Do 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
Complex 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.
- Exploit the intelligence in historical project management data
- Make projects the hub for product development
- Leverage the intelligence in project and product development data
- Reduce non-value-added (NVA) status reporting
- 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
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:
- Exploit the Intelligence in Historical Project Data: Leverage data-driven insights from prior projects to create realistic schedules that closely resemble the actual situation.
- 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.
- 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.
- Reduce Non-Value-Added Status Reporting: Utilize automation to eliminate non-value-added status reporting, allowing engineers to concentrate on innovation.
- 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.