It's not a given that your organisation is going to share the same enthusiasm for your finance transformation project as your team does.
Here are some reasons why and things to combat:
Lack of Awareness
If stakeholders are not adequately informed about the purpose, benefits, and objectives of the finance transformation project, they may not fully understand its importance or impact. Lack of awareness can result in a lack of engagement or resistance.
Fear of Change
Change can be unsettling for individuals, and a finance transformation project often involves significant changes to processes, systems, and ways of working. Fear of the unknown, fear of job loss or role changes, or a general resistance to change can lead to disengagement or reluctance to actively participate.
Ineffective communication can hinder engagement. If the project's objectives, progress, or benefits are not communicated clearly and consistently, stakeholders may feel left in the dark or uncertain about the project's purpose. Lack of two-way communication channels can also prevent stakeholders from expressing their concerns or providing input.
Inadequate Involvement and Collaboration
When stakeholders are not actively involved in the finance transformation project, they may feel disconnected or excluded. Lack of involvement in decision-making processes or insufficient opportunities to provide input can lead to disengagement or a sense of apathy towards the project.
Perceived Lack of Value
If stakeholders do not see the direct benefits or relevance of the finance transformation project to their roles or the organisation, they may not feel motivated to engage. It is important to demonstrate the value proposition of the project and how it aligns with the organisation's goals and individual stakeholders' needs.
Competing Priorities and Workload
Stakeholders may already have heavy workloads or competing priorities, making it challenging for them to allocate time and resources to the finance transformation project. This can result in reduced engagement or delayed participation.
So what's the solution?
Addressing these challenges requires proactive change management, effective communication, and stakeholder engagement strategies.
Providing clear and compelling communication, involving stakeholders early on, addressing concerns and fears, and demonstrating the value and benefits of the project can help increase engagement and participation in a finance transformation project.