This adoption of a centralised middle office has increased demand for dedicated technology solutions to support key processes.

Pitfalls to watch out for

Once the strategy and operating model are aligned and the system requirement is clear, there are a number of pitfalls to watch out for:

• Organisation is not ready – minimal buy in (lack of support from senior management) and lack of organisational bandwidth

• Severe underestimation of the business involvement in the selection and implementation process

• A ‘total cost of ownership’ model should be used to compare costs, not just upfront costs

• Managing competing priorities within the organisation

• Not doing enough diligence on the system or vendor

• Don’t underestimate change management – a new system in isolation will not resolve all problems. Process and people also need to be addressed

• Don’t rely on the vendor to have all the answers

• You’re not only buying a system but also the vendor

• Large IT implementations have a high failure rate and require strong project management disciplines

• Interface and integration requirements are not clearly understood or documented

• Deferring commercial discussions until too late in the process

Getting it right

By selecting the right system there is real potential to add not only immediate, but long term value to an organisation. This can only be done by aligning the decision process with corporate strategies and the future state operating model. Once a solution has been agreed the implementation and change management is just as crucial to ensure the agreed solution is delivered effectively and the benefits are realised. The time and the dollars spent upfront on the system selection decision and implementation planning will drastically increase the likelihood of success.