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What the Next Generation of Project Management Will Look Like

• Rachel Longhurst
• Woojin Choi

Research identifies 10 skills that will have a disproportionate impact on performance.

Traditional project management skills, such as project governance or project management methodology, aren’t sufficient to meet changing organizational needs.  Gartner recently surveyed 373 project management leaders to identify the “next generation” skills — from organizational awareness to financial acumen — that have a disproportionate impact on performance. They also identified three future-focused project manager roles: the teacher, the fixer, and the orchestrator — all of which highlight the uniquely human aspects of project management that go beyond performing discrete, repetitive tasks.

The future of the project manager role has been hotly debated as a number of trends shift organizational dynamics:

• RL Rachel Longhurst is a director within the Gartner IT Leaders and Tech Professionals research practice advising clients on strategic portfolio management, including project and portfolio management and application portfolio management.
• WC Woojin Choi is a senior principal within the Gartner IT Leaders and Tech Professionals research practice advising clients on strategic portfolio management.

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What Is Project Management?

Understanding project management.

• Project vs. Program Management

The Bottom Line

What is project management and what are the types.

Investopedia / Theresa Chiechi

Project management is the planning and organization of a company's resources to move a specific task, event, or duty toward completion. It can involve a one-time project or an ongoing activity, and resources managed include personnel, finances, technology, and intellectual property.

Key Takeaways

• On a very basic level, project management includes the planning, initiation, execution, monitoring, and closing of a project.
• Many different types of project management methodologies and techniques exist, including traditional, waterfall, agile, and lean.
• Project management is used across industries and is an important part of the success of construction, engineering, and IT companies.

Generally speaking, the project management process includes the following stages: planning, initiation, execution, monitoring, and closing. We'll discuss each of those stages in more depth later in this article.

Project management often is associated with fields in engineering and construction and, more lately, healthcare and information technology (IT), which typically have a complex set of components that have to be completed and assembled in a set fashion to create a functioning product.

No matter the industry, project managers tend to have roughly the same job: to help define the goals and objectives of the project and determine when the various project components are to be completed and by whom. They also create quality control checks to ensure completed components meet a certain standard.

From start to finish, every project needs a plan that outlines how things will get off the ground, how they will be built, and how they will finish.

Every project usually has a budget and a time frame. Project management uses a type of triage process to keep everything moving smoothly, on time, and on budget. That means when the planned time frame is coming to an end, the project manager may keep all the team members working on the project to finish on schedule. Many types of project management have been developed to meet the specific needs of certain industries or types of projects. Three of those types are waterfall, agile, and lean.

Types of Project Management

Waterfall project management.

This is similar to traditional project management but includes the caveat that each task needs to be completed before the next one starts. Steps are linear and progress flows in one direction—like a waterfall. Because of this, attention to task sequences and timelines is very important in this type of project management. Often, the size of the team working on the project will grow as smaller tasks are completed and larger tasks begin.

Agile Project Management

The computer software industry was one of the first to use this methodology. With the basis originating in the 12 core principles of the Agile Manifesto, agile project management is an iterative process focused on the continuous monitoring and improvement of deliverables . At its core, high-quality deliverables are a result of providing customer value, team interactions, and adapting to current business circumstances.

Agile project management does not follow a sequential stage-by-stage approach. Instead, phases of the project are completed in parallel to each other by various team members in an organization. This approach can find and rectify errors without having to restart the entire procedure.

Lean Project Management

This methodology is all about avoiding waste, both of time and of resources. The main idea is to create more value for customers with fewer resources. When managing a project with this approach, the goal is similar to that of the lean enterprise production principle. The only resources that will be used on the project are those that directly contribute to its successful completion.

There are many more methodologies and types of project management than listed here, but these are some of the most common. The type used depends on the preference of the project manager or the company whose project is being managed.

Kanban Project Management

Kanban is a highly visual and intuitive project management methodology designed to optimize workflow and enhance productivity. At its core, Kanban relies on a Kanban board, a visual representation of the project's tasks and their status. Tasks are depicted as cards that move through different stages of the workflow, typically represented as columns on the board, such as "to do," "in progress," and "done."

As work progresses, team members move cards across the board, providing real-time visibility into the status of each task and the overall project. By visualizing work in this way, Kanban promotes transparency, collaboration, and efficiency, allowing teams to identify bottlenecks, prioritize tasks, and maintain a steady flow of work.

Six Sigma Project Management

Perhaps considered more of a process improvement tool, Six Sigma can still be used in project management. Six Sigma is a rigorous and data-driven approach to process improvement that aims to minimize defects and variability within organizational processes.

Six Sigma utilizes a structured methodology known as DMAIC : Define, Measure, Analyze, Improve, and Control. In the Define phase, project goals and objectives are clarified, and key metrics are established to measure process performance. The Measure phase involves collecting relevant data and analyzing process performance against established metrics to identify areas for improvement.

In the Analyze phase, root causes of defects or variations are identified through statistical analysis and data-driven techniques. Once root causes are understood, the Improve phase focuses on implementing targeted solutions to address identified issues and optimize process performance. Finally, the Control phase involves establishing controls and monitoring systems to sustain improvements over time, ensuring that processes remain stable and continue to meet desired performance levels.

Scrum Project Management

Scrum is a popular agile framework designed to enhance team collaboration and deliver value iteratively. Scrum breaks down project work into manageable units called sprints, usually lasting between one to four weeks. Each sprint begins with a planning session where the team selects a set of tasks from the product backlog to complete during the sprint. Once the sprint starts, the team works collaboratively to achieve the sprint goal, holding daily stand-up meetings to discuss progress, address challenges, and adapt as needed.

Throughout the sprint, Scrum teams focus on delivering incremental value, often producing a potentially shippable product increment by the end of each sprint. At the conclusion of the sprint, the team conducts a sprint review to demonstrate the completed work to stakeholders and gather feedback.

Steps of Project Management

Different project management frameworks may identify more or less steps. In general, there's five stages of project management, each discussed briefly below.

Phase 1: Initiation

The initiation phase serves as the genesis of the project, where an idea is nurtured into a clear vision. It involves brainstorming, feasibility studies , and refining the project concept to align with organizational goals and stakeholder needs. In the initiation stage, project objectives are defined, along with the scope of work and the desired outcomes.

Phase 2: Planning

Planning is the phase where the blueprint for the project is crafted. Planning involves breaking down the project into manageable tasks, sequencing them logically, estimating resources, and developing a comprehensive project plan.

Planning usually entails some sort of resource allocation tasks. Resource allocation ensures that the necessary people, materials, and budget are available when needed. Risk management identifies potential threats when those resources may not be achievable at the right time or quantity.

Phase 3: Execution

The execution phase is where the project plan comes to life, and the project team swings into action. Tasks are assigned, and the project team members collaborate to bring the project deliverables to fruition. Quality assurance processes are implemented to verify that project deliverables meet the specified quality standards. The execution phase is the period of intense activity as the project potentially visibly progresses toward its goals.

Phase 4: Monitoring

Once the project is underway, the monitoring phase involves tracking project performance against the plan, identifying any deviations or issues, and taking corrective action to bring the project back on course. Change management processes are implemented to address any changes to the project scope, schedule, or resources. Project managers use this phase to tackle any obstacles that come up (i.e. late deliveries, personnel being unavailable, etc.).

Phase 5: Closing

The closing phase marks the culmination of the project journey. Loose ends are tied, and hopefully, accomplishments are celebrated. In the closing phase, the final deliverables are handed over to the customer or end user, and any remaining administrative tasks such as contract closure or financial reconciliations are completed. It's usually a good idea to debrief on "lessons learned" to implement better processes or project management techniques for future similar projects.

Example of Project Management

Let's say a project manager is tasked with leading a team to develop software products. They begin by identifying the scope of the project. They then assign tasks to the project team, which can include developers, engineers, technical writers, and quality assurance specialists. The project manager creates a schedule and sets deadlines.

Often, a project manager will use visual representations of workflow, such as Gantt charts or PERT charts , to determine which tasks are to be completed by which departments. We'll touch on visualizations in the next section. They set a budget that includes sufficient funds to keep the project within budget even in the face of unexpected contingencies. The project manager also makes sure the team has the resources it needs to build, test, and deploy a software product.

When a large IT company acquires smaller companies, a key part of the  project manager's job is to integrate project team members from various backgrounds and instill a sense of group purpose about meeting the end goal. Project managers may have some technical know-how but also have the important task of taking high-level corporate visions and delivering tangible results on time and within budget.

Project Management Tools

To held with organizing and staying on top of tasks, the industry of project management usually leverages a handful of tools. These tools have been touched on throughout this article, but we'll call them out more specifically now. Note that projects that differ in size or scope may call for additional tools, and some smaller projects may be able to do without some of these tools altogether.

• Project management software provides a digital platform for organizing, planning, and tracking project activities. Some more common project management software tools include Microsoft Project, Asana, Trello, or Jira.
• Communication tools facilitate real-time collaboration and communication among project teams, stakeholders, and project managers. For example, Slack is a popular messaging platform that lets team members to communicate through channels, direct messages, and file sharing. Other examples include Microsoft Teams or Zoom.
• Project managers usually rely on document management systems to store, organize, and share project documents. These repositories can range from SharePoint, Google Drive, or DropBox. Document management systems ensure that team members have access to the latest project documentation.
• For companies that want to know what time is being spent on what task, time-tracking software allows team members to record what they've been up to. Platforms like Harvest offer time tracking, expense tracking , and invoicing features, helping project managers monitor project progress. This may be really important for some projects, especially if items are being billed to a client. Another example of this type of tool is Toggl.
• Last, project management entails risk management tools . Something like Risk Register can help identify potential risks, their likelihood, and their potential impact on project objectives. Meanwhile, internal model simulations like Monte Carlo can analyze probability distributions.

Project Management vs. Program Management

Program management and project management are both essential disciplines within the field of organizational management. They do serve distinct purposes and involve different responsibilities.

Project management focuses on the successful delivery of specific, time-bound initiatives. A project is more often a temporary endeavor undertaken to create a unique product, service, or result. On the other hand, program management involves the oversight of multiple related initiatives that collectively contribute to achieving strategic organizational objectives.

As opposed to a project, a program is a collection of projects. Program managers are responsible for aligning individual projects with the organization's strategic goals, and this entails managing interdependencies between projects. For example, a company may sell an entire suite of options for smart technology devices. Program management would ensure that each device (smart light bulbs, smart thermostats, smart security cameras, etc.) would align with larger company initiatives. Project management would ensure optimal management of future products.

Project management is the planning, execution, and monitoring of a series of tasks that have an end goal. Companies embark on project management to achieve a certain process, making sure the proper steps are taken at the right time. This may relate to the company's operations (i.e. moving from one office building to another) or the company's business model (i.e. a technology firm crafting a new software product).

Why Is Project Management Important?

Project management ensures that large deliverables are executed properly. Instead of focusing on one large end product, project management usually documents, evaluates, and monitors a series of smaller, more manageable tasks that come together to make something bigger possible. Project management is important because it ensures end goals are achieved.

What Are Examples of Project Types?

A common example of a project would be product development. Multiple departments are involved in creating the product, marketing it, selling it, and more. The team that designs a project is different from the teams that manufacture, market, or sell the product. As part of a project, each of these teams would be working with a project manager who helps move the product development from one stage to the next.

What Makes a Good Project Plan?

Communication is key to a good project plan. Each team's responsibilities should be detailed with a goal, a time frame, and resources available, for example. Visual explanations such as Gantt charts also are helpful. These are bar graphs that can show each stage of a project and, for example, the time when that stage will take place. This is just one example as the best way to outline a plan for those involved depends on the scope and details of the plan.

Project management is an important part of bringing different teams or different departments together to achieve a singular goal. If creating a product, for example, someone needs to design it, someone needs to build it, someone needs to test it, someone needs to market it, etc. The project manager helps define the ultimate goal of the project and set forth a timeline for how and when that project will be achieved. That way, for example, product testers and product marketers can know what to expect and when to expect it—as well as what they are expected to achieve when the project reaches their respective stages.

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Mastering project management industries: fueling growth across sectors

In today’s fast-paced and ever-evolving business world, effective project management has become a game-changer for organizations of all sizes and industries. It’s the secret that fuels growth and drives success, particularly in project management industries. Regardless if you’re in construction, design, healthcare, or any other industry, effective project management practices are the key to unlocking productivity and achieving successful outcomes.

In this post, we’ll dive into the significance of project management in different industries and highlight how monday.com revolutionizes practices to empower teams across diverse project management industries.

What makes project management crucial in different industries?

At its core, project management is the process of planning, organizing, and executing projects to achieve a goal before a specific deadline and within budget. Effective project management acts as a crucial framework for successful project delivery, from large-scale construction projects to software development initiatives.

By implementing best practices, project management ensures:

• Efficient resource allocation : Provides optimal resource allocation by ensuring the right materials, people, and equipment are available at the right time.
• Proactive risk manageme nt: Enables organizations to identify risks early on and develop contingency plans, ensuring that project managers can effectively minimize the impact and drive success.
• Transparent communication between team members : Minimizes miscommunications, fosters collaboration, and ensures everyone is on the same page.
• Enhanced project visibility and tracking : Grants organizations the ability to monitor project progress, critical milestones, and potential bottlenecks, which allows for timely adjustments and ensures enhanced accountability throughout the project execution.

Let’s explore how project management practices play a vital role in different industries.

What are the different project management industries?

Project management for sales

Project management can be an essential tool for sales teams trying to reach their goals. Sales reps spend a lot of their time developing strategies to identify prospects and turn them into loyal customers. By breaking down the sales cycle into manageable tasks with specific timelines, sales teams can build a clear roadmap for success. Using project management can help sales teams to increase accountability and enhance collaboration between team members, resulting in better communication and successful outcomes.

Related: Project management in retail

Project management for creatives

Creative professionals, such as designers, artists, and content creators, can benefit greatly from utilizing project management software designed specifically to cater to their specific needs. Creatives can streamline their project organization, enhance team collaboration, gain valuable insights into project progress, and effortlessly manage their creative assets, ultimately enabling them to deliver exceptional work and achieve their creative vision efficiently.

Interior design project management

In the realm of interior design, effective project management is essential for coordinating stakeholders, tracking materials, sticking to strict timelines, and handling budgets. By leveraging specialized features tailored for interior design professionals, such as those offered by monday.com, you can seamlessly streamline your workflow, foster effective communication with stakeholders, and achieve exceptional outcomes in the dynamic field of interior design.

Related: Project management software for architects

Construction project management

Project managers in construction handle tasks such as tracking progress, coordinating construction activities, managing subcontractors, and ensuring timely project completion. By harnessing the power of project management software, construction project teams can overcome challenges, minimize delays, and reach timely and cost-effective results.

Project management in software development

The software project manager plays a crucial role in overseeing and managing all aspects of the project, from planning and execution to monitoring and control. As compared to other types of projects, R&D projects are more complex, intangible, and highly dependent on industry changes. Thus, it is essential to keep track of processes to ensure efficient handling of risks and uncertainties.

Related: Project management for software engineers

Healthcare project management

Project managers in healthcare ensure effective coordination, budget management, compliance with regulations, and successful implementation of projects to enhance healthcare services. A project management software can assist with projects like medical equipment implementations, facility expansions, process improvements, and patient care initiatives.

Accounting project management

Accountant project managers ensure resource efficiency, budget tracking, stakeholder coordination, and compliance. With monday.com, accountants can access user-friendly project management software that streamlines financial projects like audits, system implementations, and process improvements with customizable templates, seamless integrations, advanced reporting, and various visualization options.

More project management industries:

• Project management software for governmental organizations
• Project management for education
• Project management software for contractors

Project management for different team sizes

Personal project management

Mastering personal project management is essential for individuals undertaking projects outside traditional organizational structures. Whether you’re organizing a special event, planning a home renovation, or pursuing a creative initiative, employing effective personal project management techniques is vital to staying organized, meeting deadlines, and reaching your goals.

Related: Project management for non-project managers , Project management software for freelancers

Project management for entrepreneurs

Entrepreneurs who apply project management principles to their business ventures are better positioned to manage risks, avoid delays, and ensure the successful delivery of their projects. From setting objectives and establishing timelines to risk assessment and identifying critical paths, entrepreneurs must adopt project management practices to achieve organizational goals efficiently and effectively. 

Related: Project management for startups

What are project management challenges within different industries?

Recognizing and handling everyday challenges in project management across industries is essential for project success. Some key challenges include:

• Managing numerous priorities within a restricted timeframe : In order for project managers to handle multiple priorities within a limited timeframe effectively, they must prioritize tasks and allocate resources efficiently to ensure successful project delivery.
• Engaging and collaborating with stakeholders : Another critical difficulty is stakeholder management. Project managers must engage and operate closely with stakeholders to navigate their expectations, communicate effectively, and foster collaboration among team members.
• Adapting to evolving project requirements : Projects often undergo changes in requirements over time. Project managers must be adjustable and responsive to these changes while still meeting project goals. Flexibility and assertive decision-making are essential to successfully navigating evolving project requirements.

Project managers can overcome industry-specific barriers and achieve successful outcomes by effectively addressing these challenges. Executing proven project management techniques and utilizing suitable software empower project teams to optimize performance and navigate project success.

Unlock your project's potential with monday.com across project management industries

If you want to boost the success of your projects, you need a useful tool to help you get it done effectively and efficiently.

While there are many solutions out there, monday.com blows them out of the park with its all-in-one project management software .

Why is monday.com the ideal tool across project management industries?

• Seamless Collaboration : Break down communication barriers with a single shared platform, fostering transparency and effective coordination for improved outcomes.

Ready to experience the transformative power of monday.com in enhancing project management across diverse industries? Dive in with one of our project management templates and unlock streamlined workflows, effective collaboration, and successful project outcomes with monday.com!

Can a project manager work in any industry?

Yes, project managers can work in any industry. While the specific familiarity and skills needed may differ across industries, the fundamental principles and practices of project management can be applied universally. A project manager’s ability to design, manage, and execute projects effectively is valuable across various sectors.

Is project management an industry?

Project management in and of itself is not technically an industry, but rather a discipline or profession that is applicable across industries. It provides a framework and set of techniques and methods to ensure successful project delivery, regardless of the field or sector.

What industries do project managers work in?

Project managers are found in a wide range of industries, including construction, IT, marketing, healthcare, manufacturing, finance, and more. Almost every industry needs project management to implement initiatives, deliver products or services, and accomplish organizational objectives.

Fuel growth, drive success, and conquer project management with monday.com

Regardless of your industry, effective project management practices are the key to unlocking productivity and attaining successful results. With monday.com’s powerful project management platform, streamline your projects, optimize workflows, and overcome industry-specific challenges.

Don’t miss out on unlocking your project’s potential. Get started with monday.com today and uncover the force of effective project management for industry-specific success!

Project management in different industries and sectors

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17 Project Management Trends to Navigate 2024 and Beyond

Blog / Lean/Agile

Iva Krasteva

Content Creator Expert | Agile Practitioner | Kanban Certified

5 mins read

Published on: May 09, 2024

Last updated: May 10, 2024

Table of Contents:

The project management field is experiencing a dynamic evolution driven by the surge of artificial intelligence (AI) and the rise of hybrid project delivery models. Looking ahead, it's clear that project managers must master the latest technologies and the soft skills crucial for leading and uniting teams. Today, effective project management transcends the basics of task completion and data analysis; it involves keen, active listening, adaptive leadership, and a deep understanding of team dynamics.

In this article, we'll explore the cutting-edge trends redefining project management, identify the essential skills for success in this changing landscape, and examine how automation is revolutionizing the industry.

How Is AI Shaping Project Management Trends?

AI is already impacting a range of tasks across various industries, with applications extending to many fields, including project management.

1. 82% of senior leaders anticipate that AI will revolutionize project management within their organizations within the next five years.

Approximately 21% already leverage generative artificial intelligence (GenAI) for project management. Rapid technological advancements are transforming how projects are delivered. Smart CRM, ERP, and project management systems are increasingly being enhanced with advanced features for task automation, planning, reporting, and more.

• PMI: Shaping the Future of Project Management With AI

2. 74% of chief economists predict that generative AI will drive breakthrough innovations in high-income countries.

This insight is further supported by the nearly unanimous belief (94%) among these economists that high-income economies will experience a significant boost in productivity over the next five years (79%). In contrast, only 53% expect similar productivity gains in developing countries.

• World Economic Forum: Chief Economists Outlook

3. Over 50% of employees see generative AI skills as essential for their roles, yet only 13% have received AI training in the past year.

At the same time, one-third of employees are already leveraging AI to manage their operations. This trend is solid in India, where over half (56%) report using AI in their roles, followed by Australia (32%) and the US (29%). Furthermore, AI training ranks among employees' top three most desired professional development opportunities, revealing a significant opportunity for organizations to enhance their training programs.

• Randstad: Workmonitor Pulse Survey

4. Looking beyond 2024, AI is poised to create significant project opportunities.

A PMI survey on project management jobs highlights this trend, particularly for project professionals skilled in agile methodologies . Being well-versed in emerging technologies will position them at the forefront of their field and enable them to lead AI adoption initiatives within their organizations, driving innovation and strategic advantage.

• PMI Global Project Management Job Trends 2024

Hybrid Project Management: The New Norm

As organizations increasingly prioritize agility and resilience, project management methods are evolving to become more flexible and inclusive. This shift is paving the way for hybrid approaches that integrate various management techniques, offering a comprehensive way to deliver value.

According to the PMI's 15th annual Pulse of the Profession report, which focuses on the adoption and evolution of project management approaches:

5. Hybrid project management is quickly becoming the preferred choice for its tailored approach, with adoption surging by 57% over the past three years.

6. in a shift towards more dynamic methodologies, 34% of organizations anticipate a decrease in traditional predictive methods over the next five years., 7. "hybrid" work style is not a one-size-fits-all solution..

The holistic approaches fundamentally combine predictive and agile methodologies, offering the perfect blend of predictability, flexibility, and agility to meet project demands. Choosing the right mix of methods requires project professionals to carefully evaluate critical factors such as the nature of the problem, business constraints, and organizational culture.

• PMI: Future of Project Work

Essential Skills for Project Management Professionals

As the importance of generative AI (GenAI) skills continues to rise for project professionals, it's crucial to remember that there are essential human skills that AI cannot replicate. Emotional intelligence, reasoning, and the capacity to adapt from past experiences are irreplaceable qualities that remain distinctly human. (Source: PWC: Will automation replace Project Managers )

Let's explore the critical skills that project professionals worldwide should focus on developing to stay ahead in an increasingly automated world.

8. In half of the world's ten largest economies, project managers rank among the top 4 crucial roles driving business transformations.

At the same time, this trend aligns with the rapid growth in technology-related positions. AI and machine learning specialists lead the list of expanding job roles, closely followed by sustainability specialists, business intelligence analysts, and digital transformation specialists. The consistent emergence of such roles underscores the increasing importance of tech expertise in shaping business transformations.

• World Economic Forum: The Future of Jobs Report 2023

9. Employers predict that 44% of worker skills will change significantly within the next five years.

These new skills, particularly those related to complex problem-solving, are expected to increase in importance faster. As automation and AI handle more routine tasks, the value placed on advanced cognitive skills contributing to innovative solutions and decision-making is becoming more pronounced. This underscores the need for ongoing education and training programs to prepare the workforce for these evolving demands.

• PwC's Global Workforce Hopes and Fears Survey 2023

10. 64% of project teams need upgraded technical skills like data analysis and agile project management, 61% require enhanced power skills such as communication and leadership, and 54% need more profound industry knowledge.

This insight stresses that professionals must develop a robust skill set to meet evolving workplace demands, technical skills for leveraging AI in project management, power skills for leading virtual teams through complex challenges, and business acumen to ensure outcomes align with organizational goals.

• PMI Future of Project Work

11. Less than half of organizations offer the top three enablers for project performance: coaching and mentoring, training on new working methods, and communities of practice.

The data suggests that organizations achieving the highest project performance rates support change management through specific strategies. These include forming employee resource groups, providing training on innovative work methods, and creating channels for open communication about changes. By adopting similar practices, more organizations could enhance their project performance and adapt more effectively to changing business environments.

12. Within the next five years, organizations are prioritizing analytical thinking (48%), AI skills (47%), creative thinking (46%), and resilience, flexibility, and agility (41%) as the most crucial skills for a dynamic and evolving workforce.

13. a promising 36% of the latest quarterly pmi economic survey respondents anticipate an increase in full-time project management staffing within the next six months..

Furthermore, in Q4 2023, 24% of respondents reported that their organizations had expanded their full-time project management teams over the previous six months. The key competencies driving success in these roles include agility, problem-solving, and strategic thinking, highlighting the evolving skill set required in the project management landscape.

14. The top three challenges of hybrid work - workplace communication, reduced collaboration, and a negative impact on workplace culture underscore the need for soft skills among project managers.

This situation underscores the increasing importance of enhancing soft skills among project managers and their teams. While technical skills remain crucial, the growing emphasis on soft skills such as active listening, leadership, and emotional intelligence is pivotal. This shift towards a more human-centric approach is essential for fostering better collaboration and improving project outcomes in a hybrid work environment.

• Gallup: 6 Workplace Trends Leaders Should Watch in 2024

Automation's Impact on Project Management Trends

Automation is reshaping the landscape of project management. Let's explore the anticipated effects and advantages of automation to project managers worldwide.

15. By 2027, automation of tasks is expected to range widely, affecting 65% of information and data processing tasks but only 35% of tasks that involve reasoning and decision-making.

16. 80% of respondents plan to adopt on-the-job training and process automation as critical strategies to achieve their organization's business objectives over the next five years..

GenAI is particularly effective at automating simple, routine tasks that require minimal human oversight, such as generating reports, analyzing complex documents, summarizing meeting notes, and performing calculations. This automation approach allows project managers to develop standard prompts that can be consistently applied across various projects and by different team members, freeing up experienced project managers to focus on more complex, decision-critical tasks.

17. Digitalization and automation in the construction industry, particularly during the initiating, design, planning, and execution phases, primarily lead to reduced manual labor and oversight, shorter project timelines, improved quality, and greater standardization.

These advancements significantly streamline construction processes, enhancing efficiency and output quality. By automating routine tasks and utilizing digital tools, construction projects can achieve higher standards and faster completion times, demonstrating the impactful role of technology in modernizing industry practices.

• Digitalization and automation in construction project's life-cycle

Embracing New Paradigms in Project Management

As we look beyond 2024, the integration of AI, the adoption of hybrid project management, and the evolving role of automation are set to define the future of the field. For project management professionals, staying ahead means continuously adapting to these trends and honing the essential skills that these new paradigms demand.

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With a background in Intellectual Property, SEO, content writing, and training in Lean, Agile, and Kanban, Iva is an enthusiastic Agile practitioner who embraces collaboration and flexibility every step of the way. Driven by constant learning and knowledge and fascinated by people's creativity.

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Demand Management: Process, Importance and Tools

The relationship between supply and demand is Economics 101. Whether a business is manufacturing or managing a warehouse, understanding demand management goes a long way to ensure that stock levels are always balanced with customer needs.

This requires first an understanding of demand management and how it benefits business. Next, we’ll outline the demand management process to learn how to implement this planning methodology and how software can facilitate that process.

What Is Demand Management?

Demand management is the process of managing customer needs for a product that a company sells. It’s a planning methodology that tries to forecast what a customer will want, when they’ll want it and the logistics of getting that product to them. By planning, companies can identify and avoid potential problems, such as bottlenecks in production or the supply chain and market volatility.

In manufacturing , demand management comes after supply chain management, such as managing procurement and suppliers, but before portfolio management. Demand management is cross-functional as it crosses many disciplines, from consumer demand, supply teams and inventory to marketing and customer service.

One way to look at demand management is as a bridge between the marketplace and a company’s internal operations. That is, demand management works to create interactions between operations and marketing with the goal of being able to develop actions that align the fluctuations of the market with a company’s strategy, production capacity and customer needs.

Managing production is key to demand management and project management software is essential to that process. ProjectManager is award-winning project and portfolio management software with resource allocation features to keep teams working at capacity. Use the team page or the color-coded workload chart to monitor your team’s allocation. If some are over- or underallocated, the team’s workload can be balanced quickly to keep them as productive as needed to meet demand. Get started with ProjectManager today for free.

What Is the Importance of Demand Management for Businesses?

Understanding customer demand will benefit any business that manufactures or sells products. Demand management is a crucial part of any business strategy so they have stock on hand to meet customer needs. Here are some other reasons that illustrate the importance of demand management for businesses.

Helps Organizations Establish their Production Budget

Demand management allows companies to analyze and predict changes and trends in market demand. This leads to a reduction in costs due to overproduction or stockouts. It also informs the production budget to make sure that there are enough funds to meet demand but not add unnecessary costs through excess inventory, labor, etc.

Allows Businesses to Meet Customer Demand

Knowing what customers want allows for better planning of delivering it to them. If there’s a spike in customer demand or if customer demand is waning, production planning must follow suit or suffer a loss in business or the cost of carrying unwanted inventory. Demand management allows for a better gauge of customer demand.

Prevents Excess Inventory and Overproduction

As stated above, excess inventory is costly. All that product must be stored, which leads to money spent on items that aren’t being sold. Ideally, a company wants a warehouse full of inventory that will move due to a balance between what’s in stock and the customer demand. Demand management is a way to achieve that balance.

Helps With Supply Chain Planning

Supply chain planning is all about optimizing the manufacturing and delivery of goods. It starts with raw materials, moves to finished products and ends with customers. A clear picture of customer demand will inform these steps, from knowing how much raw material is needed to the quantity of items produced, etc. Demand management, then, is an integral part of this process and helps a business spend only what it needs.

Informs Workforce Planning

Demand management helps managers understand the current and future workforce requirements, which allows them to plan better. The managers better understand customer demand, which leads to knowing how to allocate resources to meet that demand by having the right people with the right skills.

Demand Management Process

Demand management helps businesses to oversee and manage customer demand. To do this, though, requires a process. The demand management process includes knowing what customers want and the steps necessary to fulfill those needs. To plan for current and future demand requires following these six steps in the demand management process.

Demand Forecasting

Demand forecasting is the process of predicting customer needs for a business’ products. That demand determines what adjustments need to be made or if new offerings should be added. Estimating what customers want and how much of each item they’ll want isn’t an exact science. To get an accurate estimate, businesses use many methods, some qualitative and other quantitative. Data, software and analytics are all used in this process, but predictions should always be hedged by noting their strengths and weaknesses.

Demand Planning

Once the forecast is clear, the planning begins. Demand planning is part of the demand management process that enables a business to plan to meet the demand forecast through the production of its products. This is also part of the larger supply chain process and requires an understanding of horizon (timeline for the demand plan), frequency (how often the plan is updated) and granularity (level of detail in the plan). This allows for the creation of a demand plan that meets customer needs.

Demand Modeling

One way to make a more accurate demand forecast and, therefore, have a better demand plan is through demand modeling. Demand modeling uses predictive analysis to understand customer behavior. It looks at things such as the propensity of a customer to purchase a product and how the propensity changes based on things like the price of that product. Historical data is also used to better understand the customers’ behavior.

Demand Capacity

Demand capacity is a ratio that compares the production that a company makes with the demand coming from its customers. When manufacturing, businesses measure demand capacity to make sure they have the production capacity levels that allow them to meet the demand for their products. Calculating this uses several sources, such as sales records, customer feedback, inventory levels, production reports or service logs.

Demand Sensing

Another way to predict customer demand is with demand sensing, which uses real-time data and analytics to understand and predict what a customer will want, when they’ll want it and how much they’ll want. This is done by reviewing sales history, inventory levels and customer behavior, point-of-sale systems, online sales platforms and customer surveys. While not perfect, demand sensing can reduce forecast error by up to 50 percent and increase accuracy by up to 20 percent.

Demand Shaping

Demand shaping is a supply chain strategy that uses tactics such as price and promotion incentives, product substitutions and cost modifications to lure customers to buy specific products. Through these means, a business can influence demand for a certain item to match its planned supply.

What Does a Demand Manager Do?

The person responsible for the demand management process is a demand manager or demand planning manager a professional tasked with overseeing the daily operations of the demand planning team, who analyzes customer and vendor demand to create and refine their forecasts.

Demand managers are responsible for reviewing purchase history, sales history and the marketing strategies businesses use to promote products and stimulate growth. They also evaluate their effectiveness and respond accordingly to improve.

To do this, the demand manager will come up with effective forecast models based on industry trends and demand patterns. They’ll implement solutions to improve the accuracy of demand forecasting, as well. They are highly analytical and have a deep knowledge of advanced mathematical and forecasting policies.

How to Manage Production With ProjectManager

Demand management has a great influence on production. It tells manufacturers how much of a product customers want so they can produce just the right amount or as close to that number as possible. This saves money on labor, storage and more. However, demand management can’t help create a more effective production plan, but project management software can. ProjectManager is award-winning project and portfolio management software with multiple project views to plan production activities, schedule resources and track labor costs to ensure that manufacturing goes according to budget.

Plan Production Activities

Managers can plan their production activities on robust Gantt charts that link all four types of task dependencies to avoid delays. Once the schedule is made, resources allocated and costs determined, set a baseline to capture that plan so it can be compared to actual progress and costs during production. Real-time dashboards capture key performance indicators (KPIs) on easy-to-use graphs and charts for a high-level overview of production. There are also customizable kanban boards with columns that reflect the production cycle and cards that track costs, progress and schedule resources. Use kanban to manage order fulfillment, too.

Track Labor Costs With Timesheets

Keeping a close eye on labor costs helps manage production costs. Employees can use timesheets that automatically add their hours and are securely sealed once sent to a manager to review and pass onto payroll. While this streamlines the payroll process, it’s only part of what timesheets can do. Timesheets capture labor costs and let managers see how far each team member is in terms of completing their assigned tasks. This allows managers to calculate whether the production is progressing as planned or if resources need to be allocated to get back on track.

Stakeholders can stay up to date with production by using one of the multiple project views to track progress, such as the calendar view, which is more a high-level overview of the production cycle. But there are also customizable reports on project status, portfolio, variance and much more. All can be filtered to show only the data stakeholders want to see and shared with them across formats.

ProjectManager is online project and portfolio management software that connects teams whether they’re in the office or on the factory floor. They can share files, comment at the task level and stay updated with email and in-app notifications. Join teams from companies, such as Avis, Nestle and Siemens who are using our software to deliver success. Get started with ProjectManager today for free.

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• The Workstream
• Project management
• Process Flow Chart

Process flow chart: what it is & how to create one

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Keeping your business organized can be a tall order — especially as it grows. Process flow charts are one way to organize business processes by visualizing the steps of a process or workflow . As you dive deeper into the individual steps of a process, you can discover opportunities to improve teamwork and productivity.

Visualizing processes with a flowchart can help you organize important details and improve your operations. As you develop your process flow chart, you can discover non-value-added processes and optimize your workflow.

In this guide, we’ll discuss what a process flow chart is and how you can create one for your business. Keep reading to learn more.

What is a process flow chart?

Process flow charts are a way of visually organizing your workflow. They use different shapes connected by lines, each representing an individual step.

A process flow chart aids in project management by helping you outline and visualize your workflows. An example could be a chart showing how you process and fulfill customer orders from the moment an order is placed to delivery.

Importance of process flow charts

Visualizing your workflow allows you to understand your project scope better so you can plan your project based on your goals and deadlines.

Having a clear visual representation of your processes helps improve teamwork and keep everyone on the same page. This way, everyone can understand your business processes from start to finish and the role they play in those processes.

Creating a flow process chart can improve productivity by weeding out non-value-added activities. You have ample room to grow and improve if you’re not wasting precious time on unnecessary steps.

Types of flow charts

There are several types of flow charts, each serving a different purpose. You can learn more about some of the different flow charts below:

• Basic flow chart: Simple flow charts are ideal for visualizing basic steps without many complexities or details.
• System flow chart: System flow charts show how every part of a system interacts with the other parts.
• Workflow diagram: Workflow diagrams visualize steps or processes required to complete a project, which can help you minimize waste.
• Data flow chart: Data flow charts show how data moves throughout your system and other connected systems.
• Decision flow chart: These flow charts play a vital role in the decision-making process , answering simple questions to arrive at a final decision.
• Swimlane flow chart: Swimlane flow charts allow you to visualize who’s responsible for each part of a process or project, whether that’s an individual or a group.

Components of a process flow chart

Process flow charts have a few key symbols used to contextualize the information in the chart. Different symbols are used for different steps within a process flow chart with connecting lines in between.

Different shapes and symbols—including diamonds and rectangles—are used for each process or step, with lines connecting the symbols. Different types of lines denote the beginning and end of the flow chart, and directional arrows indicate the flow direction of the chart.

Visualizing information with flow charts can play a crucial role in project planning , and it’s easy once you understand what the symbols represent.

Steps to create a process flow chart

Creating a process flow chart isn’t rocket science, but there are some basic guidelines you need to follow. Below is a step-by-step guide to help you create your next process flow chart.

Identify the process

Start by clearly defining the process or workflow you’re going to outline. Choosing which projects to visualize and optimize is critical to strategic planning . Once you have a good idea of what you want your flow chart to represent, you can start building it out.

Define boundaries

When it comes to process flow charts for businesses, you can always add more details or break a process down further by adding more steps. However, when creating a flow chart, you only want to include the necessary details.

Figure out the scope and boundaries of your flow chart before you start fleshing it out. That way, you’ll avoid wasting time adding information that complicates the main objective. Details are good, but you don’t want to go overboard.

Gather information

This is where knowledge sharing comes into play. Now, it’s time to collect detailed information about the steps, inputs, and outputs contributing to the process. Ensure you track the process from start to finish to avoid missing crucial steps.

Identify the sequence of steps

Now that you know the steps involved in the process you’re outlining, you can put them in the correct sequence to start organizing your flow chart. Your flow chart should move in one consistent direction from beginning to end, with each step bringing you closer to completing the process.

Draw the flow chart

With process flow charts, the individual steps only tell part of the story—you need to connect them to tell the whole story. Complete your flow chart by using symbols and connectors to connect individual steps and create an accurate visual representation of the process from start to finish.

Review and revise

Once you’ve organized and drawn everything out, review your flow chart to ensure it’s accurate, complete, and clear. If there are any issues, you can revise your flow chart.

Reviewing and revising is a never-ending battle. Even after completing a flow chart, you must review and update it regularly to ensure accuracy. Make sure to reflect any changes in your flow charts as they occur.

Uses of process flow charts

A good process flow chart can provide several benefits for businesses. Here are some of the common uses of process flow charts:

• Process improvement: Visualizing processes helps you understand how to optimize them, saving you time and money.
• Training and onboarding: When you clearly understand your training and onboarding process, you can streamline it and ensure everyone receives the same training.
• Communication: Flow charts can help you identify communication gaps in different project stages to keep everyone on the same page.
• Documentation: Using visuals helps everyone follow documentation best practices — from project documentation to team documentation.
• Compliance and quality assurance: Creating a step-by-step visual representation of a process helps you identify potential compliance or quality assurance issues before it’s too late.

Best practices for creating effective process flow charts

An effective flow chart can help you optimize business processes and improve productivity and project collaboration . Here are some guidelines to follow to ensure you’re doing it right.

Keep your process flow chart simple. Focus on adding key steps and information only.

Using consistent symbols and connecting lines adds clarity to your process flow charts, making it easier to collaborate with your team and boost productivity. You can even involve stakeholders in the process.

Once your flow chart is complete, there’s still work to do. Updating and maintaining flow charts helps you keep a constant visualization of the processes that your business relies on.

Create process flow charts with Confluence Whiteboards

Process flow charts can offer several benefits for businesses, improving productivity and teamwork while eliminating unnecessary steps. With Confluence Whiteboards, you can visualize and turn ideas into tasks.

Confluence brings everyone together in a connected workspace to move projects forward. Teams can create, edit, and share project plans in a connected workspace so everyone is on the same page.

Confluence flow chart templates make it easy to create effective flow charts quickly, plus you can convert stickies into Jira issues with a few clicks.

Use Confluence Whiteboards to visualize your workflow and optimize your business with process flow charts.

Process flow chart: Frequently Asked Questions

What is an example of a process flow chart.

A great process flow chart example is product delivery. You can use a process flow chart to visualize the delivery of a product from the moment the customer contacts you to the moment you finish the job. The first step may be the customer contacting you (or vice versa), eventually leading to the point where you fulfill the order, and the customer receives an email letting them know their order arrived.

You can use process flow charts for almost anything, including manufacturing, service delivery, product delivery, and project management processes.

What tools can you use to create process flow charts?

Confluence allows you to create process flow charts that visualize your business processes accurately. Confluence is easy to use, and you can start with a flow chart template so you don’t have to do all the work. Once you’ve chosen a template, you can add individual steps and symbols to clarify the chart. Confluence also integrates seamlessly with Jira and various third-party tools.

How often should process flow charts be updated?

If you modify a workflow or process outlined in a flow chart, update the chart accordingly. Flow charts don’t provide much value if they’re inaccurate, and you probably add or remove steps from various processes and workflows more than you think. You should regularly review and update your process flow charts to ensure they continuously add value to your business.

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Project poster template.

A collaborative one-pager that keeps your project team and stakeholders aligned.

Project Plan Template

Define, scope, and plan milestones for your next project.

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10 Powerful Excel Project Management Templates for Tracking Anything

P roject management templates are an essential tool for replicating successful projects. With Microsoft Excel's free templates, you can turn your simple spreadsheets into powerful project management tools.

In this article, you'll find some of the most useful and free Microsoft Excel project management and project tracking templates you'll want to use for your next project.

Microsoft Excel Project Timeline Templates

Let's take a look at the best Microsoft Excel project management templates.

We cover both native and third-party templates here. To find the pre-installed Excel spreadsheet templates, open Excel and search for the respective keyword from the New document screen.

If you're already in Excel, go to File > New to bring up the template search. Check the Managing Microsoft Excel Templates section below for more details.

Excel comes with several timelines and Gantt chart templates provided by Microsoft, but it also integrates templates from Vertex42, one of the most popular third-party resources for spreadsheets.

1. Work Plan Timeline

The Work Plan Timeline template is suitable for a basic project with multiple phases. When you enter your data into the worksheet, the roadmap will update automatically. This template comes pre-installed in Microsoft Excel 2016 and up.

2. Date Tracking Gantt Chart

Gantt charts are a staple in every project manager's toolset. They help you visualize the flow of your tasks and track progress.

With this template, you can create a comprehensive Gantt chart with minimal effort. Just enter each task, complete with a description, who it's assigned to, a percentage to indicate progress, a start date, and allocated days until completion. This template is a Microsoft Excel default.

3. Milestone and Task Project Timeline

If you want to integrate milestones into a basic timeline, this template provided by Vertex42 is ideal. It combines the best elements of a Gantt chart, i.e. the visualization of the task flow, with milestones hovering above the timeline.

Just fill in the respective tables to populate the visual. You can find this template by searching in Excel.

Excel Project Plan Templates

A project plan is a document that may require Excel charts, but is otherwise composed in Microsoft Word. For basic projects, however, you may get away with only a Microsoft Excel document.

4. Simple Gantt Chart

When you search Excel's template repository for project plan templates, you'll mainly find different Gantt chart variations, including this Simple Gantt Chart from Vertex42. What sets it apart from the Gantt chart above is the inclusion of project phases. This template is included in Microsoft Excel.

5. Event Planner Template

A project plan really isn't something you typically put together in Excel. However, if you are planning a small project, like a party, you just need a one-page template that lists the essential tasks and lets you define a schedule and a budget. This template from Office Templates Online is a great start.

Excel Project Tracker Template

A search for a tracker will bring up a wild mix of personal and business-related Excel spreadsheet templates for tracking. However, you can narrow down your search by selecting categories that relate to the project management task you're dealing with.

6. Activity-Based Cost Tracker

This tracking template can help you get an overview of direct, indirect, and general and administrative product costs.

7. Project Tracking Template

This Vertex42 template is essential if you are handling multiple different clients, projects, and/or deliverables. It combines project details, expenses, task statuses, and due dates.

Business Plan Templates

Microsoft Excel 2016 had its own category for business plans. You could search for the keyword business and select the Business Plans category on the right.

In Excel 2019 and onwards, you can perform either query, but the latter misses some templates, while the former might be overwhelming. We recommend looking into the following.

Business Plan Checklist

Creating a business plan can be a complex project in and of itself. This checklist will help you cover all your bases by guiding you through the process using a SWOT (strengths, weaknesses, opportunities, threats) analysis.

Note that you'll find two similar templates in Excel, but they're both identical SWOT analysis checklists, differing only in their formatting.

Startup Expenses

This template is a great starting point for a budding business owner who needs some help with projecting the costs of their endeavor. The template will guide you through the most common assets and services your new business might require.

Once you've filled in all the potential expenses, you'll have a much better idea of how much funding you'll need to raise to get your business up and running. For more business plan templates , take a look at our dedicated article.

Search for Online Templates

Couldn't find the exact project management template you need in Excel? Turn to a third-party online resource for a wide selection of Excel spreadsheet templates. We recommend the following sites.

This website has a few great project management templates for Microsoft Office 2003 and up. The site notes that its templates are mostly related to project scheduling. Anything more complicated might require Microsoft Project or other project management software.

On the page dedicated to project management , you'll find a list of useful material, including, but not limited to, the following:

• Project Budgeting
• Critical Path Method

Each page contains a quick rundown of what the template does, one or more templates, and further tips and tricks for the respective project management tool. It's a great resource for budding project managers.

TidyForm has a respectable selection of Microsoft Excel project management templates. The most popular categories are listed on the homepage. If you can't immediately spot what you need, switch to the Business section or try the search feature.

When you scroll to the bottom of a section, you'll see a list of popular categories and related categories. This can be helpful when trying to find just the right template. We recommend the following pages:

• Project Budget
• Project Proposal
• Work Breakdown Structure

Still looking for the perfect template? You might have to create custom Excel templates to get exactly what you want.

Managing Microsoft Excel Templates

First, let's see what templates you already have installed in Microsoft Excel. For the purpose of this demonstration, we've used Excel 2019, but the procedure is similar in Microsoft Office 2013 and Office 2016.

Default Templates

When you start up Microsoft Excel, the first window you see will contain a search field for online templates. When you're starting from an existing workbook, go to File > New to arrive at the same view.

Microsoft Excel comes with a selection of pre-installed templates. They are listed underneath the search field. You can pin your favorite ones by clicking the respective symbol in the bottom right of the listing.

Search Online for More Project Templates (Excel 2016)

Searching for the type of template you need is the fastest way to locate it. For example, if you search for the term "project," you may also see template categories listed next to the templates that match your search. The category feature no longer appears in Excel 2019.

Narrow Down Your Search (Excel 2016)

A neat feature is that you can narrow down your search by selecting multiple categories. This helps you exclude templates that may match your keyword, but not your desired category. On the downside, you may find that the perfect template is not available in Microsoft Excel.

Preview & Create Your Template

When you click a template, you'll see a preview with a brief description of what the template provides. You can also pin the template from its preview; the symbol sits in the top right.

To download and use a template, click the Create button, which will open a new Microsoft Excel workbook with the template pre-filled.

Template Ready, Set, Go

Now that you have all the project management templates you could ever need, maybe you're interested in additional tools, tips, and tricks. For example, you could build a custom interactive Excel dashboard to manage data within your projects. The possibilities are endless.

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Asset management, / report, ai and the next wave of transformation, global asset management report 2024.

By  Dean Frankle ,  Alex Belyakov ,  Johannes Burkhardt ,  Joe Carrubba ,  Peter Czerepak ,  Lorraine Felix ,  Paul Hutchinson ,  Bingbing Liu ,  Maitreyee Malpekar ,  Michele Millosevich ,  Kedra Newsom Reeves ,  Edoardo Palmisani ,  Ian Pancham ,  Neil Pardasani ,  Ella Rabener ,  George Rudolph ,  Lior Valitsky ,  Andrea Walbaum , and  Ivana Zupa

The global asset management industry’s assets rose to nearly $120 trillion in 2023, reverting from a decline the year before. However, asset managers are facing a variety of challenges to their growth. Investors are gravitating to passively managed funds and other products that have lower fees even as asset managers’ costs increase. Their efforts to create new products that would differentiate them from competitors have largely fallen short, with investors sticking mostly to established products with reliable track records. Historically, the industry has been able to weather these pressures thanks to revenue growth that has been largely driven by market appreciation. In the years ahead, however, market appreciation is expected to slow, creating further challenges to the industry.

In the face of these pressures, asset managers will need to rethink the way they operate in order to maintain the growth and profitability of past years. The most viable way forward is by using an approach that we call the three Ps: productivity, personalization, and private markets. Asset managers should increase productivity, personalize customer engagement, and expand into private markets.

As the artificial intelligence (AI) technological revolution gathers momentum, asset managers have an opportunity to invest in AI and integrate it into their operations in ways that can enhance a three Ps strategy. AI can boost productivity by enabling improved decision making and operational efficiencies. (See the exhibit.) It can be leveraged to create and manage personalized portfolios at scale and to tailor the customer experience. And AI can enhance the efficiency of deal teams in private markets and boost their ability to drive value creation. In adopting AI to facilitate these key moves, asset managers should view the technological possibilities as transformational tools for their organization.

As part of this year’s report, we surveyed asset managers with collectively more than $15 trillion in assets under management to gather their views on the role of AI in their business. The vast majority of survey respondents expect to see significant or transformative changes in the short term, and two-thirds either have plans to roll out at least one generative AI (GenAI) use case this year or are already scaling one or more use cases.

Waiting is not an option when it comes to investing in AI. The technology is rapidly developing, and asset managers that do not start their journey now risk being left behind.

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Honeywell, Weatherford partner on new emissions management solution for oil and gas industry

(WO) – Honeywell and Weatherford announced a partnership to deliver a comprehensive emissions management solution for the oil and gas industry. The agreement combines Honeywell's emissions management suite with Weatherford's Cygnet SCADA platform, providing customers with a powerful tool to monitor, report, and take measures to help reduce greenhouse gas emissions, flammable hydrocarbons, and other potentially dangerous and toxic gases.

The integrated solution enables upstream oil and gas operators to track emissions data in near real-time, identify and address potential issues, and meet regulatory requirements. The collaboration also provides customers with access to advanced analytics and reporting capabilities, helping them make data-driven decisions to reduce emissions, improve environmental performance and meet their environmental goals.

"Honeywell's partnership with Weatherford highlights the importance of empowering organizations with solutions that can help quantify and reduce emissions within the energy industry," said Pramesh Maheshwari, President of Honeywell Process Solutions. "By integrating our emissions management solution with Weatherford's well lifecycle technology, our customers can now accurately set targets and monitor near real-time progress on their path to net-zero."

The collaboration is part of Honeywell's broader effort to help the oil and gas industry reduce its environmental footprint. In addition, it also further supports Honeywell's alignment of its portfolio with three compelling megatrends, including the energy transition.

"Through this collaboration with Honeywell, we have built an alliance that further bridges the gap between technological excellence and environmental stewardship," said Girish Saligram, President and Chief Executive Officer of Weatherford. "Together, our transformative offering provides cutting-edge tools and actionable data to help customers reach their sustainability goals with confidence and efficiency."

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