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Five Keys to Hit Product Development Targets with Project Intelligence

Discover five best practices for hitting project development goals for complex engineering projects with project intelligence.

Arvind Krishnan - February 20, 2025

Project Intelligence
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Project IntelligenceDo disconnected project management approaches hinder project execution, risk management, and decision-making, ultimately setting project leaders up for failure due to a lack of project intelligence?

Engineering programs, including new product development projects, are becoming more complex. Companies delivering these programs often struggle to complete them on time and within budget. However, companies can improve their project management and execution processes to better meet deadlines and manage budgets.

This eBook explores five data-driven, deliverables-based approaches manufacturers can adopt to better hit their complex engineering project targets by leveraging project intelligence. It incorporates practical insights from L&T Energy Hydrocarbon to provide a real-world perspective on improving project performance.

Please enjoy the summary* below. For the full research, please visit our sponsor, Dassault Systèmes (registration required).

Table of Contents

  • It’s Time to Transform Complex Project Management
  • Five Keys to Better Hit Product Development Targets
  • Exploit the Intelligence in Historical Project Data
  • Make Projects the Hub for Product Development Through Execution
  • Leverage the Intelligence in Product Development Data
  • Reduce Non-Value-Added Status Reporting
  • Foster Collaboration Across Project and Product Development Teams
  • Conclusions and Recommendations
  • Acknowledgments

It’s Time to Transform Complex Project Management

Project IntelligenceComplex Engineering Project Status Quo isn’t Enough

Companies executing complex engineering programs often struggle to complete their projects on time and within budget. New product development programs are frequently delivered late, compromising profitability, competitive positioning, and brand. Tech-Clarity’s research indicates that manufacturers miss product development deadlines and budgets over one-half the time. This unacceptable performance raises the question, do disconnected project management approaches hinder project execution, risk management, and decision-making, ultimately setting project leaders up for failure?

Transform Engineering Project Management

In this eBook, we explore five data-driven, deliverables-based approaches that manufacturers can adopt to better hit their complex engineering project targets. We also incorporate practical insights from L&T Energy Hydrocarbon to provide real-world perspective on improving project performance.

Five Keys to Better Hit Product Development Targets

Transform Project Execution

Current approaches to project execution leave significant room for improvement. Product development and complex engineering projects are often delivered late and over budget, which can have severe financial implications for a business.

To address these challenges, we have identified five transformative ways companies can improve their project management and execution processes to better meet deadlines and manage budgets for new product development.

  1. Exploit the intelligence in historical project management data
  2. Make projects the hub for product development
  3. Leverage the intelligence in project and product development data
  4. Reduce non-value-added (NVA) status reporting
  5. Foster collaboration across project and product development teams

For each of these approaches, we review:

  • The negative business impacts of the current status quo
  • How companies can transform to avoid these impacts
  • The critical enablers required to implement the transformation

Project Intelligence

Conclusions and Recommendations

Integrate Project Management and Product Development

Complex engineering projects often fail to meet stated goals due to delays and cost overruns. One leading cause is that project leaders have a hard time identifying and addressing risks in a timely manner.  However, this situation  improves if they can gain accurate, data-driven insights that inform their decisions. To ensure projects  complete on time and within budget, companies should choose an integrated solution for collaborative project management, product development, and collaboration. This transformative approach enables the implementation of key strategies outlined that can lead to faster market entry, increased profitability, and reduced risks.

Implement the Five Keys to Hit Project Targets

To transform their project management and execution processes by implementing an integrated platform that combines project management, product development, project intelligence, analytics, AI, and collaboration, companies can follow these five keys:

  1. Exploit the Intelligence in Historical Project Data: Leverage data-driven insights from prior projects to create realistic schedules that closely resemble the actual situation.
  2. Make Projects the Hub for Product Development Through Execution: Manage projects in a system that links project and product development data so that information is visible to all, kept up-to-date, and connected.
  3. Leverage the Intelligence in Product Development Data: Use product data intelligence to update project schedules automatically and identify and mitigate project risks based on real-world product development status.
  4. Reduce Non-Value-Added Status Reporting: Utilize automation to eliminate non-value-added status reporting, allowing engineers to concentrate on innovation.
  5. Foster Collaboration Across Project Teams: Provide a collaborative environment for project leaders and product developers to assess risks and resolve issues while building a comprehensive knowledge base from actual project execution data to enhance planning effectiveness and ensure timely, budget-compliant delivery.

*This summary is an abbreviated version of the ebook and does not contain the full content. For the full report, please visit our sponsor Dassault Systèmes.

If you have difficulty obtaining a copy of the research, please contact us.

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Filed Under: Published Research, eBooks Tagged With: Data-driven, Project Target, New Product Development, NPD, Project Management, Project Execution, Digital Transformation, Task Management, AI, Project Intelligence, Project Planning, Data Analytics, Product Development Data, Product Development, Product Development Platform, Status Reporting, Collaboration, Product Development Targets, Analytics

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