Why Technology Projects Fail?
Managing Mega Technology Programs: Ep.1
Regardless of the industry you are in, most probably, you have been involved, one way or another, in a technology project related to your business.
And you kept wondering, why this project exceeded the assigned budget, or couldn't be launched on time, or even, it didn't deliver the required features & benefits.
Let me tell you that you are not alone. As per a McKinsey study, two out of three large programs regularly exceed initial budgets, miss schedule estimates, & underdeliver against business objectives & benefits, often by significant margins.
A research conducted by the same company has found that 25% to 40% of programs exceed their budget or schedules by more than 50%.
This failure rate is especially debilitating for the business because large programs are typically of critical importance.
For example, for consolidating multiple financial systems to enable better operational insights or for implementing health-insurance enrollment systems.
In this series, we will discuss the reasons behind such failure rates & will explore a few techniques to achieve better results from the Mega technology projects.