Implementing new business technologies should yield positive outcomes and enhanced value, yet they often fail, incurring significant financial losses. According to McKinsey, business technology project failure rates stand at 69 percent, a figure echoed by the Boston Consulting Group at 70 percent, while the Global Mainframe Modernization Business Barometer Report escalates it to 75 percent.
This dilemma between risk aversion and performance improvement is particularly pronounced in payroll. Ronél Swart, Heads up Professional Services at PaySpace—a payroll and HR platform, often encounters organizations grappling with this quandary: These projects typically flounder due to common pitfalls: inadequate planning, misunderstanding requirements, inaccurate data, lack of stakeholder involvement, insufficient communication, and change management.To evade the pitfalls of expensive business technology project failures, Swart and her PaySpace team have overseen the deployment of modern payroll platforms across various entities, spanning small enterprises to multinational corporations.
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