Over the last year, companies implemented new digital technology solutions at record levels, looking to implement emerging technologies, improve the user digital experience, leverage cloud solutions to store the massive amounts of data being generated, and test the waters on how to transact using digital assets. And we don’t see things slowing down.
Nearly two-thirds of commercial respondents to a digital transformation survey published by Deloitte this year believed that organizations that do not digitize in the next five years will be “doomed.” Other research indicates that during the COVID-19 pandemic, the timeline for digital adoption has moved three to four years forward in a matter of months.
With digital transformation continuing to garner significant attention, we have spent a lot of time working with clients regarding what goes into a strong transformation project plan. Set out below is a checklist of some of the key points that customers will want to consider when documenting the expectations and scope of complex transformation projects.
Transformation Plan Checklist
- Objectives
- Scope
- Development/Implementation Methodology
- Phases (including design, build, test, go-live, and stabilization)
- Workstreams
- Timeline
- Milestones, Deliverables, and Overall Completion
- Milestone Credits/Holdback/Payments
- Acceptance Criteria
- Fees
- Reporting
- Approved Delivery Locations
- Approved Subcontractors
- Staffing Plan
- Key Personnel
- Technology, Security, and Connectivity Requirements
- Testing Environments
- Vendor Pre-Existing IP/Third-Party IP (including allocation of use rights)
- Connectivity
- Key Risks and Mitigation Strategy
- Client Obligations
While the foregoing is not an exhaustive list, it should help set out the initial framework to build a detailed project plan that can be tailored and enhanced to address the needs of specific transactions. Fasten your seat belts: 2022 promises to be an exciting year for digital innovation and transformation.
Join us for our webinar, “Digital Disruption: Considerations When Implementing Major Technology Transformations”, on November 9, 2021, at noon ET for a dynamic discussion of contracting provisions designed to facilitate the implementation of new technologies in a timely manner and mitigate operational risk.
For a more in-depth discussion of these and other issues, see our Contract Corner series on “Technology Transformation in Outsourcing Agreements” published in 2020: Part 1, Part 2, and Part 3.