Projects Without Borders: It's All About the Execution
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January 2012
In today's global business environment, financial services institutions are facing an unprecedented degree of change. Key challenges that they struggle with include shifting global growth and wealth allocation trends, increased global trade levels, changing corporate and consumer demands, and rapidly evolving regulations. In response to these changes, financial institutions are identifying and investing in the opportunity to accelerate global initiatives.
Plans to globalize often struggle with execution, resulting in significant time or cost overruns or delivering only a fraction of the anticipated benefits. To reduce the adverse value impacts of sub-optimal execution, financial institutions should focus on the following four critical success factors:
- Planning and governance—Includes linkage to the corporate strategy, establishment of a target operating model, sponsorship, stakeholder management, and other governance-related topics.
- Standards and controls—Includes establishment of a global program management office, the creation and rigorous application of associated tools, and effective performance management.
- Resource management—Includes establishment of an effective global program culture and various aspects of people management such as hiring, training, capacity planning, and mobility.
- Project funding—Includes decisions around funding, business case development, cost allocations, tax and accounting implications.
These four critical success factors—together with an institutionalized execution capability—provide a framework for effectively managing large global initiatives