What are the chief factors that contribute to IT project failures?

The three significant contributors are:

a) Project Management
b) Domain Experience
c) Past Performance

An independent research reveals that companies with domain experience offer the lowest risk to the customer.Most companies claim experience in developing application software using Java, Cold Fusion, etc. Technically, there are a number of programmers who can do this. Nevertheless, a number of projects fail. Why? This is due to the lack of project management skills, domain experience and no real experience.
What value can 2M provide?

2M has domain experience in developing systems using property, insurance and mortgage data. 2M brings to the table 12 years of business operation and it services a diverse list of clients from a wide spectrum of industries - Insurance, Finance, Mortgage and banking.

A lot of projects fail or go significantly over budget. If past performance is one of the key factors, how does 2M mitigate these?

Our philosophy in our management approach is that we take on customers where we have domain experience. If we don’t have domain experience we help our customers by partnering with a firm that has the domain experience and provide a total, quality solution to our customers.

Our project managers also have domain experience, eliminating some of the risks arising from a lack of business knowledge and experience. Lack of project management is the principal cause of project failures. At 2M, all of our project managers not only have project management experience, but also the required domain experience for a particular project

2M has demonstrated this through its innovative COTS product development, www.InsuranceIsland.com. This product is a key enabler of the technology, providing customer relationship management, underwriting, risk management, policy services, agency audits, and a plethora of services related to the financial industry. Today, InsuranceIsland supports elite clients in the insurance industry such as Allstate Insurance, Farm Bureau Insurance, Titan Insurance, and Nationwide Insurance, to name a few. The application is constantly updated and hosted from our facility in Cleveland.