Choosing your internal FP&A project team
You’ve selected your software and possibly your implementation partner, so now it’s time to focus on your team. Consider the team you’ll be assembling for this project. Start by envisioning the end goal: where are you headed, and which current processes need improvement to add value to your business?
Have a clear vision
Having a clear vision of your destination makes the journey much easier. Reflect on the final process, assess your current position, and determine how these processes must evolve. Your team will be instrumental in implementing these changes. Currently, you might be following process BC, but in the future, you could transition to AXY, which involves altering how people work and the information they use. Your team is there to align your new process requirements with the software‘s functionality.
Understand your software
Different software solutions such as Jedox tackle the same issues in slightly varied ways, so it’s crucial to understand how your chosen software addresses specific challenges. Whether it’s a complex revenue recognition issue or a unique market channel, ensure the software meets your expectations. This should be discussed during demos.
Flexibility is key
The software’s approach might be valid but different from your current method. Sometimes, the two are incompatible, but flexibility is key. Consider that an alternative approach might be better or equally effective, and you may need to adjust your perspective to maximise the software’s benefits. Avoid forcing a process into a software that doesn’t naturally support it, as this could limit its effectiveness.
The right team
Your team acts as the bridge between the software and the implementation partner. Both will function more effectively if your team is actively involved and engaged. It’s your project, so take ownership, drive it forward, and maximise the benefits of the software and implementation partner by assembling the right team for the task.
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.