More than half the IT projects undertaken by Europe's financial services organisations fail to show the anticipated benefits, according to a recent study.
Research by market watcher Finalta, tracked the development processes at 20 large European financial institutions and revealed that 60% could not track the benefits associated with their projects.
It showed how poor project management was jeopardising the chances of success. In around 40% of cases, the systems delivered came in below specification. Moreover, 21% of projects came in over budget and 31% ran over schedule.
In addition, the survey showed a direct correlation between better measurement and a positive outcome. Close project monitoring, identifying project owners and having clear milestones and targets increase the chances of success, it concluded.