Automation in Finance – Preparing for the Future of Back Office Functions: Part 6

Read Part 5

Adhere to your project plans.

When project start to drift there can be a tendency to adjust your plans accordingly, normally this is done in an effort to ensure that delivery of the project looks like it has been achieved.

By reducing the overall size of a project, timescales should be less likely to slip, and subsequently there should be less chance of additional financial impacts. However, it is still the project manager that is responsible for ensuring that key stages of the project are met within the allotted time.

Of course, there are always risks that cannot be mitigated against, and obstructions that cannot be foreseen. One way to handle these is to set soft goals for specific points in the project. Rather than allowing a week for a step, allow two.

As we have already discussed, clarity, access to information and regular updates are vital. Not only will this ensure that people know what is happening (and hopefully stop unnecessary questions) but it will also focus you and your team on your deadlines, and where there could be issues.

Continued reference back to your project plan will also provide this focus for you. With regular checks you will quickly be able to spot if there are gaps or delays starting to happen. You can then focus on these in order to address the issues before they become a problem.

Finally, regarding budget, again we would suggest that this is carefully monitored throughout the project phases. Similarly to when time targets start to slip, if budgetary restraints are not taken into consideration additional costs could easily result in a failed, incomplete project. The net result of this is that you don’t improve the processes and have wasted all of the time dedicated to moving your organisation forward to face the new challenges of Industry 4.0.

This is part 6 of a 6 part series.

Recommended Reading:

White Paper – 5 reasons to digitalise your Procure-to-Pay Process


Post by John Stovold,
Marketing Manager ITESOFT

John Stovold has worked at ITESOFT since 2012. Driven by a desire to learn and educate John has used this to set himself up as a true thought leader in digital transformation of Accounts Payable and Finance. John really isn't that keen on writing in the 3rd person... But will when he has to.

Other articles