Why failure rates for IT Project are so high?

What comes as an intriguing fact is that just over 29% of the IT projects get success. In the year 1995, the annual expenditure of the US in the IT sector was 250 Billion Dollars. Last year the global spending on the IT projects stands at 3.8 trillion US dollars. It can be said that majority of the projects failed badly. This year 2017 alone, Singapore government has committed to spending SG$2.4 billon according to Gov Tech.

According to reliable stats, around 70 percent of the projects fail during the initial phase itself. Around 19 percent gets canceled after some constructive improvements, and lastly, around 29% projects succeed on a full-fledged scale. In other words, out of those 3.8 trillion US dollars, a whopping 2.6 trillion went in vain.

In this article, we will talk about the possible reasons that result in a failure of your IT projects, you might be able to figure out why your project is doomed to fail with the aid of undermentioned points. People generally get excited when it comes to starting a new project, they usually didn’t take the failures of previous projects in mind because the new project appears different to them.

Novatise as a Digital Agency in Singapore has handled well enough 60 big and small local projects. From our experience, we firmly believed senior managements and various stakeholders have to come together to participate in order for tech to work. You cant possibly leave all decisions to your employees who may comprise your business objectives.

What comes as a vivid fact is that over 3 percent projects fail due to technical failures, while over 54 percent projects fail due to project management. Eventually, if you don’t have a proficient management, despite latest tech and methods, your project is doomed to fail one day.

1. Planning: When it comes to ensuring the successful foundation and continuous working of any project, planning plays a vital role. Lack of planning can result in direct failure of your project. It can be the case that the team didn’t have the expertise or they might lack the experience that’s required to execute the job. Each and every member of the team must be sorted well with the basics of the project. Cutting the resources to save time is not appreciated.

2. The scale of the project: It can be said that scale of any project is directly linked to its success. Several studies show that a bigger project is more likely to doom than any small-scale project. The argument is pretty valid, a small-scale project involves a lesser number of individuals, lesser resources, this, in turn, means win-win for everyone. Whereas, a large project involves more resources, large-scale manpower, more control and much more.

3. Communication: In any IT project a diverse range of people works, this means keeping the communication going amidst the masses can be a tough job. This can be a bit cumbersome for the overall viability of the project. Poor communication amidst the team may result in poor understanding of the project requirements, it might ruin the foundation of the project. Communication plays a key role when it comes to clarity about the responsibilities as well as the roles. A frequent array of communication links is required to cater an easier communication amongst the team members.

4. Not inculcating the right tech: Technical failures are pretty less when it comes to the overall IT project endeavors. Technology must always align with the best of the program upon which the project has been based. There can be a possibility where the technologists working on the project aren’t that proficient to execute their roles.

5. Defining the problem: When you encounter any problem, you must always strive to define the problem at first correctly, rather than just getting a blank solution for it. If we follow a rapid approach, we might miss various crucial aspects, there can be several aspects that might literally change the nature of the whole problem that we’re required to solve. One must have a good grip on the problem for the sake of finding the best possible solution for it.

6. Cutting the resources: Human nature orients over cutting the resources and save some money. This can be a great step but until your project gets ruined. During the initial phases, a lower budget can result in slower progress of a project. Projects may cross the deadlines and might also fail to perform viable even after the deadlines. Funding any project on a full-fledged scale during the initial days is of great worth, you can literally leverage the money for the possible constructive outcomes of your project. In short, if you want to have a great result, don’t hesitate to shed some extra resources.

Planning and implementation go hand in hand when we talk about any IT project. The successful implementation can only be done if you have a proper planning in hand. Saving money is not the option during the initial days, communicative managers play a vital role in all of this. Also, testing is one of the most crucial part, timely and repeated testing determines the future scope of any project.

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