The Power of Experience: Why Technology and Enthusiasm Are Often Not Enough

In today’s fast-paced world, where innovation and new technology often steal the spotlight, it is crucial not to underestimate the value of experience. With new gadgets and software being released daily, it is easy to forget the importance of experience, which will always be one of the most valuable assets anyone can bring to a project or investigation that involves misconduct or wrongdoing. This article will explore why experience is essential and how it can differentiate between success and failure.

In most fraud or insider investigations, when you look back, you often see that the red flags were there all along but were missed.(1) The more experienced you are, the less likely you are to miss the warning signs – just like an experienced project manager will spot the warning signs of poor project health before an inexperienced colleague might.

Spotting red flags early can have a dramatic effect on the success of investigations or project management. A notable example is the Bernie Madoff Ponzi Scheme.(2) Madoff was a well-known stockbroker and investment adviser who defrauded thousands of investors of billions of dollars through a Ponzi scheme and is portrayed in the Netflix film, "Everything You Need to Know About ‘MADOFF: The Monster of Wall Street"(3). After he was caught, it was discovered that regulators and investors had missed several red flags, including his consistent returns during market downturns and secretive and exclusive investment strategies. However, some experienced investors, such as Harry Markopolos, had warned about Madoff’s fraudulent activities for years, only to be dismissed.(4) Markopolos, who had worked as a portfolio manager and fraud investigator, was able to spot the red flags due to his experience and expertise.

While more tangible factors like technology, innovation and enthusiasm are essential in achieving success, experience is an irreplaceable asset in an assignment, project, investigation or engagement. A team with years of experience has seen everything, from the highs of success to the lows of failure, and can provide valuable insights and expertise that cannot be replicated through any other means.

First and foremost, experience allows people to recognise patterns and trends. Experienced employees are more likely to correctly identify patterns in data and take action based on that information. By contrast, inexperienced employees may not recognise critical insights and may make decisions based on incomplete information or understanding.

According to a LinkedIn study, accumulating knowledge of past experiences creates a more complete “mental library” to reference when considering problems and potential solutions in the present. This experience helps individuals develop their problem-solving skills and allows them to see answers to questions others did not even know to ask. Experience is impossible to learn from classes or books, and it cannot be taught. It is earned with time, effort and passion – and is built on having tried, failed and succeeded within numerous contexts.

Even in highly regulated environments, creating policies and procedures that account for every possible twist or turn in a project or investigation is impossible. New challenges or unexpected obstacles can arise at any moment, and these must be overcome without derailing the overall mission. The more extensive the collective experience of a team or individual, the more points of reference are available from which to extrapolate a suitable solution, while remaining consistent with existing policies and expectations.

In the realm of project management, this kind of experience is indispensable. Seasoned project managers can identify these potential risks and pitfalls before they happen, allowing them to instinctively develop effective mitigation strategies and have confidence in their efficacy. They also deeply understand project lifecycles, governance and stakeholder management, providing a solid foundation for successful project execution. By leveraging their experience, project managers can confidently lead their teams, ensuring projects stay on track, keep within budget and meet deadlines.

Combining experience with enthusiasm can also be a critical success factor. Enthusiastic individuals passionate about their work are more likely to go above and beyond to achieve their goals.(5) It can be contagious and inspire others to work harder and achieve more. A positive and enthusiastic attitude is a critical component of workplace success.(6)

While technology is undoubtedly essential, it cannot replace experience. As a Dataquest article points out, technology is only as good as those who use it.(7) With experienced and knowledgeable individuals leveraging the power of technology, achieving meaningful results can be easy.

In addition to experience, knowledge sharing with junior staff is essential for future project success. The best senior staff will instinctively pass on their knowledge and experience to the next generation of project managers by providing training and development opportunities, ensuring the team continually grows and improves whilst staying up-to-date with the latest tools and methodologies.

Training and development can also generate other benefits. It can improve retention rates, as employees tend to stay with an organisation that invests in their growth and development. It can be a significant factor in attracting top talent, as potential employees are more likely to choose an organisation that offers personal growth and advancement opportunities.

According to the Project Management Institute’s (PMI) Pulse of the Profession 2022 report, organisations with high levels of project management maturity (PMM) are more likely to have formal training and development programmes.(8) These programmes help to ensure that employees have the necessary skills and knowledge to succeed in their roles.

Staying up-to-date with the latest tools and methodologies is essential in a rapidly changing business environment. However, the importance of experience should never be overlooked. By investing in the training and development of junior staff, organisations can ensure that their teams have the necessary experience and knowledge to lead projects to success.(9)

In conclusion, experience is a critical factor in project success. While technology and innovation are essential, and more is needed, they cannot replace the knowledge and expertise gained through years of practical experience. By recognising the power of experience and combining it with technology, innovation and enthusiasm, individuals and organisations can achieve meaningful results and stay ahead of the curve.

Article by:

Darren Mullins?- Partner at Accuracy

Steve Molloy ?- Director at Accuracy

Paul Wright MSc?- Senior adviser at Accuracy?

1 A red flag is a set of circumstances that are unusual in nature or vary from the normal activity. It is a signal that something is out of the ordinary and may need to be investigated further. Remember that red flags do not indicate guilt or innocence but merely provide warning signs of wrongdoing.

2 A Ponzi scheme is an investment fraud that pays existing investors with funds collected from new investors. Ponzi scheme organizers often promise to invest your money and generate high returns with little or no risk. But in many Ponzi schemes, the fraudsters do not invest the money. Instead, they use it to pay those who invested earlier and may keep some for themselves.

3 Netflix, "Everything You Need to Know About ‘MADOFF: The Monster of Wall Street", January 2023, https://www.netflix.com/tudum/articles/madoff-the-monster-of-wall-street-release-date-cast-news

4 ekathimerini.com, "Harry Markopolos: The man who revealed Bernard Madoff's fraud", Kathimerini, April 2021, https://www.ekathimerini.com/economy/1159488/harry-markopolos-the-man-who-revealed-bernard-madoff-s-fraud/

5 LinkedIn, "Employee Engagement as a Key Performance Indicator: Why It Matters and How to Measure It", Dan Coleman, March, 2023, https://www.dhirubhai.net/pulse/employee-engagement-key-performance-indicator-why-how-dan-colman-pmp

6 "Enthusiasm & Attitude - Ms. Roeder's Website.", https://msroederbhs.weebly.com/enthusiasm--attitude.html

7 Dataquest, "Technology is only as good as the people using it", June 2021, https://www.dqindia.com/technology-good-people-using/

8 plaky, "Project management statistics for 2023", https://plaky.com/learn/project-management/project-management-statistics/

9 SH!FT, "The True Cost of Not Providing Employee Training.", Diana Cohen,?https://www.shiftelearning.com/blog/the-true-cost-of-not-providing-employee-training