Mar 06, 2023

The following blog post is one in a series of Cutter 2023 Trends that provide insights into industry challenges and considerations for our clients and member firms in 2023 and beyond.

Project management keeps evolving, and it is a trend we expect to continue for our Cutter community in 2023. For several reasons, firms are reconceptualizing their project management approaches.

First, many organizations report that they lack sufficient project management practices to support initiatives across the entire organization. They may, for instance, benefit from strong project management within the IT area, but struggle to execute an operations-only initiative, let alone a complex cross-functional initiative.

Other teams report that they need to adapt their project management practices to the project at hand. While teams may find that an Agile methodology may best support their software design-and-build efforts, a Waterfall, lighter touch, or custom process may better suit other efforts.

The ways people communicate, collaborate, and coordinate have also changed in the past few years due to the adoption of collaboration tools (Teams, Slack, etc.) and because many employees no longer work face to face. With today’s on-site, remote, and hybrid work environments, organizations face serious employee culture and engagement challenges. Project teams and project managers face their own unique set of magnified challenges because they rely on rapid and frequent interactions.

Firms find that managing the expectations, timeframes, costs, resources, and risks associated with projects difficult and oftentimes delicate work that requires strong communication and a sense of resiliency ─ because, put simply, things will inevitably go wrong. How an organization manages projects reflects its culture ─ not only internally, but also to the outside organizations your firm works with, such as vendors, service providers, and even your clients.

In 2023 and beyond, we expect firms to place more emphasis on adaptable project management programs to help them realize their future vision and affirm their corporate culture.

To speak with a Cutter analyst or consultant about this trend, contact us at [email protected]. To read more 2023 Trends, see our whitepaper, Trends in Asset Management: 2023 and Beyond.