Why do IT projects take so long… and how do we change that?

Lee Francis, Head of Customer Implementation Services at CREALOGIX in the UK, looks at how to keep IT projects on track

Wealth management firms are facing a range of pressures – fintech challengers, changing customer demographics, squeezed margins, market volatility – all leading to increased demand for digital wealth services. These can not only attract and retain new clients but can also improve operational efficiency and levels of customer service at scale. The challenge is that any proposed project takes a long time to get off the ground and will take even longer to deliver a return. Meanwhile, digital-only wealth providers continue to keep raising the bar on what digital services can deliver and raising expectations in the market.

Understanding the problem

We’ve all felt the pain of an IT project that runs over time and over budget. Rather than simply accept this as the cost of change, we took a closer look at the problem so we could solve it. When it comes to digital services, there are a range of issues which range from “scope creep” – adding more features and functionality which delay the launch – to issues arising during the early proof of concept stage or later user testing. Another challenge is that there are multiple stakeholders in any client-facing technology, including IT security, compliance and customer service, and they all have different goals, requirements and expectations.

A focused solution

It became clear to us that the solution lay in delivering a product that had a broad but clearly defined scope and that was already tested in the market. Using the Invest platform, already in operation with some of the UK’s leading wealth management firms, we found we could be ready to go live in just three months. This product includes a wide range of highly configurable functionality, both in terms of delivering a high-quality user experience with documented user journeys for rapid deployment and supports compliance, security and administrative requirements.

Too good to be true?

The promise of delivery in three months may seem like it’s too good to be true but our confidence comes from our expertise in the market and using a proven solution. Some of the key elements, particularly retaining a clearly defined scope, are common to all successful IT implementations. However, we can’t take credit for the most important magic ingredient because it’s down to our customers. We provide our clients with a clear outline of the requirements we have to achieve the accelerated timeline and we can help with the preparation of data and branding requirements to keep the whole project on track.

Three is the magic number

We have clear project plans and procedures to deliver in three months and collaborate with clients to make their goals a reality. These are all essential for successful IT projects. We also have a range of additional modules that can be added to the solution to avoid the dreaded “scope creep” and to provide a clear plan, with a timeline and budget attached, in place. The business case for each new addition, from digital onboarding to white labelling and self-service, is strengthened and internal support is easier to gain when it is linked to an already proven solution. We help clients to deliver their project on time because the sooner that firms are up and running, the sooner they can start seeing a return and can switch from playing catch-up with competitors to taking the lead in the market.