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What are the 5 biggest mistakes in a finance transformation project?

  • Publish Date: Posted 7 months ago
  • Author: Ryan Burrow
What are the 5 biggest mistakes in a finance transformation project?

Every finance transformation programme is different. The one shared attribute is they are complex, challenging, and you need some sharp minds to drive them forward. 

Whether it is the first time you've led a finance transformation programme, it's been a while, or you are a seasoned pro, I asked my network to share the five most biggest mistakes to avoid:

  • Inadequate planning and scope definition

Failing to thoroughly plan and define the project scope can lead to scope creep, cost overruns, and delays. It is crucial to conduct a comprehensive assessment, clearly define project objectives, and establish a realistic timeline and budget from the outset.

  • Insufficient change management

Neglecting the human aspect of change. Inadequate change management efforts can result in resistance, lack of adoption, and failure to realise the intended benefits. It is essential to engage stakeholders, communicate the vision, address concerns, and provide the necessary training and support to ensure successful change adoption.

  • Lack of alignment with strategic goals

Finance transformation projects should align closely with the organisation's strategic objectives. Failing to establish this alignment can result in a project that does not address the organisation's true needs or deliver the expected value. It is important to maintain a clear focus on strategic goals throughout the project and regularly assess progress against these objectives.

  • Poor data management and integration:

Data is a critical component of finance transformation, and inadequate data management and integration can hinder the project's success. Failure to address data quality, data governance, and integration challenges can lead to inaccurate reporting, unreliable insights, and inefficiencies. Robust data management strategies and effective integration of systems and processes are essential.

  • Insufficient communication and stakeholder engagement:

Lack of effective communication and engagement with stakeholders can result in misunderstandings, resistance, and a lack of support for the transformation project. It is crucial to establish a comprehensive communication plan, involve stakeholders from the beginning, and provide regular updates on project progress. Open and transparent communication helps build trust and ensures alignment throughout the project.

By avoiding these mistakes and implementing best practices in project planning, change management, alignment with strategic goals, data management, and stakeholder engagement, you can feel more at peace in working towards a successful finance transformation project.

Supporting finance transformation in the creative industries.

If you're leading a finance transformation project, or want to find your next role within finance transformation, we're here to support.
Ryan Burrow - Associate Director