EPM projects are expensive. They are even more expensive when a project fails. These projects are intricate and require specific expertise, and a botched implementation can have serious implications for every business department.
There are a number of reasons an EPM project can fail, and it can be tempting to ignore the warning signs and hope any issues can be resolved after the implementation is completed. However, this usually leads to even bigger challenges in the long term.
Whether you are picking up on problems in your current EPM implementation, or have a failed project to contend with, here are some tips to help you salvage the situation.
Understand the reasons for failure
Determine the underlying reasons for the project’s failure, such as poor planning, unrealistic expectations, insufficient resources, poor communication or ineffective leadership. Don’t just focus on the symptoms; dig deeper to understand the root causes.
The most common cause of failure is unrealistic expectations. If project objectives are too ambitious, it’s extremely unlikely that the EPM implementation will offer any benefits. Similarly, many organisations try to go big and go fast, usually leading to a screeching halt.
Remembering that EPM changes the way people work and has serious impacts on the organisation, it’s always best to start small, and the same applies to salvaging a failed or failing implementation. With some advance planning, you can start rescuing the EPM implementation by setting specific, measurable, achievable, realistic and timely objectives. Determine if the original goals are still relevant or if they need to be adjusted based on the current situation.
Prioritise
Identify the most critical issues that need to be addressed immediately. While some of these will be rooted in the technical aspects of the implementation, many will require building new competencies and engraining new behaviours for management and staff members alike.
If your project got off to a chaotic start, or ended in failure, it is rather unlikely that you can immediately change the factors that resulted in the problem. Any solution should be introduced gently – particularly since stakeholders will be fed up with the project by the time fixes are identified. The best you can hope to achieve by applying an after-the-fact solution is to add a degree of transparency that will help bring stakeholders back on board.
Set up a clear communication plan and establish realistic milestones and deadlines. Encourage everyone involved by recognising their hard work and focusing on how you can fix the problems together.
Get the right resources
Finding the right partner is essential in salvaging a failed EPM project. If an implementation partner doesn’t have process and advisory services, it’s a huge red flag. Process and advisory services show that a consulting firm has tried and true methods for mapping out an EPM project.
Similarly, development expertise is undoubtedly important, but just as important, and maybe not as obvious, is an implementation partner’s functional expertise. Strong functional expertise is key to identifying business requirements and designing your application around those requirements. Most EPM companies will talk about their technical competencies, so you’ll need to ask specific questions about your requirements and how they’ll solve your problems. Your implementation team should consist of team members that have real-world experience and that can provide you with examples of successful projects like yours.
A skilled consultant will know how to manipulate an application and make the tool work for you. The right partner should also provide a team who not only gets along with your team, but can work hand-in-hand with them to start transforming a failed project into small victories that will ultimately lead to larger successes.
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