What is The Project Economy?
Posted by [email protected] on Dec. 12, 2022 / Subscribe 0
The economy has shifted in dramatic ways over the past 200 years. Gone are the days when most laborers were agrarian and gone are the days when most laborers worked in manufacturing. In the information age, the economy is shifting yet again. Advancements in technology and automation have taken our economic output from a service base to one based on thought and intellect. This shift has been underway for some time now; we've seen it in the rise of the knowledge worker, but this change is also reflected in more tangible changes such as the decline of manufacturing jobs and the increase in the number of college-educated citizens.
The Project Economy represents an evolution towards a new form of wealth that can be unlocked by combining human ingenuity with advanced artificial intelligence. It's an economy where humans use their ideas and intellect to create value, while machines take care of the grunt work. In this model, people become creators rather than mere consumers. They're no longer passive recipients of whatever goods or services they are given; instead, they're active participants who play a role in defining what should exist at any given time.
Advances in information technology are giving us access to massive amounts of data that can be used to make smarter decisions about how to allocate resources, allowing us to optimize the allocation of our scarce human capital. The advance in technology and the ideas and intellect that humans bring allows organizations to add value to their stakeholders through project completion and the efficient delivery of products. This is The Project Economy.
Years ago, the term “gig economy” started to become popular in the business sphere. Technology companies like Uber and Doordash utilized a business model through their clever combination of cutting-edge technology, artificial intelligence, and human physical capital. The avenue of freelance, contract, and task-based work is becoming more and more popular which pushes us into a projectized economy. Not only are technology companies like Lyft, Uber, and even Airbnb incorporating aspects of the Project Economy, but larger, global organizations are starting to realize the importance of this project revolution.
The Project Economy is where organizations give their people the skills and abilities they need to complete a project and turn what once was a vision and idea into a tangible reality. If we first enable the organizations, we can then empower the people.
Here are PMI San Diego, we’re monitoring the growth of the project economy and the effect this new economic shift will have on the world of project management. So far, the future seems as uncertain as it is bright as we grow and acclimate to these new technologies and incorporate the Project Economy in everything we do.
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