According to a Pulse of Profession global survey, organisations are losing $97 million for every $1 billion investments because of poor performances on projects. Because of this, businesses are looking for insights as to why projects are failing at a staggering rate. Most look at project-level factors to determine the issues within the project. However, failure rates are driven primarily by high-level organisational factors.
If you are a project manager, these seven steps will help you deliver projects with higher success rates, while still maintaining the budget and accomplishing within the required timeframe.
Your strategy will be your guide in every company project. It will help ensure that your teams are always aligned and working towards the same objectives. This is the reason why businesses are integrating an enterprise-wide project management office in their structure.
An enterprise-wide project management office (EPMO) is a business-level function for organisations that focuses on strategies, best practices, training, and governance, among others. They analyse the structure of your business and identify weak points. Tools and techniques are then introduced and implemented to create a standardised process that would optimise your business.
As you create your strategy, you have to identify the benefits of your project and determine your approach to realising them. With benefits realisation management (BRM), you will be able to align your programs and projects following the overall strategy of your organisation. Although there is no widely accepted process to follow, organisations should work on identifying benefits, executing the plan to accomplish them, and monitoring the process throughout the project.
Your BRM connects your project with your strategy as it gives you the way to achieve your intended business results. With sustained BRM, you will be minimising the risks, maximising the advantages, and creating more value for your business.
After establishing your enterprise-wide strategy, it’s time to determine how you execute it. In this step, you will identify the specifics on how you can realise your goals. In bridging the gap between strategy and execution, you should identify the people you want on your team and their specialisations that will contribute to the project. You also have to choose the right tools and methodologies best suited for the project. Bridging the gap includes all the crucial factors that will heavily influence the success of your project. Be sure to plan this out carefully.
Project or Executive Sponsorship play significant roles in project management. It provides support to all projects in the business and links these projects to the overall objectives. Effective executive sponsors are one the top factors that contribute to the success of projects. As an executive sponsor, you will be guiding everyone on the team, determining the budget and resources allotted for project success, helping in conflict resolution, establishing company culture and collaboration level, and more.
Your project will not take off if you do not have the right people to execute your plans. Choosing the right talents and resources and training and mentoring them will be crucial to your project’s success. You have to focus on developing the technical, leadership, and business management skills of the people in your project. This is to make sure all of them deliver the expected level of expertise and give added value to your project.
When you invest in your team members, it will increase the change of buy-in. This means that your members see that you realise the contributions they provide to the project. Therefore, they are more likely to use their knowledge and skill fully.
Aside from the right people, you also need the proper methodologies to achieve your project objectives. Agile is one of the methodologies that are widely adopted in project management. More and more companies are deploying agile methodologies in their projects, and this approach has helped them oversee and manage projects more efficiently. With agile methodologies guiding them, the success rates are getting higher. Learn more about Agile.
The landscape of business has drastically changed over the years because of the digital era, and your project needs to adapt to these changes. There is a growing demand not only from the market but from the stakeholders, as well, for companies to adopt technologies that will enable agility successfully meet the demands. Resistance to this change will only hinder growth. Adjust your strategies to ensure that you address business disruptions due to lack of technology. The number of companies moving to the cloud and adapting to digitisation will only continue to get bigger, and if you want to be ahead of the curve, you have to lead the transformation.
With these seven steps, you will be able to improve your project success rate and deliver valuable results for your company. It is important to note that the organisation, the project managers, and everyone involved should stay in sync throughout the process to ensure stakeholder satisfaction and sustainable results.
April9’s team of project managers specialise in best practices over multiple industry segments. Our technical expertise and management-driven approach ensure that we deliver top-notch solution to your problems. If you’re looking for the right partner, make sure to schedule your consultation with April9 today.