123Fab #10

1 topic, 2 key figures, 3 startups to draw inspiration from

How to effectively manage large projects in the digital era  

Over the past two decades, companies and industries have had to deal with unprecedented and accelerating dynamics. The rise of digital technologies and the Internet has brought about radical changes for organizations, forcing them to adapt slowly and transform their working methods and tools into a new digital fluid space for communication, creation, information processing and knowledge sharing. The COVID-19 pandemic has emphasized and accelerated this digital transition.

Digital transformation has fundamentally changed the way large companies and industries manage their projects, sustain their knowledge base and deliver value to their customers. Fully embracing the integration of web-based technologies, traditional project management has been replaced by a more digital and agile generation known as project management 2.0 (PM2).

Project management 2.0 implies the adoption and use of IT tools to monitor a large array of aspects of large complex projects to increase team performance, gain a more complete view of the project and ensure its success. In particular, data management processes, integrated with project management softwares, have been a real game changer to maximize project productivity and time management.

Digital technologies have helped redefine a more efficient approach to project management, through the development of strategic software. Key softwares for PM2 are:

• Collaborative communication tools: the use of collaborative work environment software enables a more effective cross-team communication and coordination by allowing all team members to connect, interact and organize their work while tracking the project progress in real-time.
• Document management softwares, allowing team members and co-workers to share documents on the cloud to ensure that all participants have the same level of knowledge, develop collective intelligence and capitalize on their expertise.
• Computer Aided Design and Computer Aided Manufacturing, which enables virtual models to be designed, optimized and tested while sharing information with team members. This type of software improves communication throughout the modelling process, but also to creates a useful database for manufacturing.
• Automated project management softwares, powered by artificial intelligence, use all the data generated during the project to improve planning, predictive scheduling and cost management, because managing time, resources and progress is key to get the best outcomes.
• Safety and Risk Management softwares, which also use artificial intelligence to prevent and manage risks during the project.

These analytical technologies allow project managers to have time to focus on strategy optimization and project delivery rather than on project processes and coordination.

Consequently, project management softwares are becoming crucial and strategic tools for businesses and industries, which explains the increase of innovative players on the market, both in terms of technology and business models. The market is very dense due to the presence of many startups and large corporations, but emerging startups are making their mark by developing innovative technologies and striving to become more engaged with customer while optimizing the project management processes.

2 Key Figures

97 project management startups 

received early-stage in the past two years

Market size expected to reach $6.7bn by 2026

According to GlobeNewswire, Global online project management software market is expected to reach $6.68bn by 2026, due to the increasing adoption of cloud-based solutions.

3 startups to draw inspiration from

This week, we identified three startups that we can draw inspiration from: Wizzcad, Sharktower AI and Sitetracker.

Wizzcad

Wizzcad is a French startup providing a BIM (Building Information Modeling) based SaaS platform for digital transformation of construction projects, from design to operations and maintenance.

Sharktower AI

Sharktower AI is a UK-based startup developing a data and AI software to transform how businesses deliver change by providing portfolio insights visualization, predictive analytics and decision-making without bias.

Sitetracker

Sitetracker is a US startup which raised $10 million to develop a cloud-based project management platform that powers successful deployment of critical infrastructure.