Why Mission-
It’s increasingly challenging for life sciences companies to meet goals on critical initiatives – from mergers to clinical trials to data transformation projects. Managing these complex strategic initiatives takes skill. What can companies do to achieve better results?
scope of research
Research Overview
To understand the challenges large companies face in executing mission-critical projects, we surveyed 404 senior executives, with $1 billion or more in revenue, in September 2022 across North America, Europe and Asia Pacific, and in four global industries.
companies
404
Companies surveyed
life sciences
99
Life Sciences organizations surveyed
revenue
$1B+
Annual revenue per company
our research
33
Life science companies saying it is more of a struggle to meet key project goals
33%
our research
Life sciences companies are struggling to meet key project goals, with 33% saying it has become more difficult since March of 2020.
top challenges
Project Management Expertise Is in Short Supply
Mission-Critical Projects Are Failing at a Worrying Rate:
Without capable project leaders at the helm, initiatives go astray, and the original intent gets lost.
13%
Only 13% of those we surveyed achieved all or most of their key objectives.
30%
30% said most of their projects have underperformed
60%
30% said most of their projects have underperformed
Why is success so elusive?
Respondents told us that inadequate talent and complex workforce dynamics are key contributors.
41%
A lack of capable talent in key project roles (41%) to a large or huge degree)
31%
More project team members are working from home (7% in 2020 vs. 31% in fall 2022)
46%
More talent from outside of the company is being used (40% in 2020 vs. 46% in 2022)
Challenges With Talent and Tools Among Key Roadblocks to Project Success
Key Insight
Organizationally diverse and remote teams are creating complex dynamics for project execution in life sciences.
58%
our research
58% of life sciences leaders said teams with talent from multiple organizations are important to successful project execution.
Outside Consultants Are Expected To Comprise 48% of the Average Project Execution Team by 2024
Key Insight
Managing teams with people from multiple firms is one of the biggest challenges but also one of the biggest contributors to successful project execution. In other words, it may not be easy — but it’s worth it.
Strong Project Leaders Are Vital to Achieving Results
The model for executing mission-critical projects has undergone significant change
Projects can’t be managed the same way as a few years ago. Team dynamics are different, with more people working remotely and a higher mix of outside talent.
To effectively manage these changes, life sciences companies must invest in upskilling and reskilling experienced employees, and/or partner with outside firms that offer strong project management talent and resources.
How can you improve project execution?
Invest in project quarterbacks who can synthesize the tasks, milestones, processes, and team members needed every step of the way.
Centrally coordinate the project portfolio to reduce duplications and inefficiencies.
Conduct readiness assessments to determine the feasibility and scope of projects upfront.
80%
project leadership
of life sciences executives believe highly effective project leaders provide a strong competitive advantage.
“Without effective project management, an alarming number of critical projects are failing today and will continue to fail.”
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