They offer little to no flexibility.
Every company has its own unique processes and structures. How successful can a “one-size-fits-all” approach be? If decision makers adhere strictly to best practices, they deprive the company of the opportunity to build on its own individual strengths. In addition, managers often adopt strategies without considering whether they make sense in their own business context.
They limit the company’s performance.
Best practices are strategies that have made the best in class successful. When other companies adhere to them, they can catch up with their industries’ standards. The downside: They will only ever be as good as the competition and that makes it impossible to outperform those best-in-class organizations.
They hold back innovation.
Best practices are based on past experience and established methods. However, in a market environment that changes almost every minute, they quickly become outdated. As a result, companies run the risk of overlooking new trends and developments or failing to adapt to new conditions.
They may promise a false sense of security.
Those who recklessly rely on tried-and-tested processes tend to underestimate risks to their own project progress or recognize them too late. This can lead to project managers not critically addressing potential threats and neglecting important security measures, such as thorough software testing or consistent risk management.
When should you stick to best practices?
Many project managers rely on best practices for two main reasons: cost and time pressure as well as an ever-decreasing process design competence within the companies. It’s simply not clear which processes add real value and how they need to be designed so that they contribute to the company’s main goals.
But precisely these “Unique & Differentiating Processes” determine whether the company will be successful in the future. If decision-makers uncritically rely on best practices, they can usually expect shorter project cycles and lower costs. However, their capability to innovate suffers in the long term.
Nevertheless, there are exceptions: Standard processes, such as finance and accounting processes, are in most cases not directly involved in the company’s market positioning. In these cases, sticking to best practices can save time and resources and lead to quick results.
In strategic, groundbreaking transformation projects that determine the companies’ future, the solution must adapt perfectly to the individual, value-creating processes. IN3’s consultants and project managers know the best approach for their customers’ individual needs. With the help of the Goldfield approach, they analyze the Unique & Differentiating Processes even before the start, find the perfect solution together with the customer, and plan the project accordingly. Contact us now!