Project Management
Implementation of a Financial Management System
In the wake of an organization’s substantial change, our bottler’s company finds out that their FMIS did not meet the company’s future needs(Burke, 2018). As a result, they are to implement and select a new financial management information system to have integration with a significant reorganization of an organization’s process and platform of delivering the service. Our organization managed the implementation and acquisition of the financial management system that is suitable, managed the process of procurement to select a vendor system and management of project implements in ensuring that the clients know the benefits that are in expectance. The implementation and acquisition of the finance management information system were in completion within the set time.
The scoop
The scope includes budgeting, debt management, related core treasury systems, cash management, accounting, and budgeting. Besides this sub-system of this core, noncore sub-systems like procurement management, tax administration, payroll systems and human resource, assets management, social and pension security systems, and other areas seen that are possible for providing support to the core modules.
Deliverables of the project
Choose of the appropriate software, when we factor our goals for the operation and growth efficiencies, our team for the project come into a realization that we require to either have an upgrade to our current package of accounting or implementing for a completely new one. The other deliverable was choosing appropriate personnel with the implementation of the program. They will play an essential role in the implementation process.
Results of the project
Excellent capacity of reporting, include the flexibility of slicing and dicing the information on finance in ways to give insight in making business significant decisions and streamlining of the process that reduces activity with no value like a spreadsheet. It also involves paper filling, manual collection of the payment done late, and reconciliations (Harrington, 2011). The capacity support towards the growth of a business, the process of change, and audit trails on all client and supplier interactions and an opportunity to expand the process of end-to-end integration of further modules in the company.
Challenges and solutions
Cleansing of data
Challenge: like in many organizations, there was data that was not in the shape of the ideal. Even if we wish to have started with our data being accurate as 100% and up-to-date, we knew that operation priorities did dairy would have prevented us from the achievement. We had spent the duration of time that is in consideration in the review of the data source. Before historical transactions at the start of the project, we were aware of the risk of not correcting or updating all of the data.
The solution, given that we knew, we decide on setting some parameters in level terms of history and put into detail what we required in transition in the new system (Blokdyk, 2019). Then a focus to make sure that the development of the information was reasonable and set four weeks to the completion of the transition was necessary, data elements concentrations that were vital to making sure that we produce financial reports that are essential and accurate.
Migration of data
Challenge; we had to decide on how much data we needed to mitigate and what we needed to be in place of making sure that there is a seamless transition. Mostly all over our organization, we identified 30 potential differences of data loads, like our core supplier and client information and open invoice.
The solution, we decided to mitigate 13 files that were on the plan of the first data migration and applying some of the data directly in the new system(Morris, 2012). It would still enable us to access our history data after we install, so it wasn’t of significance to business replication of all transactions into a new data system.
What to improve next time
Have a better definition of why you implement the financial or ERP system. What objectives do you have? What shall you have the capability of doing better? Communicate to the entire user society so that it may not be a surprise. Make the whole team know the advantages and vision of the implementation. Communicate and document the scope then try to stick on it. Have a thorough exercise of selection to ensure that the services and products do the way you needed.
References
Blokdyk, G. (2019). Data cleansing a complete guide – 2020 edition. 5starcooks.
Burke, W. W. (2008). Organization change: Theory and practice. SAGE.
Harrington, H. J. (2011). Streamlined process improvement. McGraw Hill Professional.
Morris, J. (2012). Practical data migration. BCS, The Chartered Institute.