CFOs say they want to deploy new leading edge technology, but cite budget constraints as a barrier to obtaining their most desired technology. That's one of the findings from Armanino's 2012 CFO Benchmark Study.
The backstory to the "budget barrier" finding is that big IT projects have a reputation for running over budget, and frankly, national statistics have supported that perception among decision makers. But there is also mounting pressure on CFOs to upgrade systems in order to remain competitive. The good news is that there are proven methods and a new generation of software applications that best-in-class CFOs are leveraging to reduce the risk of IT implementation and which keep projects on time and on budget. Select a viable vendor - One that has great products, but that will also be around for the long haul. Many innovative vendors lack clear strategic direction and/or scale to provide adequate support. Perform due diligence by reviewing vendors' funding sources, available resource skillsets, business plans, financials and growth and be sure to check market opinion about vendors you are considering..
Assign the best people in your organization to own the project - Be sure and assign your best and brightest to these initiatives. Backstop their daily work with other employees or outsourced vendors to ensure they have enough time to concentrate on smooth implementation.
Lead by example - Lead the project yourself and be accountable. Every major IT initiative should be sponsored by the CFO or CIO. Your commitment to lead and accept a project will inspire your team and others to support you. Hold frequent team meetings to measure progress against your critical path.
Moore adds that managers should align rewards with clearly defined project success factors and adds this tip: "Break projects down into reasonable, short-term milestones or phases that allow quick wins that build momentum and morale," he says.
July 01, 2012