8 Latest Project Management Trends & Forecasts for 2024 You Should Know

A new version of this article, featuring the latest data and statistics, is available. Check out our report on Project Management Software Trends for 2022/2023.

Like most other fields, project management must dance to the tune of the massive digital transformations happening everywhere. Old approaches are no longer enough. And with the COVID-19 pandemic forcing most teams to work remotely, holding on to old systems could prove to be fatal. Those who have learned their lessons move on and blaze the trail of new project management trends for others to learn from.

In this article, we compiled the lessons gleaned from the field by those who do project management. These are invaluable lessons for new and old practitioners who still nurture the passion for the field.

Project management disconnect

Nowhere is the sense of disconnect more pronounced in project management than in other fields. While most SaaS platforms are showing high adoption rates, project management software adoption rates are moving at a snail pace. In fact, only 46% of organizations prioritize building a culture that values project management (PMI, 2020).

Furthermore, while 74% of organizations have already adopted CRMs in 2018 alone, only 22% of them do the same with project management solutions (Wellingtone, 2018). Meanwhile, a newer report states that only 23% of organizations use project management software (Wellingtone, 2020). What do project management organizations use instead? Spreadsheets, at a healthy clip of 64%, making it the fourth most popular tool for project management in 2019 (Digital.ai, 2020). It was also found that around 35% of project managers still use MS Excel to create their resource plans (Wellingtone, 2020).

And the next best choice after spreadsheets is any available software tools. For SaaS-hardened observers and neutrals, project managers may seem an odd lot, the pariahs in an ever-increasing SaaS world.

That is not all.

When you consider that 87% of workers have long expected AI to change their jobs (Atlassian, 2017), the previous figures really begin to hit their target.  Right now, as much as 78% of projects met their original goals, so many of them will feel safe with their choice of tools. Given the continued assault of disruptive technologies, the big question then is for how long?

If anything, the following crucial future project management trends will help us determine the answer.

 1. PMTQ comes to the fore

In the age of massive digital disruptions, pandemic-related or otherwise, only PMTQ can save project managers from being drowned by it all. PMTQ—that’s project management technology quotient—refers to the project manager’s ability to adapt, manage, and integrate technology based on the needs of the organization (PMI, 2019) or the project at hand. And with 8 out of 10 project managers believing that project portfolio management is becoming crucial to business success (Axelos, 2019), enhancing PMTQ is non-negotiable.

The urgency of this capability is driven by the same pressing needs of organizations to maintain digital sustainability amid the sea of changes popping up at any time. Organizations seek project managers who can steer through the confusing, even chaotic tide of digital transformation that has already claimed a number of big players while propelling more adept champions to new heights of success.

A project manager possessing a high technology quotient understands the key role of technologies. In this respect, he or she remains vigilant, looking for opportunities in new technologies as they impact every aspect of projects, from design to application to delivery. He or she shows the ability to manage both technology and people. In the same vein, the project manager should ensure that he surrounds himself with talents of similar type when recruiting.

There is more: reports from the field reveal that the best practice is to combine PMTQ with IQ and EQ—the human skills that add insight and value to technology. In other words, don’t just prioritize digital knowledge and skills: also commit to a strong project management culture.

Doing otherwise could prove costly—or fatal, as the PMI Pulse of the Profession Report found that 42% of PMTQ laggards had lost money on failed projects, and 46% experienced scope creep (PMI, 2019).

2. Mental fortitude for project management success

While the key stakes for projects remain the same—sticking to project design, budgets, and resources and eliminating scope creeps that waste money and wreak havoc on other project aspects—the new realities of societies, technologies, methodologies and changing work realities call for project managers to expand on the skill sets that they already possess. This is particularly important now more than ever as 28% of organizations believe that the adoption of agile methods improves project success rates (KPMG, 2020).

PMTQ still figures in this trend, but only as a chess piece in the general play of the project management board. More specifically, it will matter in managing changes occurring all over the workplace (Wrike).

The deluge of changes, most of them disruptive, one way or another, can be simply overwhelming for any project manager. In order to not get outbalanced by it all, a positive character perspective is in order.

Character perspective

This perspective is best elucidated by Dr. Stephen Covey in his concept of “circle of influence,” (ProjectSteps) which itself is a smaller nest in the “circle of concern.” While this may seem suspiciously new age in the mold of focus-on-what-you-can-control Tibetan isms, it’s also not overly difficult to see that it makes sense. With so many things getting involved in any ongoing project, it pays to focus on the essential parts that you had better get a rein on.

Project management is never a stranger to philosophical schools of thought. The likes of Peter Drucker, Michael Porter, Alvin Toffler, and Rosabeth Moss Kanter have richly endowed this field with their numerous contributions. Some of their ideas are embedded in the modern way of doing or thinking about projects more than anyone will ever know.

3. View projects as stories in the making

Great leaders are great communicators. They see the whole panorama of the forest amid the flourish of individual trees. The sweeping landscape in the midst of disparate details.

One of the hardest challenges for project managers is communicating with demanding, often difficult stakeholders. There is almost no way around them unless you learn to get a hold of yourself, your ideas, and what you want to accomplish. Your most important skill is to summon creativity to convert complex ideas and concepts to language that your stakeholders can understand.

What do you get when you achieve this? You get a solid foothold establishing a functioning relationship with your stakeholders. When you do, it is much easier to push your visions and make them see those visions as you do. The rest is seeing them executed. By you, of course.

With a grasp of their projects as continuing stories, project managers get a good picture of their projects and not lack in details while communicating with stakeholders. When your stakeholders are themselves lost in the plethora of details, you can imagine how this communication ability will help project managers push their envelopes further. This is among the reasons why at least 32% of executive leaders believe that investing in the right technologies is the biggest factor that influences future success (PMI, 2020).

4. Navigate growing complexity by expanding PM toolbox

New technologies offer a unique window of doing things in ways never before possible. The developing scenario is typical opportunities with their own potential landmines. In the past, project managers pick the project methodology that they deem would work for them and push ahead. The choice of project methodologies involves many, the most popular among them being Agile, Scrum, or Waterfall for some.

It was good for projects that call for well-defined processes. Trouble started creeping when projects become unwieldy, with project managers often resorting to makeshift extensions when projects necessitate them.

The realization came fast: project managers have to be flexible. They could not be stuck in one toolbox and expect smooth sailing all the way. Flexibility calls for expanding their armory of methodologies and mixing them up as the actual field situations call for them. Fortunately, many leaders now realize this. Around 31% of executive leaders believe that learning relevant skills is a crucial factor in business success (PMI, 2020).

Thus, the new breed of project managers are not a stickler for one philosophy of doing things. Instead, they are more agile before Agile itself, able to summon any toolbox in their repertoire as they see fit. One project could involve Design Thinking at one stage and Scrum the next.

5. Virtual, remote teams are here to stay

Virtual and remote teams are no longer project management trends, technically speaking. The COVID-19 pandemic just set this in stone, as many employees that used to work in an office setup had to adopt a work-from-home one abruptly. Even though some of those who worked remotely during the onset of the pandemic are now back in their offices, around 33% of Americans still work virtually (Gallup, 2020). What’s trending about virtual staff and teams is project managers better set their minds managing a wider scope of this reality. Their teams will be hailing from any geographical location, across diverging time zones. They will be hailing from a variety of cultures, too.

In an age when at least 90% of Americans are ready to be freelancers (ManpowerGroup), most of these remote, virtual teams would most likely come from independent contractors too. Work has just detached from old conceptions about it. And only the best-prepared businesses and project teams could get the most of this workplace revolution. Others would prefer the word “disruption,” of course. It’s the favorite currency of the age.

Freelancers across the world come in different packages too. Not only could business assemble teams from freelancers, but they could also appoint project managers from the ranks of freelancers. The options are diverse for these new workers. The businesses wallowing in the glory days of permanent arrangements will drive themselves out of the opportunities these workers could give them.

The best businesses already make enticing arrangements for these new-fangled talents, often rivaling packages once seen only for the best in-house talents. Bosch is a model in this regard, while the majority of businesses already get their HR departments to work out special arrangements (Deloitte, 2019) for this class of workforce.

The presence of modern HR software makes it easy for today’s hiring personnel to make this possible. These solutions make it easy to discover talent and get them on board from any country to work with their colleagues from elsewhere.

6. Diverse SaaS platforms to handle remote, virtual teams

With around 36.2 million Americans estimated to work remotely by 2025, managing virtual teams is practically impossible without the cloud-based SaaS solutions populating the market today. Project managers will want to be more familiar with these tools to handle virtual teams anywhere they are. Their stakeholders and the organizations they belong will also expect them to be familiar with these tools.

For project management teams, they could range from the best project management software led by the likes of monday.com and Wrike.

Project managers could also look into more specific solutions. The most obvious among the lot are those web conferencing software platforms to allow virtual meetings, which could arise a lot, especially in the early stages of engagement.

Many of these online conferencing solutions include advanced video conferencing features like app sharing and electronic whiteboards that organizations use for both in-house and external meetings and team communications.

Both these platforms have enough features to make communications among disparate teams faster and more efficient.

Billing and invoicing software are handy when you want to pay teams for their work contributions.

A dedicated time tracking software will eliminate guesswork and inefficiencies in other less-optimized options. They make it easy to automatically bill actual hours that team members render. If you set them up right, you hardly have to do manual calculations at all, saving you precious hours best spent elsewhere.

Most Popular Project Management Platform

1. monday.com offers a visual and intuitive project management platform perfect for teams of all sizes. It provides stunning templates and project timelines to help track progress and monitor your resources.
2. Wrike is a cloud-based collaboration and project management solution that gives you greater and real-time project visibility. It enables a more effective collaboration for your team and streamlines your workflows.
3. Smartsheet is a flexible and scalable project management platform that provides you with the right productivity tools that meet your unique business needs. It assists you in task and portfolio management by simplifying processes and eliminating silos.
4. Asana offers a collaboration platform that makes it easier to handle multiple projects and diverse teams. It comes with a neat and user-friendly interface that gives you a complete view of your projects and their progress.
5. Jira is a project and issue tracking software built for agile and software teams. It provides powerful productivity and collaboration features to help you complete projects and tasks faster.

7. Managers to embrace big data, AI, IoT, ML

Big data, AI, IoT, and ML are the heart of every digital transformation/disruption taking place today. To succeed, project managers need to absorb these technologies by heart. No matter if you’re a project manager for marketing, manufacturing, or creative design projects, there is no way you will not get face-to-face with any of these high-powered technologies. In fact, organizations believe that AI can perform roles such as PM assistant (52%), PM advisor (42%), and PM substitute (3%) (IPMA, 2020).

You can check out the numbers to appreciate how they are transforming projects right before our eyes.

First, we have the AI study findings for the key numbers that describe how this technology made it into the fabric of workplaces and homes.

You may proceed with the big data figures, which present staggering numbers to business and home data consumption.

Various machine learning industry reports show how voice assistants have invaded gadgets. Or just about any digital installations. This allows users to get along with their digital gadgets and other tools faster and more conveniently.

The best project managers already leverage the potent power of AI, ML, and big data to learn more about their operations. Or learn about their competitions. From web analytics to customer behavior intelligence, these tools simply hold the key to how you could at least avoid slipping on the sidetracks while the competitions move ahead.

8. Security remains elusive

Digital project assets remain unsafe from talented cybercriminals. This is why experts expect a cyber-attack every 11 seconds (Cybersecurity Ventures, 2019). And they are right to be cautious, as remote work due to the pandemic is estimated to increase the cost of a data breach up to a whopping $137,000 per attack (IBM, 2020).

One simple click of a button from these elements could send whole project management files tumbling into the vacuum of space, never to return. This is especially true when working with remote teams across the world. While investing in the toughest IT security software could help allay fears, it would pay to exercise vigilance in handling sensitive files over cloud infrastructure. Best practices in encrypting files in storage and in transit would help, for one.

No one is really secure over the internet. Not when even the Pentagon could have a bad day at the office (ISMG, 2018), thanks to top cybercriminals. Data breaches are not entirely going away. Your best bet is redundancy and having a backup of the most sensitive files somewhere in a safe section of the office, away from prying internet eye

How can sustainability practices be integrated into project management?

As companies focus on sustainability, integrating eco-friendly practices into project management has become increasingly important. Project managers can implement strategies to ensure that their projects support environmental goals and sustainable outcomes. Here are some ways sustainability practices can be woven into project management:

• Define Sustainability Objectives: Start by setting clear sustainability objectives for each project. This can include goals like reducing waste, minimizing energy consumption, or selecting eco-friendly materials. Integrating these objectives into the project’s scope and goals ensures that sustainability is prioritized from the beginning.
• Implement Green Procurement: Choose suppliers and vendors that adhere to sustainable practices, such as using recyclable materials or reducing emissions in their production processes. By selecting eco-conscious suppliers, projects can minimize their environmental impact.
• Encourage Remote Collaboration: Opt for virtual meetings and digital collaboration tools to reduce travel and associated emissions. Remote collaboration not only saves costs but also contributes to a project’s sustainability goals by lowering its carbon footprint.
• Efficient Resource Management: Plan resources carefully to avoid unnecessary waste. This can include minimizing over-ordering of materials, reusing resources where possible, and optimizing scheduling to reduce energy consumption.
• Monitor and Report on Environmental Impact: Track and report on sustainability metrics, such as waste reduction, energy efficiency, and carbon emissions. This data can be reviewed periodically to assess the environmental impact and make adjustments for future projects.
• Promote a Culture of Sustainability: Train team members on sustainable practices and encourage them to suggest eco-friendly alternatives in project execution. A team committed to sustainability is more likely to adhere to green practices throughout the project lifecycle.

What do these project management trends mean for you?

What’s distinctly clear about these emerging trends in project management is the drive for what appears like a holistic approach to the field. When you consider how the seeming chaos and disruption taking place all around, pandemic or no pandemic, it simply makes sense.

While these tremendous upheavals do not affect project managers alone, the immense scope of their work means that they’re going to feel most of the weight of these events.

With this view, it makes sense that every field practitioner and pundit looking in has recognized the need to address not just the technical aspects of the field but the character and mental aspects as well.

If you’re just beginning your journey in a project management career, it pays to have this distinct advantage. Armed with a sound approach, you will be more ready to face the challenges of this field.

Key Insights

• PMTQ as a Critical Skill: Project Management Technology Quotient (PMTQ) is essential for navigating digital disruptions. Project managers need to adapt, manage, and integrate technology effectively.
• Mental Fortitude: The growing complexity of projects requires project managers to develop strong mental resilience and focus on essential components they can control.
• Storytelling in Projects: Viewing projects as evolving stories helps project managers communicate complex ideas to stakeholders, fostering better understanding and collaboration.
• Flexible Methodologies: Project managers must be versatile, using multiple project management methodologies to handle different project stages and complexities.
• Remote Teams: The rise of virtual and remote teams is permanent. Project managers must adapt to managing geographically dispersed teams across different time zones and cultures.
• SaaS Platforms: Effective management of virtual teams relies on diverse SaaS platforms for project management, communication, time tracking, and billing.
• Embracing Advanced Technologies: Project managers must integrate big data, AI, IoT, and ML into their workflows to enhance project efficiency and competitiveness.
• Security Challenges: Cybersecurity remains a significant concern. Vigilance, encryption, and redundant backups are essential to protect digital project assets.

FAQ

1. What is PMTQ, and why is it important? PMTQ stands for Project Management Technology Quotient. It refers to a project manager’s ability to adapt, manage, and integrate technology based on the organization’s needs. It is crucial because it helps project managers navigate the rapid digital transformations impacting all industries, ensuring project success and sustainability.
2. How can project managers develop mental fortitude? Project managers can develop mental fortitude by focusing on essential project components within their control, adopting a positive character perspective, and drawing inspiration from philosophical and practical insights from renowned project management experts. This approach helps them handle the growing complexity and disruptive changes in projects.
3. Why is viewing projects as stories beneficial for project managers? Viewing projects as stories allows project managers to communicate complex ideas and concepts effectively to stakeholders. This storytelling approach helps in establishing a solid relationship with stakeholders, ensuring they understand and support the project vision, leading to smoother execution and better outcomes.
4. What does it mean to expand the project management toolbox? Expanding the project management toolbox means mastering various project management methodologies and being flexible in using them as needed. Project managers should not stick to a single methodology but should be able to switch between methodologies like Agile, Scrum, Design Thinking, etc., depending on the project’s requirements.
5. How should project managers adapt to managing remote teams? Project managers should embrace the reality of virtual and remote teams by familiarizing themselves with cloud-based SaaS tools for project management, communication, time tracking, and billing. They should also be prepared to manage teams from diverse geographical locations, time zones, and cultures.
6. What role do SaaS platforms play in virtual project management? SaaS platforms are crucial for managing virtual project teams. They offer tools for project management, communication, time tracking, and billing, which help project managers coordinate and monitor remote teams effectively, ensuring efficient project execution and collaboration.
7. Why is it important for project managers to embrace advanced technologies like AI, big data, IoT, and ML? Embracing advanced technologies like AI, big data, IoT, and ML is important because these technologies enhance project efficiency, provide valuable insights, and improve decision-making. They help project managers stay competitive and meet the evolving demands of their projects and industries.
8. What are the key security concerns for project managers, and how can they address them? Key security concerns for project managers include cyber-attacks and data breaches. To address these concerns, project managers should invest in robust IT security solutions, exercise vigilance in handling sensitive files, encrypt data in storage and transit, and maintain redundant backups of critical files to mitigate the impact of potential security incidents.

References:

1. Atlassian (2017). 3 ways AI will change project management for the better. Retrieved from Atlassian
2. Axelos (2019). The PPM Benchmarking Report 2019. Retrieved from Axelos
3. Brenan, M. (2020). COVID-19 and Remote Work: An Update. Retrieved from Gallup
4. Deloitte (2019). Leading the social enterprise: Reinvent with a human focus. Retrieved from Deloitte
5. Digital.ai (2020). 14th Annual State of Agile Report. Retrieved from Digital.ai
6. IBM (2020). Cost of a Data Breach Report 2020. Retrieved from IBM
7. IPMA (2020). Artificial Intelligence Impact in Project Management. Retrieved from IPMA
8. KPMG (2020). Project Delivery Performance in Australia. Retrieved from KPMG
9. ManpowerGroup (n.d.). GigResponsibly: The Rise of NextGen Work. Retrieved from ManpowerGroup
10. Morgan, S. (2019). Global Ransomware Damage Costs Predicted To Reach $20 Billion (USD) By 2021. Retrieved from Cybersecurity Ventures
11. PMI (2019). The Future of Work: Lading the Way with PMTQ. Retrieved from PMI
12. PMI (2020). Ahead of the Curve: Forging a Future-Focused Culture. Retrieved from PMI
13. Wellingtone (2020). The State of Project Management 2020. Retrieved from Wellingtone
14. Wrike (n.d.). What is Change Management in Project Management. Retrieved from Wrike

By Astrid Eira

Astrid Eira is a resident B2B expert of FinancesOnline, focusing on the SaaS niche. She specializes in accounting and human resource management software, writing honest and straightforward reviews of some of the most popular systems around. Being a small business owner herself, Astrid uses her expertise to help educate business owners and entrepreneurs on how new technology can help them run their operations. She's an avid fan of the outdoors, where you'll find her when she's not crunching numbers or testing out new software.