Transforming Banks for a Digital Future: The Winners, The Losers, and the Strategies to Beat the Odds
Conclusion 05: Time and Cost
KM systems seemed to come in relatively close to our respondents' original time projections, with a majority finishing their projects on or near schedule. However, the track record on staying within budget was more spotty, with less than half reporting they met budget expectations. Meanwhile, respondents cited "lack of necessary resources" and "scope creep" as the top reasons for falling behind schedule.
Nearly three quarters of our sample reported that their knowledge management projects came in within three months of the target date. But 14% said their projects were or had been at least seven months behind schedule, and of these, fully half said they were or had been more than a year past their target date.
Why did projects go past their projected schedules? Among 51% of CIOs, it was due to a lack of resources, while 41% cited "scope creep."
Only 48% said they'd brought their projects in at or below budget. But overruns weren't too breathtaking; only 12% said they'd spent 25% or more than they'd anticipated.
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