Today any organization across industries is a tech organization. Technology has come to the center-stage of organizations for establishing its competitive advantage, cost optimization or creating new revenue stream.
‘Innovation’ using technology is needed for mere survival while thriving without it is impossible. Thus executing Information Technology (IT) projects is very critical. At the same time most organizations are facing budgetary constraints and there is significant general shift from CapEx to OpEx.
According to Gartner, overall Global IT spending is slightly southwards (estimated $3.49T in 2016 over $3.5T in 2015) to focus more on digital business by optimizing cost in other areas. While there is no dearth of startups or new initiatives among incumbents and ‘fail fast, fail often’ has become a mantra, neither project failure rate is low nor is failure less damaging (rather more) today for the companies.
As the nature of tech projects – their complexity, size, duration, execution methodology, customer (both internal and external) expectation – have shifted significantly, so is project management for better success rate. With the project variables and complexities on the rise, well defined static approach to manage technology projects will less likely to be fruitful. So the emerging trend is to bring an order from the dynamic context. This has made companies innovative, focused and cautious simultaneously in managing IT projects.
The paper was originally published on Project Management National Conference, India 2016 website and is re-posted here by permission.