What is the true secret of project success?

Some organizations seem to get it right every time, but for the majority, relatively few projects come in on time, on budget and meet initial scope and quality requirements. In fact, a report by the Economist Intelligence Unit, sponsored by Oracle, suggested less than 6% of organization consistently deliver all projects on-time and on-budget

 Those who do get it right excel in three core areas – dynamically measuring actual resource allocation and usage at the level of each project as it occurs; standardizing key delivery phases and processes around proven best practices; and the automation of processes and collaboration whenever possible.

 A key word is standardization – connecting project stakeholders and team members through business processes and collaboration. It is here that technology has a critical role to play, providing a platform that goes beyond project level capabilities to deliver a central governance structure that integrates separate delivery components across the extended organization.

It is also the foundation for effective execution, providing the visibility and actionable intelligence needed to accelerate returns, control costs and reduce contingency requirements. As every project manager knows, it’s about putting the right data in the right hands to help to expose the hidden reality of both the project and your own performance to assure progress and budgets are on schedule. With the correct tools in place, project teams can facilitate proactive decision making, better mitigate risk, and ensure the rapid resolution of any issues that develop. It also helps drive accountability, process improvements and the elimination of rework, waste and resource capacity constraints.

This is how successful projects are delivered, and it’s also a source of competitive advantage, providing companies with the confidence to make exacting customer commitments with the knowledge that the resources and skills are in place to deliver, and that profitability can be achieved.

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