Wealth and asset managers are embracing technology projects to boost efficiency, reduce costs, improve customer experience and capture data that enables a more personalised customer offering. But the stakes are high with approximately 40% of technology transformation projects completely failing and 50% not delivering all intended benefits.

Disputes over timetable, cost, user experience, and integration with other systems are all too common and can be costly and time consuming to resolve. Ultimately some projects are abandoned.

With the correct preparation and planning, successful technology transformation projects can be achieved. Our 5 step plan is designed to minimise the risk of failure:

1. Business Strategy: Clearly define the business case for the project, including rationale, objectives and exact requirements. Monitor alignment to these metrics and assess success throughout the project. Share the strategy with stakeholders to ensure they are aligned and engaged in the project's success.

2. Due Diligence: Carefully assess the legal, regulatory, commercial, technical and operational risks associated not only with the supplier and their proposed solution but also with each sub-contractor. With smaller vendors, pay particular attention to their familiarity with the regulatory landscape. Engage early with regulators to ensure alignment. 

3. Contract: Draft a clear and detailed specification. Without the detail, contractual remedies may be toothless. Adopt a delivery timetable with clear milestones and appropriate remedies for failure to meet them. To incentivise continued supplier performance, avoid large upfront payments. Where particular individuals are key to successful delivery, ensure their availability and involvement is enshrined in the contract and restrict the supplier's ability to make substitutions.

4. Readiness: Win the hearts and minds of those affected by the project. Their resistance to change alone can doom the project to failure. Engage with those affected early and often to build trust and enthusiasm. 

5. Plan ahead: Create robust contingency and exit plans. This will help to spot and address issues quickly with minimal cost, time and business disruption and avoids being locked into a failing project.

If you are a wealth or asset manager planning a technology transformation project, don't take any chances. Ensure your project planning sets you up for success and get in touch.