CFOs are asking themselves this question everywhere in the world: how should we structure a modern ‘digital finance’ function? It feels a little too much of an unknown to answer. However, there is actually a very short and simple answer: it needs to look more like an IT department.
We’ve always wanted FP&A to work a certain way – taking the company’s strategy, putting in place a plan to deliver it, then continually reporting on progress and refining that plan. But in reality, it never quite worked that way – only at a base level.
The business case is in place and you have a software solution in mind, congrats! Now it’s time to deliver the project, and it’s at this stage where things can often go horribly wrong, right from the get go.
The best way to avoid the potential pitfalls is by knowing what to look for. Then you can take steps to avoid them. Most are easily remedied – it’s about taking an interest in the project, getting the right people on board, and preparing your team for change. Here are the reasons why finance IT projects go wrong, and how you can remedy them: