To gain competitive advantage and keep pace with regulatory requirements, organizations are undertaking an unprecedented amount of transformational change. The benefits of such big, IT-heavy projects can be great – but they’re not without risks. Failure to manage these risks successfully can have many adverse consequences, both operational and reputational.
What’s more, these initiatives have two inherent characteristics that add to the challenges:
PwC’s publication What is Internal Audit’s role in Organizational Transformation? has found that, despite the high stakes, these projects continue to struggle. Most independent research suggests typical IT project failure rates between 30% and 50% – a problem that’s gaining growing attention from boards, C-suite executives and Internal Audit. All these groups are coming to recognize the risks posed by large IT initiatives. They want answers to such questions as:
Understanding the risks is indispensable to managing them. Three actions can greatly increase your odds for success.
These actions will help you reduce your company’s risks to the practicable minimum, and prepare you to deal effectively with them when they arise:
As we’ve done with many clients, PwC can work with you to transform your organization, drive competitive growth – and avoid trauma. If your company is facing sweeping IT change call us.
The value of program Assurance
As organizations pursue large scale technology transformations, the complexity of such programs may entail significant risk. Program assurance can help provide transparency to such risks and help enable organizations to make confident decisions to facilitate program success.