White Paper : Project Management

‘Best practice’? Then why do IT projects repeatedly fail?

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With the ever-changing insurance market, insurance leaders understand the need to modernize their technology by leveraging more modern platforms.

They also understand that emerging technologies have added significant complexity requiring multiple parties, multiple systems integrations and various regulatory requirements.

The industry has come a long way in adopting good project management procedures to modernize legacy systems, and build new platforms and systems. Some have even adopted the concept of project management offices to formalize procedures into a repeatable format within their organizations.

Project managers from both internal and vendor organizations boast about their adherence to ‘best practice’ in project development and product delivery. The buzz phrase, ‘best practice’ has become a standard not only in the insurance industry, but in all industries.

So, what exactly does it mean to follow ‘best practice’? And, if project managers are onboard with ‘best practice’ techniques in the delivery of projects, then why are critical projects still failing and causing significant losses, often widespread in the industry?

Let’s first define ‘best practice’ in project management. Simply defined, these are techniques or methodologies based on research and numbers of successful projects that have resulted in delivered systems that exceed expectations.

According to the American Productivity and Quality Center, the three main barriers to adoption of ’best practice’ techniques are: a lack of knowledge by project teams of current and proposed business processes; limited desire to make necessary changes to adopt the methodology; and unskilled technology resources working on delivering projects. Let’s define these barriers…