Provocative Business and Data Consulting Solutions

Project Value Assurance

Set Your Projects Up For Success

Common Problem

Industry research into the failure rate of large, complex projects presents some staggering statistics.

  • 31% of projects will be canceled in-flight, before completion
  • 7 out of 10 projects fail in some respect
  • Only 16% of software projects are completed on time and on budget

Insurers, like companies in other industries, struggle to launch, control, and manage projects to achieve business benefit despite the best efforts of stakeholders, steering committees, and sponsors.

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Solution Methodology

Taking advantage of a Project Value Assurance solution set helps you de-risk these types of initiatives, keeping the focus on business value and mitigating both actual and potential risks. This approach rapidly assesses your program using six lenses to objectively review strengths and weaknesses. Types of questions you will need to consider are:

  • Do you have the right people in the right roles?
  • Is your sponsor engaging the target employee population the right way?
  • Are your technology choices appropriate to your business situation?

These are just a few of the questions you will answer as part of a Value Assurance engagement.

In a perfect world, this should be applied to a project from the beginning. This gives project leaders the controls they need to guide the project to optimal business value from the beginning. More common, however, is that companies realize the necessity of this approach after the project is underway and is already missing key business value delivery.

Solution Background

Our Project Value Assurance links key project dimensions back to the business value that drove the decision to make the investment in the first place. This linkage gives you the information and controls you need to make informed decisions about the impacts to business value.

We articulate your business value in clear business English, and we apply our six lenses of project risk to identify actual and potential vulnerabilities in your project. We gather and analyze information about the project, identify the root causes of derailment, and recommend a set of integrated solutions to put your project back on track to success.

Realized Business Value

 

A client who brought us in prior to launching a policy admin system implementation asked that we assess their project approach. Based on our recommendations, they ended up deferring the estimated $12M project. In another case, the client was half-way through a $25M risk mitigation program – that is, they’d spend over $12M but had not delivered any concrete business value. NEOS rescued this program by putting a specific roadmap in place, anchored in business-based delivery sprints. We have demonstrated the ability to help clients make smart project decisions based on true business value and objective assessments of their projects. The clarity that this offering brings provides companies with re-aligned resources, project focus, improved communication, and a focused drive to the desired business benefits.

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