The primary objective of any financial transformation project is to achieve process improvements by increasing the quality, effectiveness and efficiency of financial information, ultimately enhancing shareholder value. The challenge with financial transformation, however, isn’t why you would do it, but how you do it.
While we would all like to think that our projects will be a success, simply hoping they will be is unlikely to make them successful. In reality, McKinsey states that 70% of all transformation projects will end up failing; highlighting how difficult it is, at an operational level, to actually deliver a successful project that meets the initial objectives. So why is this the case?