Risks of Technology Projects in Business
Risks of Technology in Business Projects Technology projects are commonplace in today’s business world and they present many challenges for business. One risk involved with technology projects is that companies often fail to recognize the importance of fitting the project into the overall strategy of the company. All too often companies will jump headlong into technology projects without ensuring the expected results fit into the goals of the organization. Avoiding this problem can often be accomplished by fitting the project into a business model. This allows projects to be better planned and analyzed to ensure that it supports the visions and immediate goals of the organization. The risks of projects not fitting into an organizations strategy are also greatly reduced if the company employs a business driven technology strategy.
The outcome of technology projects is another risk that is involved with business projects that some companies fail to consider before starting a new project. Businesses need to consider how a project will affect other aspects of the business both long and short term. How will the project affect sales? How will the project affect the budget? These are the types of questions that organizations need to examine before sinking precious time
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Companies often fail to accurately judge how resources can be affected by a new project which can lead to problems with implementation. Organizations many times overlook the additional workload that projects tend to place upon employees and how the day to day activities of the business might be impacted. Employees often feel overwhelmed by the additional workload or lack the technical expertise to take on the extra burden of new projects. Additional staffing may need to be brought in to support new projects to ensure the normal functions of the business aren’t severely impacted. Current employees may need to receive additional training to support their knowledge relating to the new project. Through careful examination and planning many of these risks can be minimized. Risks associated with the implementation of projects also are factor when considering new technology projects.
Changes in the structure or goals of an organization can greatly affect the implementation of new projects, as can changes in leadership. Project dependencies within an organization often present problems with new projects when assumptions are made without contingencies for problems that could arise. External risks also exist that could be detrimental to new projects such as the timely delivery of software or hardware which is crucial to ensure that project deadlines are met. The general size of the project will also present challenges for implementation, usually the larger the project the longer it will take to implement. The complexity of the project can have a tremendous negative impact on successful implementation of technology projects especially when assumptions that current staffing will be able to handle it alone.
Bringing in added technical expertise can be effective in dealing with new technologies especially when current employees are unfamiliar with them. Sometimes technologies change during implementation of projects which can lead to backtracking or to reworking aspects of the project. If organizations would invest into the evaluation of technology projects before they approve or disapprove them many troubles could be avoided and the potential savings could prove tremendous.