ChatGPT said:
How can companies maximize the chances that their IT projects deliver the expected value on time and within budget?
As IT systems become a key competitive element in many industries, technology projects are growing in scale, affecting more parts of the organization, and posing greater risks to the business if something goes wrong.
On average, large IT projects run 45% over budget and 7% over time, while delivering 56% less value than expected.
So, how can companies maximize the chances that their IT projects deliver the expected value on time and within budget?
IT experts say the key to success lies in mastering four dimensions, which together form a methodology for large-scale IT projects known as “value assurance.”
The following elements make up this approach:
- Strategy and stakeholder management: High-performing projects establish a clear vision of the initiative’s strategic value—one that goes beyond the technical content. By building a strong business case and staying focused on business goals throughout the project timeline, teams can avoid cost overruns, ensure faster customer response times, improve data quality, and reduce the number of manual processes needed.
- Mastering technology and content: With expert support as needed, high-performing teams organize all technical aspects of the project, including IT architecture and infrastructure, functionality trade-offs, quality control, migration and deployment plans, and project scope.
- Building effective teams: Large projects can take on a life of their own within an organization. To be effective and efficient, project teams need a shared vision, aligned team processes, and a high-performance culture.
- Excelling at core project management practices: This means having a strategic and disciplined project management office and establishing rigorous processes for managing requirements engineering and change requests.
In conclusion, this approach helps avoid misunderstandings during stage transitions and ensures clear accountability and ownership. It also promotes efficiency gains and faster delivery.