Research Report: Secrets of High Performing Projects

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Page 33 of 51

Secrets of High Performing Projects 34 Technology This next and largest section of the survey looked at a number of different aspects of technology in our participants' organizations as well as how that technology is used and trusted. We covered a broad range of areas within this section and saw some of the most revealing responses. 19. How much money are you expecting to invest in digital transformation in the next fiscal year? (Please approximate in U.S. Dollars.) Digital transformation was already a major area of focus before the COVID-19 pandemic and the impact of that has only accelerated investment for many organizations. However, for many industries it has also impacted the ability to invest because of the economic downturn. We wanted to understand what our respondents' plans were and to make comparison easier we asked all respondents to estimate using U.S. dollars. Investment for most participants will be limited with 44.7% reporting that they would be spending less than $1 million, 65.6% reporting less than $5 million and 76.1% less than $10 million. High performing organizations are planning to spend more, quite possibly because they have more funds available for investment. Of those that expect to achieve their business outcomes for more than 80% of their projects, 56.5% are planning to spend over $1 million and 38.7% are going to spend in excess of $5 million. For those expecting to achieve successful business outcomes on 30% of projects or less, the numbers are 47.4% over $1 million and just 21.6% over $5 million. Industry was a major contributor to expenditure plans as we might imagine. Among our two largest industry segments, 60.1% of IT firms were planning to spend over $1 million and 37.3% over $5 million. For Construction, Architecture & Engineering companies the numbers were lower at 48.7% and 28.0% respectively. There was also some variation by geographic region, though the differences were less dramatic. Asia Pacific was the most aggressive with 61.4% of respondents from that region reporting planned expenditure in excess of $1 million and 43.0% anticipating more than $5 million would be spent. North America was more conservative with only 52.8% above $1 million and 32.2% above 5 million. We theorized earlier in this report that the low number of just 3.7% of respondents that identified inappropriate or inadequate technology as a major challenge for projects (question 13) may have been as a result of planned investments in digital transformation. This appears not to be the case with just 51.6% of this group planning to spend over $1 million. In fact, organizations that reported that their recent successes were due to technology were far more likely to invest in digital transformation. Among respondents who said that one of the drivers of improvements over the past three years was better integration of existing technology, 60.6% plan to spend over $1 million on digital transformation, 39.1% plan to spend over $5 million. For those who suggested that the use of new and emerging technologies had contributed to success the numbers were 64.4% and 42.7% respectively. Almost two thirds of respondents plan to spend less than $5 million on digital transformation in the next fiscal year.

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