The Expanding Scope of Project Management in Industry 4.0
The project management software industry was valued at $5.37 billion in 2020 and is projected to reach $9.81 billion by 2026, growing at a Compound Annual Growth Rate (CAGR) of 10.67% over the forecast period. In addition, the global Project Portfolio Management (PPM) market size is expected to grow from $4.2 billion in 2020 to $5.6 billion by 2025, at a CAGR of 6.0% during the forecast period. The need for a 360-degree view into project operations and resource management, and the growing demand for cloud-based PPM solutions happen to be the critical factors for growth.
This illustrates the rapid pace at which technology is being deployed in the field of project management globally. The usage of AI-enabled solutions and cloud-based networks has altered the way project management was conducted. Adding to this, the pandemic-induced rapid shift to digital platforms has strongly impacted personnel-dependent verticals like project management, forcing professionals to adapt quickly and efficiently to these contemporary demands. The pandemic has also led to volatile and uncertain markets, making it essential for project management professionals be agile, flexible and innovative.
Project management has become a highly growing field with an expected CAGR of 9.90% from 2020 to 2027. Industry 4.0 has introduced major changes to the traditional framework of project management and demands new-age competencies from project managers. The changing contours of project management stipulate project managers to be up-to-date with industry-relevant skills, knowledge and competencies.
Skills Required in Project Management
In addition to traditional project management skills such as cost and time management, interpersonal skills, budgeting, planning, execution, negotiation, and conflict management, the contemporary project management requires a novel set of technical and soft skills. In industry 4.0, it is pertinent for project managers to possess strong IT skills and proficiency in modern project management software. The shift to digital media for communication requires project managers to be better at interpersonal skills to communicate effectively with their teams. Remote work also creates new challenges for project managers to resolve conflicts within their teams.
The volatile socioeconomic environment caused by the pandemic calls for project management professionals to be more on their toes, hands-on, and creative in their work so that they can easily adapt to changing circumstances. This also entails being emotionally intelligent to empathise with the members of their team during this unprecedented time. Such an approach not only improves efficiency and productivity but also ensures stronger team-building. With new skills in high demand, it becomes imperative for project management professionals to be constantly and rigorously upskilled. Executive educational course in Project Management present itself as a lucrative option for this.
Upskilling with IIM Indore's CPM
IIM Indore is offering a six-month Certificate Programme in Project Management (CPM) which aims to equip young management professionals with the knowledge of proven strategies and advanced practical tools required to drive project outcomes. The programme helps learners balance the critical trade-offs of time, cost, and scope needed to meet project expectations and deadlines.
The CPM course provides a comprehensive overview of the fundamental topics in project management, including project processes, integration, scope, schedule, cost, quality assurance, resource management monitoring and evaluation, and procurement and communications. Additionally, the course trains learners in managerial capabilities and cutting-edge technological tools essential for a bright career in project management today, such as risk analysis and mitigation, agile project management, effective leadership, stakeholder management, and project management software such as Microsoft Project. Possessing these skills and abilities is sure to help working professionals accelerate their career growth.
Upskilled project managers play a crucial role in an organisation's development by overseeing the successful completion of complex projects. In fact, 80% of the projects classified as high-performing use a Certified Project Manager, turning upskilled project management professionals into valuable assets for their organisations. Almost every industry is now adopting operational processes that are composed of individual projects. Due to this, industries ranging from information technology, consulting, marketing and construction to healthcare, pharmaceuticals and FMCG are opening up new opportunities for project managers. This means that professionals upskilled in project management have a bright future ahead, with lucrative salary prospects, rapid job growth and the opportunity to occupy the top-most positions in their organisations. Therefore, investing in a course in project management can lead to remunerative long term returns.
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