3 Artificial Intelligence KPIs You Should Be Tracking
AI can seem like a nebulous, futuristic creature that’s coming to totally transform the world as we know it. And while it is set to have a substantial impact on project management, AI doesn’t have to be so enigmatic or scary.
You just need the right KPIs to start effectively implementing AI into your project management workflow. In fact, with the right metrics, you can help your organization better prepare for the risks and rewards of AI, and harness the benefits that this innovative technology has to offer.
That’s why, in our recent webinar with 500Talks, we asked project management experts their top KPIs for getting started with AI.
Let’s take a look at their insights:
1. User engagement and familiarity
First, organizations will have to understand how knowledgeable people are — both internally and externally — about AI technology and how comfortable they are using AI-powered platforms.
As Amit Arkad, project management and product development at GSK said, “Even before we [focus on other] KPIs, are your users equipped with the basic understanding of what they can use [AI] for and what they shouldn’t be using it for?”
AI has the potential to transform many aspects of project management, for example, such as data collection, scenario planning, decision-making, and risk analysis. Gauging people’s understanding of these capabilities at the outset can help prevent future roadblocks and ensure more seamless implementation of these new tools.
2. Per-project parameters: Cost, quality, and time
Project management professional Antonia I. recommends structuring AI KPIs based on the three core project management parameters: cost, quality, and time.
“So in comparing a project that’s been run with AI versus a similar project that wasn’t run with AI, can you see any improvements across those three different parameters?” Antonia said. “Is it cheaper to run? Were we quicker in our delivery timelines than we planned? And was the quality of the project affected or was it better?”
To that end, Ahern also suggests considering the sustainability of AI-driven projects in terms of reducing waste and improving efficiency. “[AI] can reduce the overheads of manual document creation, for example,” she said. “That sustainability element is on the radar for most companies these days.”
3. ROI
Once you have these foundational KPIs set, Antonia notes that you can better gauge the impact of AI across your entire portfolio.
“Are we seeing value qualitatively as well as financially?” she asks. “Are we seeing good outcomes from the investment we’ve made in transforming our technology ecosystem? Because there is definitely going to be an entry cost to going from working in one way to now considering holistically whether you want to [harness] the benefits of tools that AI provides.”
Is your organization ready for the future of AI? Read more about how AI will impact project management in the next five years. And get started with Proggio.
