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Why Project Management in IT Industry Has Become More Important Than Ever

why-project-management-in-it-industry-has-become-more-important-than-ever1The Information Technology industry has drastically grown within the last decade. Rapid globalization has significantly amplified the capacity to accurately manage data. In response to this up surging capacity demand, the need to focus on effective project management strategies has become mandatory.

What is a Project?

It can be defined as a temporary endeavor undertaken in order to design a unique product or service. Every project differs in size, scope and is built through a network of interrelated tasks and optimum utilization of resources.

What is Project Management?

To be precise, project management can be described as the process of planning, organizing, controlling and implementing responsibilities for achieving the organization’s specific goals. In an IT organization, project management includes overseeing projects for hardware development, software development, network upgrades, cloud computing, data management, business management projects and more.

Significance of Project Management

Staying ahead of competitors is an important business survival trait. It is advised to create a learning environment in order to leverage the whole team to achieve strategic goals. Sharing of information should be timely and in a widespread manner. In today’s competitive landscape, the best companies attribute their wealth to efficient use of information and technology. Furthermore, large-scale organizations develop software and utilize data retrieval process that not only serves internet profit requirement but also supports profit objectives. Over the years, project managers have appreciated the significance of tribal knowledge to foster sharing and learning within the organization. This, of course, requires an efficient project management system that gratifies customers and pays a vital role in the new global economy.

What is the Reason behind the Failure of IT Projects?

Despite the importance of project management in the Information and Technology Industry, many companies find it challenging to execute IT projects within the deadline and budget constraints. Most of the IT designs are canceled before completion as developers find it to be a daunting task. Experts clarified, poor project management skills lead to the failure of a project. Surprisingly, there is something interesting among all these failed projects that include estimation mistakes, lack of clarity and unstable objectives. In addition to this, here are a few more areas of concern:

Ambiguous Objectives

The whole team is likely to possess a clear vision else its absence creates timing delays and communication bottlenecks. If the team lacks the experience of describing the resources required in the initial stage, the project is certainly at risk.


Unrealistic Approach and Estimation

Inside the realm of project management, an accurate judgment must be made remaining loyal to the initial requirements as well as objectives. Unfortunately, the team fails to differentiate between the time, scope and duration of the project. It is mandatory to accomplish the task within the given time constraint without interruptions.


Due to rapid development in globalization, project management is expected to increase in the near future. Project management is the defining factor for a company’s success and determines potential risk in order to bring timely solutions. Organizations should make it a point to manage complex information in order to architect an efficient project management system. In the nutshell, the team should learn from the experiences and capture in the repository to maintain the overall corporate assets.

Featured Partners: Project Management Software

If you’re interested in learning more about top rated project management software, the editors at Project-Management.com actively recommend the following:

1 Wrike

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Tackle complex projects with Wrike’s award-winning project management software. Break projects into simple steps, assign tasks to team members, and visualize progress with Gantt charts, Kanban boards, and calendars. Manage resource allocation and forecasting with software that’s easy to launch. Automation and AI features strip away time-consuming admin tasks so you can do the best work of your life. Streamline your practices, align your team, and ensure you hit deadlines and stay on budget.

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2 monday.com

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monday.com Work OS is the project management software that helps you and your team plan, execute, and track projects and workflows in one collaborative space. Manage everything from simple to complex projects more efficiently with the help of visual boards, 200+ ready-made templates, clever no-code automations, and easy integrations. In addition, custom dashboards simplify reporting, so you can evaluate your progress and make data-driven decisions.

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3 Smartsheet

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Smartsheet is an online work execution platform empowering organizations of all sizes to plan, manage, automate, and report on work. Over 80,000 brands rely on Smartsheet for project and work management.

Learn more about Smartsheet

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