We are going to wrap up this blog series by discussing the importance of human capital. As with any initiative in your organization, it doesn’t matter how great your process is, or how expansive your technology infrastructure is, you must have the right people and skill set to successfully achieve your goals.
#4 – Identify and commit adequate resources to get started and run your planning processes
There are two considerations you need to plan for in effectively staffing your initiatives, the life-cycle of the initiative and the types of resources you’ll need. For example, every initiative has a generic life-cycle: definition– planning what you are going to do; implementation – actually building the initial solution; evolution – evolving the solution as you go (which we happen to think is a critical piece that is often overlooked); and last but not least, running – using the actual planning process.
At each stage of this life cycle, certain skill sets are needed, and a single resource often does not have skills that translate across each stage. As we mentioned before, you’ll need to ensure coverage in categories of resources. Generally speaking, the people you are looking for are business users, central or business unit finance, data/IT specialists and don’t forget the most important, executive sponsors.
So what if you are starting an initiative and you don’t have the resources? Again, going with our theme, you have options. First, you could approach it with internal resources, either through hiring additional resources or re-allocation of existing staff. Second, you can supplement your internal team with external consultants. Or third, an emerging solution is through on demand services. In this model, you work with a partner to take the “heavy-lifting” tasks in financial analysis and IT to work alongside your team that can now focus on creating value add analysis and insights.
All three of these options have their pros and cons, and no one option is the silver bullet. Keep in mind, however, that your success is dependent upon your team and their ability to succeed, so pick your team wisely.
Other Posts in this series: