on necessary steps to execute digital transformation at scale:

Had a good discussion w/ a recruiter recently about why #finserv transformation at legacy firms continues to be a problem -- failed projects everywhere & little true innovation anywhere.

1/

I’ve dropped threads before on WHY the problem exists, with all its stunning statistics & millions of dollars wasted.

Here are my thoughts on a few key ways to ensure successful project execution at scale...

2/

1. Realistic roadmap/end-state. Most large projects fail b/c of over-reach. You’d never buy a cow and attempt to eat it in one bite, yet most firms attempt large transformations like this, which occur in the background over years, waiting for a large unveiling.

3/

2. IT Architects who understand the business & are vested in victory. So much energy is wasted on IT warring w/ the business over strategy. Find a lead architect who understands the end-state & can work productively on how to achieve it. It’s everything.

4/

3. Good Business Analysts. People who can translate the business objectives to your developers in words they understand. Oddly, this is a role that is often difficult to get funding for, which is short-sighted on behalf of HR & your senior team.

5/

4. Engaged, knowledgeable Project Sponsor. This is the single largest reason I’ve seen for failure. Often, the sponsor is someone who becomes too high-handed for their own good, starts delegating to project managers who then delegate to the middle/back office & IT...

6/

... before you know it, a game of telephone has ensured nobody who is accountable for anything is executing until something has slipped.

How you can tell (& stop it) is simply by asking the working team if the sponsor only manages up & never down.

7/

5. You must care about execution more than optics. This is a killer in large companies where politics & managing up seems to trump everything.

8/

A Steering Committee who seeks out difficult conversations – rather than avoids them – can help with this but only if those people also don't only care about optics.

9/

6. Don't rely on fancy consultants who have never delivered an actual product or worked in a back office or spoken to an actual client to write a fancy strategy on paper that is based in outer space not reality.

10/

The fact is, your own team members know what’s broken. Listen to them about what needs fixing, and, if necessary, hire consultants as arms & legs to frame what's broken into something tangible – it’s a much better use of funding.

11/

7. Have a diverse team. I have strong belief that a lack of diversity is to blame for why transformation is so stagnant. Too many people who look exactly like each other doing the same failed things over & over is the literal definition of insanity.

12/

That's my list. Am optimistic people in positions of power finally "get" what works -- or at least what doesn't -- and are committed to doing better.

Let's hope so: Relevance is at stake, which is no small thing.

END.