Our top 6 success factors of technology implementation

At Clearsulting, implementations of best-in-class financial technology are what we do best. With hundreds of successful projects to our name, we know what it takes to get systems up and running—and where organizations might start to see losses on their investments. Let’s recap the key success factors:

1. Establish a clear vision and roadmap up front

The old adage, “If you fail to plan, you plan to fail” rings true here. Get aligned on what your project goals are. Define clear expectations around what features of your technology are needs, and which are wants. That means incorporating key stakeholders up front, anticipating their requirements, and how any changes will affect their day-to-day processes.

2. Avoid temptation to lift and shift current state into new system

The goal of implementation isn’t to install a new technology—it’s to create lasting transformational change. Don’t plan to directly translate old workflows into new ones; instead, look to get to the root of any bottlenecks, and underpin process improvements that can be enabled by your new technology.

3. Get settled—then focus on adding additional functionality

In our experience, phased deployments have a much higher success rate than “Big Bang” approaches. Taking it one step at a time will establish trust in the system as you celebrate quick wins—and help you pivot as needed with the long-term vision in mind. As you see what is and isn’t working, you’ll have one eye on continuous improvement.

4. Stay flexible

Your organization is dynamic, and your tech stack needs to flex as you grow. Prioritize forward-thinking decisions and account for future business requirements—like what decisions, at the onset of your system build, will be difficult to reverse down the line. Consider establishing strong governance processes, or a governance council, to make the most out of your new tool.

5. Prioritize change management and end user adoption

Your new technology will only help you as much as your team will allow—so keep the end-user experience top of mind during the design phases. Engage your end-users early and throughout the project for feedback, and develop a thorough, structured communication plan. Your goal is long-term knowledge transfer and easy-to-follow training.

6. Allow enough time for testing and data validation

Don’t underestimate the effort needed for data validation—which is a common area that finance technology implementations can be delayed. As you keep testing, refine your environment with a mind for any feedback you receive.

For more food for thought, check out our tips on creating a solid transformation foundation.