Most often, large IT projects are bound to fail or end up utilizing enormous resources. The more ambitious the project, the higher the risks. Studies have revealed that less than one-third of IT projects turn out to be successful. Here, success means the projects that fully meet budget, deadlines, and stakeholders’ requirements. So, what should you do to remain on top of the stakeholders’ priority?
In this article at Mckinsey, Michael Block, Sven Blumberg, and Jürgen Laartz explain the ways to improve your project performance.
Tips to Deliver Projects on Time, Budget, and Value
Have a Solid Project Management Process in Place
Large IT projects require more structured project management as they are complex, risky, and carry a significant budget. Project managers must ensure to improvise project management processes and deal with the fallout of poor planning. As a project manager, if you are not sufficiently structured, you will lose control quickly. To succeed at managing your large IT project, you must have an agreed method for defining estimates, requirements, issues, changes, and progress. You must also accurately identify and manage risks.
Retain and Hire the Right Talent
People are everything. Pick competent staff and get them involved in planning and execution. This helps in keeping your workers motivated. As a business leader, you must also hire an experienced leader to bring your team together. Remember, teamwork and collaboration are more important. “To be effective and efficient, project teams need a common vision, shared team processes, and a high-performance culture,” explain authors.
Handle Technology and Business Disruptions
Companies are often put under pressure to adopt new technologies that enable agility and to meet the growing demands of stakeholders. Resistance to change will force companies into stagnation while making it difficult for project teams to be agile. To stay relevant in the marketplace, executives must not merely follow the trend but must recognize what they need to lead the transformation.
To know more about improving the performance of large IT projects, click on https://www.mckinsey.com/business-functions/mckinsey-digital/our-insights/delivering-large-scale-it-projects-on-time-on-budget-and-on-value.