THE TOP 6 MISTAKES YOU’LL WANT TO AVOID…
Top 6 Trader Voice: Project Mistakes
You may have said, thought or heard some of these, next time let’s avoid them…..
Mistake #6. Not Appreciating Task Expertise: Project Management & Engineering
“He’s a tech, we thought he’d be ok managing the project”
“There were so many things to consider and it was just too much for our BAU team, they have a full time job already”
“We thought the team knew what they were doing, week before go live we found out they didn’t!”
“We had great Project Managers/Engineers for each technology but when it came to the bigger picture of how it all fits together, everyone thought some essential tasks were someone else’s job”
Under estimating the importance of expertise is commonplace: Project Managers, Engineering, Administration & Training. Fewer companies have those people on-hand, waiting for a big project to arrive so having a trusted partner[s] aligned, that can hit the ground running, is essential. You need an on-demand team that understands your objectives and are there to support you to deliver them in to your environment. A team that understand the demands but also offer best practices from many years experience. Our people have been there, done it, bought the tee shirt, worn it till it’s threadbare and bought another two.
Avoid the Mistake: Firefly – Transitional Services: Project Specialists able to Support and Manage Services tailored to your needs.
Mistake #5. Not putting the icing on the Cake: Go Live Support
“Go Live was chaos, it was just a constant barrage of questions we thought we’d already covered in emails”
“We just didn’t have enough people on hand. Our engineers and project team should have been dealing with technical issues not answering user questions”
“I think everyone must have been on holiday or sick when we did the training day, it was chaos”
“Having people walking the floor was considered overkill, I’d have killed for them Go-Live morning!”
Even if the entire project was smooth and considered by the project team as a success, if Go-Live isn’t the same it can define the entire project with the users. First impressions count and if the end users aren’t considered and supported fully on this day it can cause a huge backlash. It’s insurance to complete the implementation successfully whatever happens. Lack of training, lack of understanding and/or technical issues can impact their ability to work effectively: Unhappy Users = Unhappy Business = Project Fail.
Avoid the Mistake: Firefly – Transitional Services: Go-Live Support will provide that final finesse to your project [The White Glove Approach].
Mistake #4. Not Giving Yourself Time: Testing Window Always too Tight
“We gave ourselves 2 weeks but every mile stone was missed by a couple of days, that meant that everything pushed and it left us one weekend to test everything. It was never going to be 100%. The project success suffered greatly”
“The task of testing was underestimated and details from the technical evaluation were missed. Sound quality was a major hit for us and it took weeks to establish how to tailor it to each trader as the new systems was so much better”
“No one ever said “Ooo we have far too much time on our hands for testing!” Wish we’d had at least 2 more weeks”
No one ever leaves enough time for that full and final test. Project slips can be unavoidable but that leaves you making short cuts or incomplete testing which means Go-Live is often on a wing and a prayer. Getting the right Project Team that can hit the ground running is an essential insurance to meeting your deadlines. Testing locally but also with the far ends is essential. Having a team that you can trust to bring understanding, experience and best practices will give your project the greatest chance of success. We deliver on time and on budget, ensuring you cover all eventualities to make sure everyone is satisfied.
Avoid the Mistake: Firefly – Transitional Services – Project Management & Support includes User Acceptance Testing.
Mistake #3. Undervaluing User Acceptance: User Adoption/Training
“They looked similar in the picture, we figured the users would work it out. It’s now a week in and they’re STILL asking how to make a call“
“We told them training was at the new building. They left the office but appear to have never made it there. I knew the Old Brewery would be too much of a pull! :o)”
“Go-Live was an absolute nightmare, not just the usual technical mop ups but it seemed like every trader needed training and support, we just didn’t have the people to answer them all and now they’re saying the project was a failure, just because go live morning was chaos”
Adoption & Acceptance of a new technology is the make or break of any project. Make sure you understand the implications and have a team on the inside to ensure the success and return on your technology investment. This is what we do and we have done it for so many companies just like yours. We are called upon time and time again, as Firefly understand what it takes for financial institutions to accept technology. We know how to work with a Trading floor and Traders to deliver the very best results.
Avoid the Mistake: Firefly – Transitional Services: User Adoption/Training Services. – Experienced, Understanding & Committed.
Mistake #2. Not completing a concise evaluation: Cost, Technology, Expectations
“We didn’t ask, we just bought like for like, it seemed the easy option but it’s cost a fortune and seems overkill now.”
“We had been targeted to cut costs but everyone has a turret. It cost a fortune not only now but in ongoing maintenance”
“We thought an IP phone would be sufficient for them but now they can’t work effectively with the internal teams”
“We should have taken the time to understand all the stakeholders needs from the upgrade, we chose the wrong option”
“We’re paying for lines that haven’t been used for 20 years”
It’s a Global fact: Cutting corners has always cost more in the long run, add this to the standard cliché of if it sounds too good to be true it without doubt, always is – Then you must understand that taking the direct approach and understanding your floor will make life so much easier for the rest of the project. You have the foundation facts to ensure your vendors deliver what you need, no more, no less. However, this is time consuming so ensure you have a partner that understands how to talk to trading floors and all the stakeholders to make sure you can truly evaluate the needs and deliver them. It may take a little time and investment but talking to ALL your stakeholders from Users to C –Level to find out their needs will undoubtedly save you money in the long term and remove the assumptions and guess work.
Avoid the Mistake: Firefly’s Product/User Evaluation Service – Understanding, Dedicated & Thorough.
And Finally, the one that catches everyone out…
Mistake #1. Ignoring the Little things: The Importance of Layouts/User Profiles/Button Profiles
“We didn’t really appreciate how different the two systems were”
“Their [users] pages and buttons are all over the place. People are screaming they can’t find their contacts!”
“We never, EVER thought that the button layout would cause such a problem”
“We tried to use just a standard layout but we lost all their personal numbers…. We had some very unhappy people Go Live”
“Who’d have thought button layouts could impact the project so much, it defined it… and not in a positive way!”
Learn from others’ mistakes! This is no small task and needs to be managed effectively otherwise it will be a long drawn out and thankless task that can really put a negative perception on your project. Understanding and fully documenting your current system before you start is vital. As soon as you migrate, users will soon complain if the same button (even though it is nicer and shinier!) is not in the same place. This also means often having to interpret legacy labeling that may well be totally wrong on existing circuits, private wires and handset buttons – but guess what: if it’s wrong, it’s your fault!
Avoid the Mistake: Firefly’s Station Review Service – Proven & Trusted to Deliver.
Summary
A successful project is a sum of all its parts. We can offer one service or a complete service helping you achieve the greatest value. Firefly’s team come with many additions of hindsight under their belts to ensure that you are always working to the best practice for the most successful delivery of your project.
