A new study has found that companies are losing competitiveness by not keeping up with collaboration technology

Outdated ways of working are jeopardising revenue and reputation for many companies, costing them an average of 20 working days a year.

A new pan-European study by research companies Cint and Loudhouse, commissioned by Projectplace and endorsed by the UK Chapter of the Project Management Institute, surveyed 1,240 people managing projects across six European countries, and found that they are struggling to adapt their businesses to new technologies, new ways of working, and the increasingly global nature of business.

Drilling deep into the factors that contribute to inefficient collaboration and project management practices and their impact on productivity, individuals’ well-being and business success, the survey found that project managers waste an average of two hours and 45 minutes a week in lost productivity.

Putting stretched budgets and timelines under the microscope, the findings reveal that one in five (19%) of all projects run late and 14% run over budget.

Inefficient business practices can result in poor productivity levels, as highlighted by the study. This ultimately has a knock-on effect on the bottom line, as projects overrun.

Respondents overwhelmingly said that better tools for collaboration could result in more time saved, better control of costs, lower stress levels and a stronger sense of a team. Yet only half (52%) said their organisation’s IT department supports the use of new technologies.

‘In a bid to maximise productivity, organisations are placing huge pressure on project managers to deliver on complex business initiatives with smaller budgets and tighter timelines,’ said Yohan Abrahams, president of the UK Chapter of the PMI.

Though becoming rapidly outdated compared to other collaborative technologies, email (76%) remains the top communication method. Limits on mailbox sizes (26%) and challenges of finding specific emails (38%) were some of people’s email pet hates. The number of emails received leaves one in three (35%) project managers feeling stressed.

Two-thirds of project managers can access sensitive data in their organisation, but only half can easily see who has read, changed or downloaded a shared document

And the research highlights that dispersed teams working across different geographies and time zones struggle to work together effectively, with over a third (37%) of respondents citing a lack of communication as a major headache.

‘In order to address the new challenges posed by a complex environment, organisations need to equip project managers with new technologies that address their pain points and foster a collaborative working culture,’ said Abrahams.

‘More effective project management and collaboration practices support businesses’ competitiveness in the digital economy.’