What are the chief
factors that contribute to IT project failures?
The three significant
a) Project Management
b) Domain Experience
c) Past Performance
An independent research
reveals that companies with domain experience offer
the lowest risk to the customer.Most companies
claim experience in developing application software
using Java, Cold Fusion, etc. Technically, there are
a number of programmers who can do this. Nevertheless,
a number of projects fail. Why? This is due to the lack
of project management skills, domain experience and
no real experience.
What value can 2M provide?
2M has domain experience
in developing systems using property, insurance and
mortgage data. 2M brings to the table 12 years of business
operation and it services a diverse list of clients
from a wide spectrum of industries - Insurance, Finance,
Mortgage and banking.
A lot of projects
fail or go significantly over budget. If past performance
is one of the key factors, how does 2M mitigate these?
Our philosophy in our
management approach is that we take on customers where
we have domain experience. If we don’t have domain
experience we help our customers by partnering with
a firm that has the domain experience and provide a
total, quality solution to our customers.
Our project managers also
have domain experience, eliminating some of the risks
arising from a lack of business knowledge and experience.
Lack of project management is the principal cause
of project failures. At 2M, all of our project managers
not only have project management experience, but also
the required domain experience for a particular project
2M has demonstrated this through its innovative COTS
product development, www.InsuranceIsland.com.
This product is a key enabler of the technology, providing
customer relationship management, underwriting, risk
management, policy services, agency audits, and a plethora
of services related to the financial industry. Today,
InsuranceIsland supports elite clients in the insurance
industry such as Allstate Insurance, Farm Bureau Insurance,
Titan Insurance, and Nationwide Insurance, to name a
few. The application is constantly updated and hosted
from our facility in Cleveland.