A recent PMI Report found that strategic focus on change management is one piece of the puzzle in realizing successful implementation of strategic initiatives. In fact, only 56 percent of strategic initiatives meet their goals. This is clearly not a great track record but, does it truly affect the bottom line of your business? The answer: a resounding yes!
On average for every $1 billion invested in projects $109 million is lost. This loss is not constant across all organizations. You can manage your projects and processes to reduce the amount of waste and loss. Places that do this well lose 12 times less than those that do this poorly ($20 million versus $230 million). This can have a big impact on your bottom line and the health of your company.
One of the strategies these high performing companies use is change management, in particularly active executive sponsors. This “champion for change” is one of the top drivers of project success.
The concept of change management can be a tricky one to grasp, let alone implement. If you are having trouble with this don’t feel alone, only 1 in 5 organizations feel as though they have effective change management practices. The good news is this is a skill that can be learned and utilized time and again, and Change Management Communications Center is here to help you learn.
Laura DowdyChange Management Specialist
PMI. The High Cost of Low Performance. 2014