LendingQB revealed the results from its Enterprise Process Assessment engagements with clients and prospects, which is a workflow evaluation model designed to help lenders make objective decisions on their technology initiatives.
"Research shows that upwards of 65% of complex software implementations result in failure," said David Colwell, vice president of corporate strategy at LendingQB, in a press release.
"Even for implementations that do succeed, more than a third of these projects go over budget.”
Some of the EPA findings show that lenders tend to focus on surface-level features instead of addressing solutions to underlying problems, stakeholder input is typically gathered top-down versus bottom-up, and vendor evaluations focus primarily on system functionality and give less weight to system utilization.
