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Rescuing a Project When It's Gone Off Track – The Why's and How's

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Peter Maddison
October 18, 2023
Reading time: 3 min

With today’s rapidly changing business environment, every organization seeks to improve its business agility. While it is common to start a digital transformation program to achieve this, about 70% of IT / digital transformation projects fail, approximately 45% are late, and 25% get canceled! Let’s discuss possible causes and ways to get them back on track.

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Over the last few weeks, we’ve talked about five specific benefits that Business Agility can bring to your organization. Among them are:

While Business Agility brings many benefits, implementing it effectively is a challenge. When adopting Business Agility, businesses are bound to encounter both internal and external challenges.

These challenges must be addressed if you wish to get the most benefits from implementing business agility into your organization. Below we discuss five of these challenges. We have also discussed these on our Definitely, Maybe Agile podcast. Let us take a look at these obstacles, and how to work through them. 

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Business owners tend to underestimate the cost of recruiting and retaining the talent needed to grow. In 2022, it was reported that companies spend an average of over $4,683 and about an eighth of the financial year for recruitment and training per new hire. Recruitment costs can add up, especially if your business has a high turnover rate.

Losing top talent is clearly a cost that businesses have to consider. Perhaps the most immediate impact that losing employees has on an organization is lowering team morale. Employees enjoy having a friend or confidant in the workplace and seeing their colleague leave will weaken their connection to the organization. We saw this in mid-2021 as the “Great Resignation” had millions of employees leaving their jobs in droves. 

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Introducing business agility to an organization can have a lot of benefits to a company's bottom line. It can increase revenue, profitability, and employee retention rates. Among these improvements, one change that can often heavily and rapidly affect a company’s bottom line is reducing the cost of delivery. 

Business Agility enables a company to reduce cost of delivery through:

  • improving its delivery processes

  • becoming more deliberate with its projects

  • having a willingness to stop

            

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