Industries and markets that are rooted in tradition are going through a vigorous change and to survive in the ecosystem, enterprises need to think big and adopt disruptive technologies at every step of evolution. The elements of change are underpinned from small entity to wider plethora. Thus, to guide the trajectory of the venture, management of projects become pivotal, here.

As we are aware that all the profound and strategic changes are remitted by projects and programmes which ultimately leads to a dominant role played by concerned authority – Project Manager.

A project manager is capable of adding enormous value to the organization in harbingering novel innovations.

Who is a Project Manager?

A project manager inherits the complete responsibility of successfully initiating, planning, design, executing, monitoring, controlling and concluding a project. Any company that produces products and services holds a resourceful job profile for project managers.

Conventional Roles and Responsibilities of Project Manager

The traditional role of the project manager includes a variety of activities:

•  Planning and Defining Scope

•  Activity Planning and Arrangements

•  Resource/Fund Planning

•  Structuring Schedules

•  Time Duration Estimation

•  Cost Estimation

•  Budget Architecture

•  Documentation

•  Developing Charts and Schedules

•  Risk Analysis and Management

•  Monitoring and Reporting Progress

•  Team Leadership

•  Strategic Influencing

•  Business Partnering

•  Collaborating with Vendors

•  Scalability, Interoperability and Portability Analysis

•  Handling Quality

•  Benefits Estimation

Challenges Prevailing in Businesses Due to the Lack of Updated Technology and Proper Leadership

1. Project Management Institute's (PMI's) 2018 Pulse of the Profession global survey depicts that organizations drain an average of €99 million for every €1 billion investments made in projects.

2. The survey also revealed that enterprises which embrace changes are more likely to succeed in a fast and disruptive business world.

3. A large sum of money has been guttered on poorly efficient project performance.

4. It was discovered that businesses often encounter a gap between strategy design and delivery and fail to bridge it.

5. A considerate number of professionals fails to identify the strategic need a project demands and thus become unsuccessful in delivering them timely.

6. A recent study by Brightline Initiative (conducted by the Economist Intelligence Unit) illustrated that approximately 59 percent of senior professionals agreed on the fact that their organizations struggle to bridge the strategy-implementation gap.

How is Technology Revamping the Role and Digital Age Skills of Project Managers?

Here quoting the example of most disruptive and prevailing technology of artificial intelligence, we can observe that nowadays, the introduction of automation in major aspects of work, has redefined the role of projects managers and compels them to embrace capacity to deal in the greater strategic scenario of the organization.

Digital Skill Tool Kit

The organizations competing in the digital environment have clearly identified that digital age skills have been accelerated in the demand list for prospective project managers which may lack in professionals belonging to the current or earlier era.

•  The novel skills need to be inculcated are – use of data science consisting of data management, analytics, and big data.

•  Mentally the project managers need to be strengthened and have the ability to make data-driven decisions.

•  A deep understanding of legal and regulatory allied with knowledge of cybersecurity and data privacy is also important.

•  Possessing a great leadership skill in handling a team operating of digital disruptive technologies, has become crucial.

Emerging Practices and Nurturing Futuristic Dexterity

Organizations with potential and nerve to adapt to a disruptive environment, are tend to perform quickly, decisively and effectively and robustly in the changing scenario.

For example, IKEA the furniture manufacturer, has diverged into the technical sphere by developing software for a chain of connected lighting products. Additionally, it has launched a new user-friendly augmented-reality shopping app for customer comfort.

Alongside, it is also quite essential to catch up with the effective sponsorship for successful programme implementation.

Effective executive sponsors also possess the necessary art and authority to clear obstacles, have the confidence to make instant and effective decisions, and are influential enough to master the project.

Recently, Tony Meggs, CEO of the UK's Infrastructure and Projects Authority, asserted "We know that great project leaders deliver great projects. Part of being a great project leader is being an actively engaged sponsor, as it helps ensure stakeholders are aligned and the vision is communicated effectively."

Considering the promptness of changing the industry, the organizations with the ability to adapt to forthcoming changes and clutch to the right talent and skill will thrive in the future.