Wednesday, March 10, 2010
IFS calls for new mindset of Sustainable Efficiency
IFS (OMX STO: IFS), the global enterprise applications company, today calls on organizations across the world to embrace a new mindset of Sustainable Efficiency. Results of a commissioned study conducted by Forrester Consulting on behalf of IFS highlight that companies who standardize business-critical projects and tools are consistently more successful. Also today, IFS announces it is working with the International Project Management Association (IPMA) to study how blue-chip organizations’ around the world manage critical projects effectively and how this impacts upon their ability to grow.
Forrester Consulting’s study amongst 15 organizations in Europe and the US indicates that there remain a number of hurdles to overcome if project-driven organizations are to succeed and grow in the reset economy. Full visibility and control of projects is only achievable through an integrated and standardized approach. Problems occur when projects are planned and monitored outside of normal corporate systems – making it impossible to track and understand how each project impacts overall business performance.
Forrester’s key findings include:
- Companies that have standardized practices and tools are consistently more successful
- Companies that have standardized on Project Based Solutions increased project predictability because they have greater visibility into project information
- Lack of sufficient information causes significant project delays and duplication of effort
- Companies are not taking advantage of available technologies to improve their capabilities and maturity
“In a world resetting itself for recovery, global organizations that can run their mission-critical projects consistently more efficiently are better prepared for a faster return to growth than other companies,” said Alastair Sorbie, President & Chief Executive Officer, IFS. “Cost cutting measures that have supplemented balance-sheets over the past year are unsustainable in the long-term and to achieve tangible growth consistently, global organizations need to embrace a new mindset of sustainable efficiency. This means ensuring they have the systems in place to manage their most business critical projects effectively, all of the time.”
IFS will be working with IPMA to develop a study into a new mindset of Sustainable Efficiency. The study will explore further the extent to which companies attempt to manage their most business critical projects, and also will investigate best practices in this area. Blue-chip organizations worldwide will benefit from a study that demonstrates the business critical value of Project Management and a new mindset for sustainable efficiency.
“This is a fascinating area that merits further research,” said Prof Brane Semolic, IPMA’s Research Management Board Chair. “Companies in today’s competitive business landscape are seeking to demonstrate tangible growth and profitability beyond cost-cutting measures to both shareholders and customers. IPMA has long believed that project management can make a significant contribution to this and very much looks forward to working with IFS. Our fifty member associations around the world are well placed to explore how effective project management has a direct role in company growth, and develop best practice methodologies for more sustainably efficient project management”.
IFS is a public company (OMX STO: IFS) founded in 1983 that develops, supplies, and implements IFS Applications™, a component-based extended ERP suite built on SOA technology. IFS focuses on agile businesses where any of four core processes are strategic: service & asset management, manufacturing, supply chain and projects. The company has 2,000 customers and is present in more than 50 countries with 2,700 employees in total. Net revenue in 2009 was SKr 2.6 billion