Most transformation projects fail entirely, or at least fail to deliver promised results. Many small financial institutions use technology to transform business operations in the pursuit of efficiencies and other competitive gains within their industries. Many of these efforts fail to achieve their strategic objectives. These well-intentioned efforts often suffer significant cost overruns and scheduling delays which erode the initial value proposition. The traditional response is to drive more rigorous management routines and delay or cancel the project. In many cases, management fails to understand the underlying issue impacting performance.
New technology means changing old processes. Existing financial institutions have numerous legacy processes performed by employees. These processes were created to allow efficient processing based upon the regulatory environment, financial, and staffing constraints in the market. Technology is deployed in many cases to fundamentally change or automate these processes and create efficiencies.