While intimidating, project failure isn’t a rare occurrence, with 70% of organisations reported to have experienced “at least one project failure per year,” according to industry surveys, the Association for Project Management (APM) highlights. While project failure can be attributed to a myriad of different causes, a lack of clear goals and poor communication are just a couple as to why so many endeavours go south. For UK businesses that aim to foster success, the development of formal project requirements will work to provide a clear and concise rundown for vendors. From the power of a comprehensive plan to RFP considerations (and where effective communication fits in), project leaders can foster success in several foundational ways.
A comprehensive plan
Any business project can benefit from a comprehensive plan, especially when the goal is to formalise project requirements to perfection. From project intentions, overarching goals and objectives, budget, and specific vendor needs are all valuable aspects that will factor into the planning process. When rushed, these elements can easily become weak links throughout the project’s lifespan, and can result in a project that falls short (or even fails in the long run). When done mindfully and with time, the planning process can result in clearly defined project requirements, ultimately culminating in a solid foundation that will propel the project forward.
It’s worth noting that a thorough, well thought out plan can further benefit a business project by assessing risks (as well as potential issues) ahead of time, which can provide foresight and allow for adjustments as needed. This can be especially beneficial when considering the areas in which many projects may fall short, like budgetary requirements or timeframe. The planning process itself may involve a meeting (or several) in which valuable aspects of the project are discussed at length, from the general timeline to the overall objective. With leaders actively involved along the way, project requirements can cover key details of the project and develop the best blueprint possible.
The RFP — the power of a modernised approach
One of the best ways to communicate and formalise project requirements is through a request for proposal (RFP) form. This form can serve as the gateway in regard to transparency, as it serves to outline the project requirements in a way that is clear and concise. It’s important to note that a well-designed RFP can translate to the vendor selection process, as a tightened and tailored approach is more likely to result in an elevated selection pool.
A tailored RFP that accounts for modern issues (like false AI startups) can further customise the form in order to eliminate vendors that simply don’t measure up to the project standards and requirements. RFPHub.com underlines the essential considerations of an RFP process that caters towards potential encounters with false AI startups, such as the role of a cross-functional evaluation team and weighted scoring matrix. Further considerations, like requirements that prioritise a solid vendor background founded in reality, as well as a well-grounded Proof of Concept (PoC) can further set the stage for legitimate interest. Such elements are crucial, as false AI startups often lack substance, technical details, or real-world documentation. A PoC, for example, can filter out the wrong vendors as it requires candidates to demonstrate their idea, backed by insight. Armed with a personalised and detailed RFP, businesses can effectively modernise the selection process by putting all project requirements at the forefront of the endeavour.
From communication to leadership
Communication is an essential element to the entirety of the project management process, from the creation of a thoughtful plan to the curation of the perfect RFP form. An open line of communication can prove to be crucial to the formalisation of the project itself, as it’s necessary in order to develop the right requirements, create thoughtful boundaries, and facilitate a streamlined process all around. One Forbes article by Smartsheet explores the role that tools (such as those that facilitate communication) can play in enterprise projects, and cites a 2018 study (commissioned by Smartsheet). The study unveiled that 38% missed set timelines, 34% didn’t complete the project within budget. The study also revealed that 35% of projects “failed to meet their original business intent,” Forbes highlights. While tech-driven tools can be a great way for project managers to simplify efforts like collaboration, it can also facilitate the planning process, especially when the goal is to formulate the right requirements from the start.
It’s essential to remember that leadership and communication go hand in hand throughout project planning, RFP curation, and vendor selection process. One Harvard Business Review (HBR) article highlights the importance of effective leadership in the realm of project management, citing a unique 2013 example in regard to the launch of Healthcare.gov site. The site is noted to have served as the online portal for President Obama’s Affordable Care Act — however, HBR goes on to explain that the website launch was complicated and required two months to rectify. “Reporting indicated that a lack of clear and tech-savvy leadership on the project was one of the key reasons for this initial failure,” HBR notes.
Formalised project requirements are essential for any project, as they aim to clarify and define the necessary elements for success. With a comprehensive strategic plan, an elevated RFP, and an open line of communication, leaders can set the foundation for the entirety of the process.
