous practical applications to examine, in this blog article, we will focus on project management applications and benefits. Let's have a look at some examples:

 

Communication

 

By establishing a network of devices, the IoT enables near-instant communication. Using project management software, for example, enables you to engage with your team in real-time while on the go!

 

Automation

 

Thanks to this interconnectedness, most operations become automated at the same time. So, in the case of project management software, there are many solutions that assist you in making project management simple, efficient, and enjoyable.

 

Control

 

The Internet of Things allows you to control practically everything from afar. You can keep track of work progress, tasks, and projects anytime, anywhere if everyone on your team uses a basic Project Management solution.

 

(Here is a list of the Best Project Management software available that can make your life easy)

 

Impact of IoT in Project Management

 

Now that we know what IoT is and what it can do for us, let's look at an example to help us understand it better.

 

Consider the following scenario: You're working with a remote team on a sensitive project. You had a video chat with them and handed them tasks with a deadline. 

 

Keeping in touch with them, inquiring about their progress, and alerting them of any new responsibility, on the other hand, is a challenging chore. They were sometimes working in the field or attending a family supper.

 

This made it difficult for the team to achieve its objectives. However, the entire project timeframe was impacted, resulting in project failure. So, what's the answer? Three simple words: Software for project management.

 

As previously stated, the Internet of Things (IoT) is a network of objects that communicate with one another via software. That's exactly what a good PM tool can help with. Now, without going into too much detail, consider how the Internet of Things is affecting project management:

 

1. More frequent reporting

 

Consider carefully compiling all information about your project, team, and progress. It can be both time-consuming and exhausting. However, IoT, like project management software, is designed to collect data and keep you up to date on new developments as rapidly as possible.

 

It's a significant management enhancement because each unit of your firm can now respond quickly and alter project parameters to align with the overall company goals. You don't have to wait to know if something goes wrong.
 

2. Increased Data Volume

 

The days of manually processing data in organizations are long gone. Today, IoT allows organizations to automatically collect and organize data. Because IoT can manage dozens or even millions of units at once, there is no need to process each user or device separately.

 

It builds massive knowledge libraries that make life easier for a wide range of businesses and activities, from case study writing to logistics.

 

Many managers have begun to use project management software as an IoT tool to efficiently manage various projects on a single platform. You can accomplish anything on the move, from precisely establishing project goals to creating insightful reports.
 

( Must Read: Big Data In Project Management )

 

3. Real-Time Observations

 

This IoT feature goes hand in hand with the one before it. The new technology allows you to keep track of all procedures in real-time, ensuring that nothing escapes your notice. 

 

You may now keep an eye on every area of the project and maintain constant communication with your team members. IoT devices' mere connection is sufficient to provide continuous monitoring.

 

Many project management software, for example, allows you to track work progress, how much time a team member spends on a project or job, or how long it takes a team to accomplish a single task - all of this can be managed using a time tracking function. This not only ensures that all deadlines are met but also boosts the productivity and efficiency of the teams.

 

4. Process Management

 

According to research by IDC, Sixty percent of worldwide manufacturers are already analyzing processes and looking for ways to improve them using analytics data collected from linked devices.

 

Because IoT allows you to monitor everything on a single screen, everything that happens is plainly apparent on the primary dashboard. At the same time, you may tailor the dashboard to your preferences, highlighting certain functions and deleting others that have no bearing on your daily activities.

 

5. Business Intelligence (BI)

 

According to some estimates, by 2020, 20.4 billion IoT devices will be completely operational. It's a huge quantity, but without big data analytics, we wouldn't know what to do with it. Big data is a type of business intelligence technology that can make useful inferences from seemingly unconnected amounts of data.

 

As a result, big data and IoT work together to produce ultra-precise predictions and operational insights. Of course, it's up to you to put it to good use and elevate daily business knowledge to new heights.

 

For further information, you can also check out this thesis on IoT and Changing face of Project Management

 

6. Predictions of Future Trends

 

These facts demonstrate how IoT can assist you in being more proactive while managing projects. However, IoT can also assist you in becoming more proactive by predicting future trends and industry changes. 

 

It's a vital tool that allows you to tackle present obligations while also planning for future issues as a team manager. That way, you'll be able to quickly build a team and put yourself head and shoulders above your opponents.

 

(Suggested Blog: Advantages of Business Intelligence (BI) in Finance )

 

Bottom Line

 

The IoT is transforming the way we do business, and project management is another field where the new technology is having an impact. With a variety of features, the IoT is having a big impact on organizational performance, making it better and more effective in the long run.

 

IoT is having a significant impact on project management, and PM solutions like assisting in optimizing processes. You can accomplish everything from defining project goals and objectives to creating well-structured, intelligent reports without any effort!