Old project management qualifications like Prince2 will eventually die out due to the social business trend, collaboration tool provider Projectplace has predicted.

This is because traditional project management structures are somewhat rigid, where performance against targets are only measured after the fact, whereas the social way of working is flexible and more responsive to changes that naturally occur over a project lifetime, according to Johan Zetterstrom, CEO of Projectplace.

He said: "We think traditional project management qualifications like Prince2 will go away. We believe a project is something that you iterate, go back and change, iterate and change. It is not going to follow the old structures."

For such, 'social', projects to be successful, transparency is needed, Zetterstrom said: "[The key thing is] the ability to share and be open and transparent. You need to have all stakeholders be very transparent and [realise that] not all talent is within your company's firewalls."

Projectplace believes that organisations that do not adapt to the social business trend will struggle to find the talent and skills they need.

Graduates coming out of university and young people entering the job market today expect to have access to similar tools to Facebook, LinkedIn and Skype.

If firms do not enable access to such collaborative tools, they will bring their own devices to work, which can create further risks to the organisation, Zetterstrom said, such as having confidential information being leaked out of the business.

But more than a technological change is required. A culture shift – which Zetterstrom recognised as a potential challenge in the move to social – to being more open and transparent is needed.

He added: "We believe the hierarchy will be much more flat if you embrace social business."

What will not change, however, is the significance of the governance model. Zetterstrom believed this needs to be as robust as ever to avoid the problems associated with expanding an organisation's boundaries to include external stakeholders.

"We are not saying the governance models will be less important. We believe it will be even more important," he insisted.