“The Chinese use two brush strokes to write the word ‘crisis.’ One brush stroke stands for danger; the other for opportunity. In a crisis, be aware of the danger–but recognise the opportunity.”
― John F. Kennedy.
For the love of Gantt! It’s a bl***y difficult business climate right now! Everyone across the globe is experiencing it and yet, there are days when you feel like it’s you, alone, against the world!
OK, I’ve said it. The thing that we are all thinking.
Admittedly, not the most positive start to what I hope you’ll find an UPLIFTING read!!
Take a deep breath. Accept that this is where we are. Let’s work through this … Together!
Now, it’s you and me against the world! The odds are getting better!
ACCEPTANCE
Lance, an IT Project Manager friend from LA says, “If you wanna get out of Compton, don’t fool yourself that you’re starting in Beverly Hills.”
Feel free to switch these Los Angeles locations with the most run-down and the fanciest parts of your town, but I’m sure you understand the metaphor: accepting where you are is key to getting out of there!
In other words, it’s OK to think it’s a bit challenging right now. It is. Let’s not fool ourselves!
Question is, here in IT Project-Land, where the tough decision-takers are taking the toughest decisions—what are we going to do about it?
Actually, without wishing to pick JFK up on his Chinese linguistics, he was right that the first part of the word for “crisis” (wēijī) means danger (wēi), but the second half (jī) is just part of “opportunity” – alone it means “turning point” or “change point”. Strangely, that’s even more descriptive of where we’re at—this definitely a turning point.
So, which way will you turn? Defence or attack?
DEFENCE?
You may be tempted to shelve IT projects currently up for consideration or row back on those you’d already green lit. I get it. Defend what you have, right? However, as we’ll learn in this blog, according to leaders in both business and IT, this can be a costly mistake.
By pausing IT projects, you could expose yourself to:
1 – A greater financial hit. Paradoxically, even though the instinct to pause is often driven by concerns over costs (and the revenue to fund them), restarting a project later may prove more expensive with pressures like inflation, lost momentum, and sometimes the need to “redo” work, ultimately making it costlier than completing it now.
2 – IT staff turnover. Talented IT project professionals hate being benched and may seek opportunities with organisations who are continuing their digital transformation. This has been cited by Project Managers and Business Analysts approaching Stoneseed for a job, one BA said he felt like Lewis Hamilton being told by Ferrari that he’d not be driving this year—imagine! Hamilton would be on the phone to Willams or Alpine in a heartbeat. F1 Drivers want to drive, PMs want to PM and BAs want to BA!
So, what you may save in the short term by decelerating IT projects (or slamming on the brakes altogether) could be eclipsed by costs and talent gaps in the future.
ATTACK!!!
During the planet’s last crisis, McKinsey survey technology executives, and almost 9 out of ten (85%) said that they believed the changes brought about by COVID-19 would be one of the greatest opportunities for growth in their industry.
Despite difficult conditions now, many IT Projects are GO!
I’m choosing to include those that have opted to adjust, modify or perfect their processes and IT systems, these are also IT Projects and deserve their ovation too. Fine-tuners – take a bow!
Writing for Forbes, in a piece titled “What Smart Businesses Do In Tough Economic Times”, Shavonnah Roberts Schreiber says, “Time continues to move forward. At any given moment we are either expanding or contracting. So even when we are facing tough economic times, it is crucial to continue to innovate and pursue creative solutions to problems. Stay in the race. Don’t lean back, lean in.”
At Stoneseed, we caught up with leaders who have leant in, and green-lit IT Projects and asked what inspired their bold decisions.
1 – IT Project: Sports Retail
Why Press On With IT Projects In A Precarious Time? Competitive Advantage
“Delaying our IT projects would allow our competitors to innovate and capture market share. Falling behind in technology, offering a worse customer experience, and not maximising operational efficiency were the three biggest factors.”
2 – IT Project: Leisure
Why Press On With IT Projects In A Precarious Time? Operational Efficiency
“We had planned an overhaul of outdated systems and manual processes that were draining resources, reducing productivity, and increasing the likelihood of errors. If this was important when we scoped the project, it’s critical now.”
3 – IT Project: Public Sector
Why Press On With IT Projects In A Precarious Time? Security and Compliance Risks
“Our legacy systems were flagged as more vulnerable to cyber threats and, looking ahead, might not meet evolving compliance standards, increasing the risk of breaches and regulatory penalties. We have a long-term responsibility for the ROI on taxpayers’ money, future proofing our system security as more services and customers move online was an imperative.”
4 – IT Project: Travel
Why Press On With IT Projects In A Precarious Time? Innovation and Agility
“We had three key initiatives planned for 2025, one has been halted as it no longer fitted the business landscape, that was a tough decision. Without the two in progress our business would lose its ability to quickly respond to market changes, or strategically respond to emerging opportunities and threats, this was an easier decision that almost made itself.”
5 – IT Project: Media
Why Press On With IT Projects In A Precarious Time? To Facilitate Scaling
“Our business model is built on growth, partly through merger and acquisition. Our IT has always been essential for scaling efficiently. Delaying projects now would limit our ability to grow and manage the increased workloads. As the business plan is to enter new markets, as and when the economy recovers, our IT systems need to be ready for that.”
6 – IT Project: Retail
Why Press On With IT Projects In A Precarious Time? Avoid Missed Revenue Opportunities
“The biggest lesson we learned from lockdown was that we locked down innovation. Every delay meant lost chances to launch new products, expand our digital channels, or improve services which resulted in direct revenue loss and impacted our market presence. Our customers expect seamless, up-to-date digital interactions, delaying IT improvements led to dissatisfaction, negative reviews, and loyalty we had to win back.”
7 – IT Project: Media
Why Press On With IT Projects In A Precarious Time? Better Decision Making
“Our lead Business Analyst had been pushing for better data, real-time analytics and insights since he joined the company, this initiative was signed off at the end of last year but as our company revenues slowed, we expected this expenditure to be put on hold. The CEO was 100% locked in on the idea of data enabled, smarter, faster business decisions giving us the edge in uncertain times.”
Studies show that innovation often comes from turmoil and challenge, our experience teaches that IT Projects that push on during difficult times yield worthwhile value for businesses as we emerge out of the other side.
Stoneseed’s Business Analysis as a Service can be deployed to help cost/benefit analysis and present a business case for pursuing a critical project, Stoneseed’s Project Management Office as a Service (PMOaaS) can help tighten processes and governance, and Project Management as a Service (PMaaS) has all the talent and resources you need to deliver in challenging times…
… as Steve Jobs once said: “It’s not a faith in technology. It’s faith in people.”
And we have all the people you need. Remember, you are not alone!
More about Project Management as a Service from Stoneseed
https://www.sciencedirect.com/science/article/pii/S004873331730104X