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Time to Upgrade Technology?... Don't Forget the People.

Finance officers have been looking for signs of change in the economy during the mid-year re-forecast period. Interest rate pressures and inflationary impacts on everything from gas to food to rents can be felt across the board. While all that plays on the main stage, behind the scenes stands a technology improvement project with a digital transformation payback plugging along. During the process of installing a new ERP upgrade or a data warehouse project invariably the question of people and process issues are summoned to the front of the gantt charts. Getting alignment with people and managing change continues to persist as a major issue in the success of technology enhancement projects. The impact of the pandemic no doubt has taken a punch at company culture. What can be done? Start with a carefully orchestrated plan to manage change with recognition of the issues and constant communication around the benefits to be realized by the team. Aligning incentives to an outcome is helpful yet not enough. It's people first...communicate, communicate, communicate.

© Copyright 2022. The views expressed herein are those of the author(s) and not necessarily the views of Ankura Consulting Group, LLC., its management, its subsidiaries, its affiliates, or its other professionals. Ankura is not a law firm and cannot provide legal advice.

For the fifth consecutive year, executives report that cultural challenges — not technological ones — represent the biggest impediment around data initiatives. In the 2021 survey, 92.2% of mainstream companies report that they continue to struggle with cultural challenges relating to organizational alignment, business processes, change management, communication, people skill sets, and resistance or lack of understanding to enable change. This represents an increase from an already high percentage of 80.9% of firms that named cultural challenges as the greatest impediment to success just four years ago.

Tags

change management, office of the cfo, finance, perspective

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