Help: I need a Finance Transformation program!

According to research and advisory company Gartner, Finance teams are constantly asked to do more with less. As a result, 85% of finance teams are currently undergoing or planning a finance transformation. However, 70% of finance transformation initiatives fail to deliver the forecast benefits to the business. 

And how is that surprising when these initiatives are meant to be delivered by the same finance resources who are already struggling to keep up with their day jobs and all the increasing demands they entail. Not to mention that it is daunting to try and keep up with an ever-changing technological landscape.

Let’s apply some common sense to at least get you started on the right track:

-              Work with the right people: it is a team effort! People are the most important resource on a strategic project, and they must have the right balance of experience and drive. You need to involve the people who know your internal processes, but you need to also work with people who know the space, have the skills and expertise to match the business requirements to the software’s capabilities. They will help guide you through the “lingo” that will be thrown at you by vendors, making a huge difference for your project.

-              Bring all the stakeholders onboard and define their needs. An experienced consultant can provide you with guidance on driving these discussions, building a business case, and clearly defining the scope of your project with measurable objectives. They can help you build a complete Request for Proposal document, define a selection process and criteria so you can objectively evaluate the solutions being considered.

-              Ask for demos, talk to your peers, get references. Due diligence done at an early stage will minimize the risks associated with your project.

-              Evaluate your implementation partner, not just the software! Many software projects fail not because the customer chooses the wrong system but because their implementation partner either doesn’t have a full picture of the scope or gives them totally unrealistic roadmaps at the beginning, to sign the deal. So, invest the time to ensure that your implementation partner has all the needed information to be able to size the project accordingly and that the contract covers any potential risks coming from this area.

-              Negotiate on price, but don’t choose on price!

-              Communicate, communicate, communicate! Keep your sponsors, your stakeholders, and your project teams up to date on all the relevant topics. Make them feel part of the project rather than spectators. Yes, it will take a lot of effort and discipline, but it will pay off.

If you need some advice, don’t hesitate to contact us for a free, no strings attached discussion.