Why There Have Never Been Better Times for Feedback-based Project Monitoring
4 Good Reasons Why Now Is the Right Time for Feedback-based Project Monitoring
Everyone seems to be talking about the new way of work, digital transformation and agility – at every leadership level, in all industry and at each level of an organisation. In an exciting survey conducted by Forbes Insight and the Project Management Institute among 500 of the world’s top business executives, 92 percent stated that flexibility and agile action are the key to successful projects.
The crux of the matter: Just a quarter of the top executives surveyed think that their organisation is prepared. What goes wrong when claims and perceptions are so far apart? This is a plea for feedback-based project monitoring that helps overcome rigid structures and paves the way for an open corporate culture where your employees and teams give their best and project work actually ends up being fun.
1. Time for Growing Project Success
Failure statistics run like an annoyingly common thread through the history of project management. There is hardly any company that has a flawless track record. McKinsey found that 70 percent of all transformation projects fail and do not accomplish their intended goals. Towers Watson comes to a similar conclusion: Only one in four projects is successful! Albert Einstein’s definition of insanity was doing the same thing over and over again and expecting different results. It’s about time to bring the insanity to an end and adopt a different approach to project management.
2. Time for More Confidence in Employees and Teams
“Can collective intelligence save the planet?” asked Patrick Joseph McGovern, founder of the International Data Group, and he immediately responded with: “It’s the only hope we have.” What’s valid for our planet can also be true in project business. Your employees and teams often know what’s running well and what isn’t in your projects. Survey all the people involved and find out where there is a need for optimisation through regular pulse checks. By the way, placing trust in your employees creates a sense of ownership – the best prerequisite for the development of future leaders in your organisation.
3. Time for Better Methods and Tools
We have been developing project management standards for decades: PMP, Prince 2, CPM, CCPM, Scrum, Kanban, XP, APF…the list is endless. At the same time, many new tools have been created. In view of the project success rates mentioned before, there is good reason to ask: Why all of this, if projects continue to fail to such an enormous extent? The reality is that many methods and tools overwhelm employees and teams. Increasing complexity in the business world as a whole has contributed to a growing complexity in terms of software applications and project standards – a double overload for your organisation! It’s about time we get back to the heart of the matter: A complex change like digital transformation needs good listeners – and good listeners need the right questions.
4. Time for More Honesty
Failing projects incur immense costs. For IT projects alone, the annual costs for rectification work is $75 billion. Of every $1 billion invested in projects, companies waste $122 million due to poor project performance. On a side note: These numbers only refer to the United Stated! In light of such immense figures, our reflex is always the same: Who or what is to blame? You know the answers: Lack of resources, lack of expertise, poor project planning, methodological weaknesses – the reasons are endless. However, it is true that the main reason projects fail is because of soft factors such as lack of communication, unclear orders, internal policies and a lack of management support. Now hardly any project manager will tell you such things, but you can find it out with transparent project monitoring.
Market Leaders Rely on Feedback-based Project Monitoring
Learn why Anglo American relies on an open team culture and the collective intelligence of its employees for one of its biggest change projects involving 1,500 people. Learn from Grundfos, one of the largest pump manufacturers worldwide, how an early warning system for projects bridges the gap between many different stakeholder groups. Find out why leading container shipping company Maersk said goodbye to SurveyMonkey and switched to Surwayne.
An open feedback culture, supported by lean feedback processes and easy-to-use project monitoring tools is the key to your project’s success. That’s the basic idea behind Surwayne: Feedback-based project monitoring that’s intuitive and fun – so that every one of your employees really does their best. Test Surwayne and start your free trial today!