Before embarking on a significant finance system upgrade, organisations must define success from the perspective of each affected area.. This will ensure the success of the project can be clearly assessed, both in terms of operational efficiencies and whether the major strategic goals have been met.
To create detailed success criteria, we recommend considering the following subjects:
Process Improvements
By defining the improvements the new system should make in your workflows, you’ll get a clearer picture of the efficiency the new system should bring and help your team stay focused on these goals.
Such goals may include:
- Shorter Financial Reporting Cycles: Use this opportunity to define the expected decrease in time needed to complete financial reports.
- Less Manual Data Entry: Show how the system will cut down on manual input, reducing errors.
Quicker Invoice Processing Times: Outline the expected speed in processing invoices with the new system.
Staff Productivity
Another core area to define is how the new system will boost staff productivity. Will it free up time for the staff to engage in more valuable tasks by reducing manual work, for instance? Quantifying time savings and potential productivity increases sets clear targets and sheds light on areas that need further attention.
Customer Satisfaction
Let’s not forget the most important stakeholder of all – your customer. This is a fantastic opportunity to enhance your customer experience, and so clear objectives should be set. Will the new system result in faster order processing, more accurate billing or better customer support?
Financial Metrics
This is a commercial investment like any other and just to be justified in monetary terms. Having clear financial metrics and overall target ROI guides decision-making and helps in assessing the true business success of the new system.
Often when things go wrong, it’s not because of the technology or failures in implementation, but rather due to a lack of shared objectives. Success in the eyes of one party was inconsistent with that of another, and these competing visions condemned the project to confusion and failure before it had even begun.
Defining success accurately from the start avoids these problems.. The definition acts as a constant reference, ensuring that the project stays in line with strategic goals. And if there are challenges along the way, it’s far easier to conduct reviews and establish where things went wrong and the lessons that should be learned.
