The Coronavirus has certainly disrupted most companies’ operations, and many are considering how to continue with their financial solution deployment projects. In all likelihood, the challenges that led to the desire to move away from the current solution (e.g. spreadsheets) in place are now exacerbated even more.
Many teams are also concerned about being able to deploy when their workforce is working remotely. In our case, we are able to implement and support our projects 100% remotely and share our remote-enabling tools with clients. Indeed, most of our projects have been remotely implemented for years.
So, what can project teams do now, so they can continue with successful, robust projects?
- Document any new requirements that you’ve observed during this time of volatility. For example, if any systems are not integrated, pulling data on a more frequent basis has probably consumed much more time than desired, and detracted on your ability to keep data up-to-date.
- Identify the weak points in your process. Which processes that function in normal times are now breaking down? If there are any, you can now redesign processes to build in greater resiliency.
- Are your existing technology systems available and accessible with mandates to work at home? This is a good time to take stock of your solution and IT stack and identify weak links in the chain. If you are still relying on any on premise solutions, it can be a challenge to keep them up and running. Now is the time to be thinking about Cloud replacements.
- Which manually intensive functions can be streamlined with automation? New advances in artificial intelligence and automation are available to replace manual processes that pull resources from more value-added activities. For finance teams, there is a greater need to focus on analysis and problem-solving, rather than rote activity.
- Take a step back and reimagine the ideal workflow and solution suite. With a rapidly changing environment, finance teams not only need to run the business on an operational and transactional basis, but also need to actively plan, run scenario analysis, and more quickly report. Depending on the industry, they need to model supply chains, see trends with customer churn, gain visibility into sales pipeline, and impacts to workforce, etc. Efficient workflows require seamless integration between ERP, HCM and Planning solutions so that you are working from a unified set of data and facts.
- Consider a phased approach to your project. Depending on the solution, you could begin to deploy the core features of a solution more quickly and at lower cost, all while working remotely. For example, with Adaptive Insights, you could build a budget and revenue forecast, a personnel model, self-service reports, and integrate with your G/L. You could then complete additional areas of your project at a later date.
COVID-19 has created an unprecedented need to be agile, proactive and collaborative, while making it challenging for many organizations to be all three. Hopefully these suggestions are useful as you navigate and guide your company’s financial well-being. If you would like to learn how Adaptive Insights can assist with planning in this time of disruption, please contact us.