Easy Projects, a work and project management platform, today announces the launch of its AI-powered Project Forecasting System. This new addition to the platform means that organizations can now more accurately predict when projects will be completed, allowing for optimized planning and higher chances of success.

The tool does this by utilizing its proprietary AI/ML algorithms to find patterns and relationships between project-related events and actions. The algorithm then processes all of the available historical data and analyses a multitude of variables, including project members, their performance history and communication patterns, amongst many more. Project managers run the forecast at any project stage, and once the analysis is completed, they are shown the date range for expected project completion.

Many businesses are currently using a variety of stand-alone apps, along with spreadsheets and email to manage their work. And when organizations outgrow these dated systems, deadlines are compromised. Easy Projects replaces this web of individual tools with a straightforward, personalized workspace that facilitates team collaboration and simplifies the management of projects, tasks and resources. And now, with the addition of its new project forecasting tool, project managers will be able to optimize the delegation of tasks and resources alongside the organization-wide manageability and visibility provided by the platform.

With the forecasting tool, project managers can expect enhanced performance by themselves and their teams as by being aware of early warnings that projects may missed their planned deadlines, preemptive actions can be taken. By taking these corrective actions, they can potentially save their organizations thousands of dollars in contractual obligations, overtime payments, and unhappy clients. Not only this, but keeping to set deadlines promises to enhance employee morale and productivity, and demonstrates professionalism and respect in how an organization is run.

“We are very excited about the launch of this product, since it will help our clients get better at scheduling” says Vadim Katcherovski, CEO and founder of Easy Projects. “AI forecasting is a very powerful tool, which will allow teams to take corrective actions before it’s too late and re-organize projects and tasks in real-time. That’s digital transformation at its best.”

The global market of online project management software is expected to reach $6.68 billion USD by 2026, largely due to the increasing adoption of cloud-based project management solutions. Clearly, the demand for platforms that facilitate streamlined and organized workflow that helps teams meet deadlines is on the up. And with AI set to create more than $3.5 trillion in value annually across multiple business functions in 19 industries according to this McKinsey brief, the integration of these technologies into project management software to enhance performance and efficiency is a no-braine

Disclosure: This article includes a client of an Espacio portfolio company