Assystem Report: 47% of Major Projects Succeed, Highlighting Need for Improvement
Assystem's new PMO Insights Report 2023/24 reveals that only 47% of major infrastructure projects achieve success. The report emphasizes the need for enhanced project controls and digital strategies to improve project delivery outcomes.
Assystem has released its PMO Insights Report 2023/24, presenting global data on current trends and developments within Project Management Offices (PMOs). The report surveyed over 700 professionals working on major projects in the transport, energy, and urban development sectors, revealing that only 47 percent of projects and portfolios achieve successful delivery.
The findings indicate significant room for improvement in project controls and PMO strategies to extract greater value from systems and processes. While the use of digital technologies is increasing, cost overruns remain a common issue. However, projects with a digital delivery plan in place were twice as confident in their success.
"Technological advancements, particularly assets such as digital twins, powerful data-rich dashboards, and artificial intelligence, have the potential to revolutionise project management and turn the tide on the global infrastructure challenge," stated Kevin Corcoran, Senior Business Unit Director for Transport and Infrastructure at Assystem.
The report highlights the growing importance of a 'digital PMO' and its role in optimizing performance for complex projects through data analytics and reporting. Full system integration was found to increase confidence in successful delivery by 3.4 times. The study also covers topics such as skills and capabilities, data management, and diversity & inclusion, offering a valuable resource for organizations aiming to enhance their operations.