Success criteria breeds success. An IT portfolio achieves success by delivering business value to various stakeholders–people, groups, or organizations that are actively involved, are affected by its outcome, or can influence its outcome. The quest for success is to identify these stakeholders and what they really want.
Past experience and common sense suggests that meeting (1) Budget, (2) Time, and (3) User Satisfaction can be used to define the ultimate success of an IT portfolio. However, it has been found that apart from these three basic criteria there are other factors that also affect the IT porfolio success.
Apart from basic success factors, CIO Eureka! advises our clients to also consider the following 4 core elements: Partnership, Strategic Focus, Velocity and Execution. This exercise should be developed before starting the projects to avoid the chaos in later stages. Undefined project success criteria can cause project failure!
- Partnerships: To win in the marketplace, we focus our partnership efforts and align our goals with the Corporate needs, objectives, and the IT platform. We work closely with key stakeholders to ensure that IT initiatives provide substantial benefit to core business functions as measured by increased revenue, net operating income and productivity.
- Strategic Focus: Invest resources to generate and eliminate non-core work. Drive alignment towards the company’s mission. Ensure that the IT initiatives meet the strategic goals of the organization. Provide a strategic direction to ensure IT solutions are effectively utilized to drive the business efficiently. Install metrics and consistent processes to improve the overall benefits using the IT solutions.
- Velocity: Accelerating time-to-market is certainly one of the key reasons for success in today’s economy. Our disciplined process encourages adaptation to manage changing business needs, teamwork, and accountability for rapid delivery of high-quality solutions.
- Execution: A bias for action to create value. Leading smart planning with discernment and judgment enable us to drive effective adoption throughout the Corporation. To hold ourselves (IT) and others accountable and inspire the organization by confronting issues and celebrating success.