Digitalization in Project Management and Finance
I have been working in several international companies for their SAP transformational programs globally. My recent job is a project manager at the finance department to roll out finance global template.
In project management, cloud-based platforms such as Jira, MS Teams, MS Project Online have replaced siloed spreadsheets and email chains. I still remember, about 15 years backwards, people saved their own version of input and there have to be someone to consolidate all the input to get a summarized version. Nowadays, real-time collaboration across geographies is now standard, with centralized document sharing, communication threads and task tracking. This is a change which is small but brings the efficiency and reduce error-prone process. Digital tools are fundamental to agile methodologies. Applications can be used in more devices, laptop, mobile phone, pad. They also made the rapid shift to widespread remote/hybrid work possible, maintaining team cohesion and project momentum.
In finance, I can see the shift from manual ledger entries and paper trails to integrated ERP systems like SAP, Oracle. Reconciliation, reporting, and transaction processing have become exponentially faster and more accurate. Governments policy also changed in recent years, from paper invoice to e-invoice. Gone are the days of purely historical, backward-look reports. Real-time dash boards are widely used in many companies to provide instant insights into cash flow, profitability, risk exposure by means of digital tool with big data.
Changes are in working fields but also our lifes. With more and more digital tools are developed, people need to learn how to use the new plateforms, how to manage our own data.
Future ideas & Impact on life and work
With the development of AI, IoT, in the future physical project progress eg. construction sites, manufacturing lines can be monitored in real-time via sensors, feeding data into digital models for simulation and optimization. AR/VR development will enhance remote collaboration in 3D environment. The focus of Project Managers will move from administrative controllers to strategic facilitators, relationship management, and interpreter AI-driven insights, focusing on value delivery and stakeholder engagement.
With the development of Fintech, there are more personalized financial products, offering wealth management advice, automated wealth and asset management. The Klarna financial services I used when I purchase something online. It is seamlessly integrated into non-financial platforms when purchase in retail app. I would estimate more financial services will be developed to embedded in many non-financial platforms.
Risk of open data and GDPR
When more and more personal data collected by companies, websites, the risk of personal data leaking is becoming a critical problem. Privacy information can be fetched easily and cybercrime are increased.
Positive of GDPR
GDPR established clearer rights over personal data, which increased the control of data utilization. Organizations must be clearer about why they collect data and how they use it. There are stronger incentives for companies to implement robust security and data governance. GDPR set a benchmark, influencing privacy laws worldwide.
Negative of GDPR
For some orgnazations, especially SMEs, it is significant administrative overhead, cost and complexity to adapt GDPR. From the marketing perspective, due to customer need to consent for email promotions, so the total amount of email or phone reach out could be reduced. It brings the difficult to implement certain marketing reach-out to customers.
From the user perspective, on one hand, it is good to protect customer privacy, on the other hand, overload cookie banners and consent requests make users feel acceptance fatigue. It just leads to blind acceptance.
Chat GPT
I asked ChatGPT “What is the key benefit of adopting AI tools in project management？” “What is the challenges for AI adoption in project data?” “Is AI going to replace project managers’ job, reduce the value of project managers?”
The answer came quickly. ChatGPT illustrates that AI tools in project management is enhanced efficiency and decision making. Specially, AI enables automation of routine tasks, automate repetitive activities, freeing up time for project managers to focus on strategic aspects. AI-powered analytics provide actionable insights by processing vast amounts of data to identify trends, predict risks, improves decision-making. AI tools can analyze resource utilization and suggest efficient allocations to ensure optimal use of time, talent, and budget.
The answers are very comprehensive, cover aspects from users and organizations. ChatGPT thinks that AI will not replace project managers, but project managers who use AI will replace those who don’t. In addition ChatGPT listed a few bullet points of what AI can do and cannot do. However, the PM role will shift from doing manual tracking to thinking and leading the strategic planning, people management, decision-making.
AI tools like ChatGPT are impressive and useful. It is very help for idea generation, brainstorming and self learning. however, it can not be fully trust as authorized information or data source.
Self-evaluation
The materials and assignment help me to have deepened understanding of core digitialization drivers, Big Data, IoT, AI, Cloud. It is so delight to see current digital development which reflects the studies in 10-year-old TED videos. In the meanwhile, understand that technological advancement is inextricably linked to escalating cyber threats and the fundamental need for robust data protection. We would benefit a lot from the convenience of digitalization.
I would think more about the human-centric design in Tech. The digital society need to be created and governanced with more human-centric thinking design. Well-being is very important when people immerse in digital life way too much. Continuous learning is not optional, it is essential to thrive in this dynamic landscape.
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