The adoption of artificial intelligence (AI) in professional
service automation is transforming the industry by automating
manual processes and increasing efficiency. The global IT
professional services market, valued at $870.05 billion last year, is expected to grow at
a 9.5% annual rate from 2024 to 2030. Rocketlane, a SaaS startup,
leads this shift with AI-driven solutions that enhance project
delivery and customer collaboration. Recently securing $24 million in funding, Rocketlane aims to
further develop its AI-enhanced platform, integrating time
tracking, resource management, and project accounting. CEO
Srikrishnan Ganesan highlights that
AI is designed to assist, not replace, human project managers,
maintaining ethical standards and improving productivity.
COVINA,
Calif., July 2, 2024 /PRNewswire-PRWeb/
-- The adoption of artificial intelligence (AI) in
professional service automation and project deliveries is
revolutionizing the industry by replacing manual processes with
automated, efficient, and productive solutions. Last year, the
global IT professional services market size was valued at
$870.05 billion and is expected to
grow at a compound annual growth rate of 9.5% from 2024 to 2030.
(1) The industry is experiencing a significant shift towards AI and
automation, necessitating project managers to adapt. Companies like
Rocketlane, a SaaS startup serving professional services teams in
the U.S., India, and Europe, are at the forefront of AI
development, enhancing project delivery through innovative
AI-driven solutions. Srikrishnan
Ganesan, CEO and Co-founder of Rocketlane, emphasizes the
transformative impact of this revolutionary technology "We are
integrating AI to enhance the efficiency of project delivery teams.
Rocketlane is broadening its capabilities to support seamless
execution and customer collaboration throughout the entire customer
journey."
"AI is designed to assist, not replace,
human project managers, maintaining ethical standards and improving
productivity," Srikrishnan Ganesan
emphasizes.
In this context, Rocketlane has recently secured $24 million in funding to supercharge its
AI-enhanced platform, enabling enterprises to optimize staffing,
streamline project deliveries, and maximize profitability. The
all-in-one PSA platform consolidates essential functions such as
time tracking, resource management, project accounting, document
collaboration, and communication into a single, efficient
solution.
AI's Impact on Professional Services
The growing presence of AI in professional services is met with a
mix of optimism and caution. A significant portion of professionals
(44%) are hopeful or excited about AI's impact, while 35% are
hesitant and 18% are concerned. Most respondents (81%) believe AI
can be applied to their work, though only 54% think it should be.
(2)
In the ever-transforming field of project deliveries,
technological advancements and changing demands are driving
significant disruptions. These include the automation of repetitive
tasks, enabling project managers to focus on critical
decision-making and value-driven activities. This shift is
complemented by the adoption of agile methodologies, which enhance
adaptability and improve project outcomes.
While AI technologies are poised to disrupt various aspects of
project management, they are viewed as tools that augment rather
than replace human project managers. AI in project management,
particularly through AI-powered Professional Services Automation
(PSA) software, brings several transformative benefits,
including:
- Enhanced Selection and Prioritization: Machine learning
accurately predicts project success, enabling quicker
identification of viable projects and a well-balanced
portfolio.
- Support for Project Management Offices (PMOs): AI tools
streamline project monitoring, automate reporting, assess risks,
and ensure compliance, freeing PMOs to focus on strategic
initiatives.
- Improved Project Definition and Planning: AI automates tasks
such as scoping, scheduling, and reporting, providing real-time
insights and reducing manual effort.
- Virtual Project Assistants: AI-powered assistants manage
routine tasks, offer instant updates, and optimize resource
allocation, enhancing efficiency and decision-making.
- Advanced Testing Systems: AI-driven testing identifies defects
early, minimizes rework, and ensures high-quality project outcomes,
particularly in complex projects.
- Evolution of Project Manager Roles: Project managers will
evolve into strategic leaders, emphasizing soft skills and
leveraging AI to optimize project outcomes and team
performance.
Adopting AI in project deliveries could potentially raise
project success rates by 25%, unlocking significant value across
organizations. Embracing these technological advancements is
crucial for organizations aiming to maintain competitiveness.
(3)
Ganesan, emphasizes that AI in project deliveries is not about
replacing humans but rather assisting them. "I think it's about
implementing AI in your software in a way that it's not completely
taking control out of a human's hand, but instead assisting them,
recommending things, or doing things on their behalf that they can
come in and confirm," he states. "That way, people see it as an aid
for them rather than as something that's taking away their
control".
Challenges in AI Adoption for Project Management
Organizations embracing AI in project management must address
several critical challenges and risks, including:
- Data Privacy and Security Concerns: AI systems in project
management require access to extensive sensitive data, including
personal employee information and confidential project details. The
risk of data breaches and the ethical handling of such information
are critical issues. Implementing robust security protocols is
essential to protect against cyber threats.
- Ethical Implications and Bias: AI decision-making, based on
machine learning models, can unintentionally perpetuate biases
present in their training data. This can lead to unfair outcomes in
project management decisions such as resource allocation and task
prioritization. Organizations must focus on designing and training
AI systems to be both efficient and ethically sound.
- Lack of Human Judgment: AI lacks the contextual understanding
and intuition that project managers possess. Overreliance on AI
without considering human expertise can lead to suboptimal
decisions and missed opportunities. A balance between AI insights
and human judgment is necessary.
- Overreliance and Misinterpretation: AI's insights should be
critically analyzed and validated. Project managers must understand
AI algorithms' limitations and use them as tools for informed
decision-making.
- Implementation Complexity: Implementing AI requires specialized
knowledge, infrastructure, data integration, and staff training.
Poor planning or execution can result in cost overruns, delays, and
project failure.
Rocketlane's Ethical AI Strategy Enhances Efficiency and
Control
Ganesan advocates for AI as an assistant, offering recommendations
and pre-populated content for users to review and modify, fostering
trust and control. He addresses ethical concerns and biases,
emphasizing human oversight and user-optimized outputs, and ensures
data privacy by isolating customer data. Ganesan highlights that
Rocketlane's AI enhances productivity and effectiveness without
replacing humans, keeping the human element central to project
management and decision-making.
Ganesan outlines how Rocketlane aims to effectively and safely
implement AI in its PSA systems by adopting a strategy that
emphasizes AI as a supportive tool rather than a replacement for
human input. He categorizes AI application in Rocketlane into four
main areas:
- AI in Operations: AI assists with tasks like resource
management, where it can suggest optimal team configurations for
upcoming projects based on user-defined criteria (e.g., workload
balance, margin optimization). This allows users to see the impact
of staffing decisions before confirming them.
- AI in Project Delivery: Ganesan explains that AI in project
delivery focuses on automating mundane tasks, such as drafting
emails, capturing meeting minutes, and creating status updates. The
AI acts as an assistant that prepares drafts and recommendations
for human review and approval, ensuring that users retain control
over final communications and project documentation.
- AI in Governance: AI helps identify potential risks in projects
early on by monitoring various indicators, such as stakeholder
engagement and project update patterns. This early warning system
helps prevent projects from suddenly failing without prior warning,
thereby enhancing project governance.
- AI in Insights: AI enables users to gain insights from project
data through natural language queries. This capability helps users
understand project performance, identify trends, and make informed
decisions based on the data.
Rocketlane Secures Funding to Advance AI-Powered PSA
Platform
Ganesan highlights the importance of professional services teams in
delivering projects on time and within budget but notes their
reliance on multiple tools can delay projects and cause client
anxiety. That's why Rocketlane's has developed it all-in-one PSA
platform, to replace various tools like time tracking, resource
management, project accounting, document collaboration, and
communication.
The Series B funding allowed Rocketlane to raise $24 millon. Co-led by 8VC, Matrix Partners India,
and Nexus Venture Partners, will enable Rocketlane to enhance its
PSA platform with AI capabilities. The startup plans to introduce
AI for capturing client meeting signals and AI templates for emails
and documents. Additionally, Rocketlane is upgrading its client
portal to provide a more consistent brand experience for
enterprises.
"We are thrilled to have the support of our investors as we
continue to grow and innovate in the client project delivery
space," said Ganesan. "We are excited about our upcoming
innovations–especially the very unique AI capabilities and the
first-of-its-kind dynamic client portal in this space–that will
expand the gap between Rocketlane and the competition."
The growing presence of AI in professional services is reshaping
project management by automating repetitive tasks and enabling
project managers to focus on critical decision-making. Rocketlane
ensures its AI solutions support and enhance productivity while
maintaining ethical standards.
About Rocketlane:
Rocketlane is an innovative PSA and client onboarding platform
designed to help businesses deliver predictable outcomes,
accelerate time-to-value, and boost project profitability. By
replacing legacy PSA tools with a unified, client-centric platform,
Rocketlane redefines service delivery for modern teams. It
integrates onboarding, implementation, and professional services
workflows, enabling efficient collaboration and on-time project
delivery. With improved communication, collaboration, and project
visibility, Rocketlane enhances customer satisfaction and
profitability. This transformational tool equips teams with trends
and benchmarks to optimize processes, making it the ultimate
solution for achieving world-class delivery performance. Learn more
at http://www.rocketlane.com.
References
1. "IT Professional Services Market Size Report, 2019-2025."
grandviewresearch.com, Grand View Research,
grandviewresearch.com/industry-analysis/it-professional-services-market.
2. "Genai in Professional Services: The Future Is Automated."
Thomson Reuters Institute, 17 Apr.
2024,
thomsonreuters.com/en-us/posts/technology/genai-professional-services-2024/.
3. Millawati, Novita. "Artificial Intelligence in Project
Management: Disruptions, Risks, and Adaptation." Institute of
Project Management, 13 Dec. 2023,
instituteprojectmanagement.com/blog/artificial-intelligence-in-project-management-advantages-disruptions-and
adaptation/#:~:text=Introducing%20AI%20in%20project%20management%20may%20face%20resistance,address%20concerns%2C%20build%20trust%2C%20and%20ensure%20smooth%20adoption.
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SOURCE Rocketlane