According to PMI<\/a> South Asia’s Playbook for Project Management in Data Science and Artificial Intelligence Projects report<\/a>, going by the estimate that 55 per cent of DS projects either do not get completed or fall short of their objectives, organisations will collectively waste $54 billion in 2023.
“We estimate that at least $11 billion of this amount can be directly attributed to poor project management practices in AI<\/a> projects. Hence, we infer that effective project management practices can save up to approximately 21 per cent of the total wastage in AI projects<\/a> in 2023,” it said.
A collaborative effort between PMI<\/a> South Asia and the Centre of Excellence<\/a> (COE), Data Science and Artificial Intelligence<\/a> (DS\/AI), of the National Association of Software and Services Companies (NASSCOM<\/a>), the report strives to present a framework with recommendations on resources that organisations can use to build capability for DS\/AI projects and a best practices toolkit to apply to different project stages.
Sunil Prashara, President and CEO, PMI, said, “As DS\/AI projects continue to infiltrate different industries, this playbook will be an important tool for the change-makers managing these projects as they look to maximize the technology’s potential.”
Srini Srinivasan, Managing Director, PMI South Asia, added, “The playbook is an attempt to peer behind the veil of romantic mysticism often associated with AI projects to see how they work, and what makes them tick.”
Lack of “fit for purpose” project management practices<\/strong>
The study indicates that there is a lack of “fit for purpose” project management practices for this nascent field. “A majority of organisations are applying traditional software development methodologies<\/a>, including Agile, in their existing forms to DS\/AI projects, the report said.
However, it said, these projects are fundamentally different from software development projects, thus presenting organisations with some insurmountable challenges.
The research highlights three principal challenges in the current DS\/AI project management practices as “Business teams over-estimate the potential of DS\/AI solutions; Organisations struggle with defining and measuring the project success; and Data preparation typically takes the largest proportion of the time.”
Commenting on the report findings, Snehanshu Mitra, CEO, Centre of Excellence, Data Science & AI, NASSCOM<\/a>, said, “As more balanced views emerge on the utopian versus dystopian future of AI, the focus is now shifting to ‘how’ to develop AI solutions.”
He further said, “AI projects are significant cost and time-intensive, and traditional project management frameworks may not be capable of negotiating the complexities of the workflow. Additionally, we need to explore if a uniform framework can guide the development of DS and AI solutions across organisations (service companies, startups, and GCCs) and use cases.”
Project management practices will help better harness the potential<\/strong>
The report further said that the lack of maturity in project management practices has led to overdependence on high performing talent.
“With increased project management maturity in DS\/AI projects, the dependence on the extraordinary performance of a few “wizards” in the organisation will come down. This will allow DS\/AI solutions to scale up and enable bigger teams to work collaboratively toward more impactful solutions,” it said.
Hence, the study suggests the needs of the hour are project management practices that will help better harness the potential and promise of DS\/AI technologies.
It said professionals who are working in this field will attest to this requirement. “In a survey conducted at a major data science conference in 2018, as many as 85 per cent of data scientists said they believed adopting a better process would improve their results. Our research backs up this contention, with a majority of study participants expressing a strong need for practices that are tailored to DS\/AI projects,” the report stated.
The reason why this playbook caters to both DS and AI projects is that the report views both DS as well as AI projects to be very similar and interconnected as they need similar workflows and foundational knowledge.
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