The term implementation refers to the process of updating or adapting an organization’s practices, policies, or procedures to comply with a current standard. Implementation is “the act, process, or result of establishing for the first time something that was not established before”. An example of implementation is when a new law passes and the government must establish new enforcement agencies and offices in order to enforce it.
What is Project Implementation?
Project implementation in finance refers to all aspects involved in putting a financial project plan into action: including deal execution and post-deal operations such as personnel management and regulatory compliance. This can be challenging but is easily executed, with the right tools and processes in place.
The term “implement” is derived from the Latin word “implere,” meaning to work upon or carry out. Since financial managers are themselves working on or carrying out something, this means that they are implementing their financial plan. Financial management involves maintaining a plan of action for a project, whether it be implementing a new product line, engineering a new financial engineering structure, or adapting an existing product line to meet customer needs.
Project implementation in finance has four phases
- Preparation – things to do before you start your implementation project.
- Planning – foreseeing what you will do, where you will buy it, and how much it will cost.
- Designing – how to build the implementation plan so that people can actually execute on it.
- Execution – putting the plan into action to see whether it’s successful or not.
Preparation is important. It is a necessary prerequisite for a successful implementation. The more you prepare, the more likely it is your implementation will be a success. Preparation involves gathering the right information and building a framework for executing your plan. During preparation, you can often gain valuable insight into what can go wrong as well as form solutions to solve these problems as soon as possible
Planning is everything that happens after you have prepared yourself and your organization for implementation of your project plan, but before the execution phase begins. Planning involves managing risks from start to finish from development to delivery with a focus on avoiding failure or maximizing success of the project.
The broad phases of planning include:
Designing the Project Implementation Plan
This is a critical step in the implementation process. It is where you put your thoughts and ideas into a plan that can be executed. When crafting your project implementation plan, you should draft an operations manual for your operations team. This operations manual will contain all the instructions, forms, and instructions for them to follow along with during implementation of their portion of the financial plan. They should be able to reference it at every stage throughout implementation, as well as provide copies to all other people involved throughout each stage.
A standard operations manual should contain:
Forms – forms typically come in two forms: hard-copy and electronic. Hard-copy forms are used in day-to-day operations and electronic forms are used to support remote operations. Hard-copy forms that could be found in the operations manual include: planning documents (what you need to do), escalation documents (stating what is happening), communications, statistics, and an operations log. An example of an escalation document would be a letter that includes information about current situation, what has happened up until this point, what is happening at this point, and what needs to happen next for the project to move forward.
Instructions – instructions are used by operators during transition phases between departments or when dealing with transition issues. These instructions are typically not included in the operations manual, but should be made available to operators when needed.
Resources – this section is for listing resources available to each operator, such as training materials, other manuals for additional information, and contact information of who can help with problems that arise during project implementation.
Executing the Plan
Executing the plan is the last phase in project implementation. During execution, you will be able to see if your project plan is actually working or failing. You will need to closely monitor whether or not your employees are following along with the plan, which it is their job to do so. Make changes to your plan as you discover problems or errors in implementation.
Project implementation in finance is very similar to project management in general. The two processes consist of many of the same steps and activities with a few minor differences. While project implementation is a broader term, it is more narrow in finance and in Mergers and Acquisitions. Fintalent, the hiring and collaboration platform for tier-1 Strategy and M&A professionals has a rich pool of project implementation experts drawing from their knowledge of Mergers and Acquisitions as well as Project management in general. Fintalent’s consultants would carry out in depth Business Analysis to help determine the best way to implement a project in alignment with the organizations broader goals and visions.