Selecting Systems 9: Developing and Implementing a Plan
Why is developing a plan part of the selection process?
It may make more sense to you that the plan comes after. That is how many companies go about selecting any system, whether for growth, finance, or other reasons. There should be no reason to decouple an understanding of implementation from the process of selection; there are no gains to be made from separating the two and much that could be lost by doing so.
Having a well-defined implementation plan is essential to ensure a smooth transition, minimise disruption, and maximise the system's value. Even in outline form, before the process of selection begins, a plan is critical to the overall success. It should not be a later stage that begins only once a selection has been made.
Define project scope and objectives
The first step in developing an implementation plan is to clearly define the project scope and objectives. This involves identifying the specific functionalities, features, and goals that the finance system should address. By establishing a clear scope, organisations can focus their efforts and ensure that the selected system aligns with their growth strategy.
Aligning business objectives and system configuration
Any project can put a strain on a business’s resources and its stakeholders. Having a plan that is clearly aligned with the objectives and wider ambitions of the business provides a north star for the project. By developing a comprehensive implementation plan, CFOs can ensure that the solution is tailored to address their organisation's specific needs and wider goals.
This includes the mapping of key processes, defining data requirements, and determining all necessary system integrations, all while aligning them with the broader strategy for finance.
Establish a project team and roles
Building a dedicated project team is crucial for the successful implementation of a finance system, through identifying key stakeholders, assigning roles and responsibilities, and establishing clear lines of communication. The project team should include representatives from finance, IT, and other relevant departments to ensure comprehensive expertise and effective collaboration throughout the implementation process.
Create a detailed timeline and milestones
Developing a detailed timeline with specific milestones helps to keep the implementation process on track. Break the project into manageable phases, set realistic timelines for each phase and then define measurable milestones to track progress. Regularly review and update the timeline to adapt to any changes or challenges that may arise during the implementation to track progress.
Regularly review and update the timeline to adapt to any changes or challenges that may arise during the implementation.
Minimise disruption and downtime
Implementing a finance system without a well structured plan increases the risk of disruption and downtime. The impact of operational interruptions on financial performance has the potential to be significant, depending on the departments and activities affected by the downtime. An implementation plan outlines a systematic approach to minimising disruption by addressing potential roadblocks and dependencies. It includes strategies for data migration, user training, and change management, ensuring a smoother transition and reducing the impact on daily operations.
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Data migration and systems integration
Planning for data migration and systems integration is critical to ensure a seamless transition to the new finance system. Firstly, it’s important to identify the data to be migrated, establish data cleansing and validation processes, and then define integration requirements with other existing systems. Thoroughly testing data migration and integration processes helps to maintain data integrity and minimise disruption.
User training and change management
Effective user training and change management are essential components of a successful finance system implementation. Developing a training plan helps to ensure that users are equipped with the necessary skills to use the new system effectively. By implementing change management strategies, you can address any resistance or concerns among users and promote a smooth transition.
Testing and quality assurance
A robust testing and quality assurance process is critical to identify and resolve any issues or bugs before going live with the new finance system. Developing comprehensive test scenarios, performing thorough testing at each stage of the implementation, and involving key users to gather feedback and address any gaps or concerns, helps to prevent issues or bugs when going live.
Change management
Large technology implementations like ERP implementation are projects of change - they can change the way people work day to day across the wider business. Implementations do not happen in a vacuum, but instead have an impact across the business and need to be considered within the wider workstreams that are happening across the business. Developing strategies to effectively manage the organisational and cultural changes associated with the implementation helps to promote stakeholder buy-in. It is imperative that process change is communicated across the business and adopted by all key stakeholders.
Conclusion
Having a well-structured implementation plan is essential for successful finance system selection. By defining project scope and objectives, establishing a dedicated project team, creating a detailed timeline, addressing data migration and system integration, providing user training and change management and conducting thorough testing, organisations can navigate the implementation process effectively and maximise the benefits of their finance system.
All VantagePoint projects have a comprehensive implementation plan that ensures a smooth transition, minimises disruption, and sets the foundation for long-term growth.
Selecting Systems for Growth 9/14