Stephen Hambling talks on Kybos, Diary of a CFO about the five steps to FP&A project success.
When you’ve invested in your FP&A software, the next critical step is implementing your solution through a structured project. Most CFOs and senior finance leaders have participated in large-scale projects – often ERP implementations -which can be complex and demanding. The good news is that deploying FP&A software is significantly less challenging and carries far fewer risks than an ERP rollout.
1: Choose the right team
There are several best practices that will greatly enhance your likelihood of success. Begin by assembling the right project team. Choose individuals who possess a deep understanding of your business and are trusted to make effective decisions and maintain focus throughout the project.
2: Allocate enough time
It’s also essential to allocate sufficient time for your team to dedicate to the project. As a rule of thumb, a minimum of one day per week is recommended, though more frequent involvement is optimal and should scale with the complexity of your organisation. If possible, providing team members with the flexibility to commit three to five days a week can substantially increase your project’s chances of success.
3: Understand the problem
Another crucial consideration is clearly defining your project scope. Understand the core challenges you want to address. Many organisations approach us seeking to replicate their existing Excel processes. However, simply duplicating what’s already in Excel does not unlock the transformational benefits of a modern FP&A platform.
4: Be clear on what you want to achieve
Go beyond direct replacement – consider the improvements you’re aiming for, such as accelerating month-end processes, enhancing control over forecasting, or increasing the flexibility of scenario analysis. Clarify the specific business outcomes you expect to achieve.
5: Change Management
Remember, implementing new technology is not just about deploying software – it’s about delivering meaningful business solutions. One commonly overlooked factor is the management of organisational change. While formal change management roles are not always required, it’s important to recognise that you are asking people to adjust long-standing processes. For example, rather than relying on manual spreadsheet updates and dispersed approvals, users will engage with an integrated platform and follow new workflows. It’s vital that teams understand these changes and are given the opportunity to adapt prior to going live.
Key take-homes
Transitioning away from legacy methods will inevitably present some challenges. Engage your team throughout the project to test the new processes -focus on user experience and ease of adoption, not just technical issues. This involvement allows you to identify and address practical concerns before full deployment, significantly smoothing the transition.
Although these steps may seem straightforward, in practice they are often neglected. As a senior finance professional, your leadership is key. Maintain focus on the overarching objectives, ensure your team is aligned, and foster broad understanding of the intended business benefits. By following these fundamental practices, you can expect to see a successful FP&A solution go live within three to four months, setting your organisation up for enhanced performance and forward-looking decision-making.
Get ready for FP&A success
Ultimately, the highest levels of FP&A success are realised when a leading-edge platform like Jedox, specialist consultancy, and engaged internal team are completely aligned. Investing in all three pillars creates a resilient, future-oriented finance environment that supports continuous improvement, regulatory compliance, and better decision-making at every level.
About Stephen Hambling,
CEO and Founder of Kybos, a UK based Jedox partner.
I provide simple, clear, commercial forward looking financial support to founders, entrepreneurs and CFO’s of Small and Medium sized companies. Typically I’m the special projects guy, commercial troubleshooting, systems help, M&A or cashflow & turnarounds. I’ve implemented several hundred finance systems. Implementations are not a core skill set for the average finance team, so it’s easy for a project to go off track. Clear simple guidance before, during and after an implementation can make the world of difference.
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Aout Kybos
Kybos is a dedicated UK Jedox gold partner. We build planning and analysis solutions that deliver value fast using accountancy qualified consultants. Whether you want a fully customised application or to build upon an existing solution, Kybos consultants are here to help.