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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.
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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...
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Here are my thoughts on a few key ways to ensure successful project execution at scale...
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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.
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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.
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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.
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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...
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... 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.
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How you can tell (& stop it) is simply by asking the working team if the sponsor only manages up & never down.
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5. You must care about execution more than optics. This is a killer in large companies where politics & managing up seems to trump everything.
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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.
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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.
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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.
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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.
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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.
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Let's hope so: Relevance is at stake, which is no small thing.
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