What you should know about failed IT projects?

Projects orbiting IT statistically secure the highest failure rates among project categories, according to Forbes analytics. According to Forbes’s big data analytics, 95% of product innovation fails, and only 30% of digital transformation projects result in improved corporate performance. Many reasons can be attributed to this fact, however, it may be safe to assume that it’s because innovation in IT is one of the fastest evolving compared to other sectors. High rate innovation means more progressive ideas, more mistakes, more risks, more grey areas, etc. With technology businesses obtaining some of the brightest minds, how do the downfalls compile in such high rates?

Why do software projects fail

According to experts, misinterpretations of project scope, project definition, and project management are the top three reasons technology projects fail. Executives who are tasked with supporting the projects are sometimes reluctant to make specific alterations related to team dynamics and project management techniques. Savvy CTO’s & CIO’s understand that supporting successful projects begin at the bottom and evolve upward.

The Solution?

Projects that encapsulate bottom up management styles are generally more successful because the project definition is understood by everyone, not just those who will be moving on from the project once it’s launched. Most IT project launches should be highly supported for at least 6 weeks to ensure QA, troubleshooting success, and end user satisfaction.

Team dynamics based on project scope & project definition are generally looked over on a project-to-project basis. Executives who support technology projects are sometimes reluctant to change team dynamics such as, insertion of additional resources specialized in the project’s tech stack, and/or substituting project leads based on project scope & project definition. Sometimes specialized resources may require external sourcing to ensure complete follow through & expertise. Specialized project resources can seem higher risk financially to executives who understand the high failure rate, however, these adjustments statistically raise success rates at a suitable ROI level.

The Wrap-Up

For any industry, new and progressive projects are prone to failure at high rates. IT is more prone to failure because of the high-level innovation related to this sector. Reducing project failure rates can be driven by tactical internal adjustments such as, evolutions in team dynamics, bottom up management, extending project launch support, and defining the big three project goals noted above. Successful projects are ones that are willing to obtain any resource or adjustments needed once scope, definition, and management is in place.

What do you think about this article?
0 / 5 Average 0 Votes 0

Your page rank: