4 Dimensions to Avoid the ‘Black Swan’ of New IT Projects
50% of new and large IT implementations fail, massively blowing their budgets, according to a 2012 McKinsey-Oxford study. While large IT projects are becoming pivotal to the success of organizations, tech projects are not only getting larger, and touching virtually every part of the organization, but they’re also posing risks to the very existence of the company if things go wrong. Unfortunately, things often do go very wrong. These unpredictable high-impact events, called “black swans”, occur significantly more often than anticipated. So how can companies avoid the ‘Black Swan’ while staying on time, on budget, and on value? Below are the 4 dimensions necessary, in which we see the “human element” being the core to successful projects.
- Managing strategy and stakeholders
- Mastering technology and content
- Building effective teams and their readiness to address change
- Excelling at core project-management practices