Organisations across the globe are missing out on a large part of the benefits that their IT projects can deliver by failing to manage projects across their lifecycle, according to research carried out by KPMG. In a survey covering more than 600 organisations in 22 countries, the consultancy found that nearly half experienced at least one significant project failure in the past year. And looking across the whole portfolio, 86% of respondents reported losses of up to 25% of promised project benefits.

The number of new projects underway has increased in four out of five organisations during the past year, with 88% of respondents reporting that the complexity of projects has also increased and 79% saying total project budgets have risen.

KPMG found that those obtaining the greatest value from IT projects are following five key principles: an integrated project governance framework; organisation-wide processes that continually evaluate projects; initiatives aligned clearly with the business strategy; individual accountability for achieving benefits; and recognition of the links between strategy and execution.