Merging Expertise with Implementation
What’s the secret to making a transformational business initiative successful, whether it’s an acquisition integration or technology-enabled process improvements?
Many would say that subject matter experts, aka SMEs, are the linchpins that hold successful projects together. Recognized as experts for their knowledge of how the widget moves through the system and experience in unwinding the unexpected, SMEs are often the first call when it comes to defining project requirements and the last testers before deployment. In other words, they merge expertise with implementation know-how.
SME success factors
But what makes for a successful SME?
An effective SME needs not just the required expertise, but a genuine interest in acting as a change agent on a large-scale initiative.
And, frankly, that can be a tough ask. The most passionate SMEs are equipped and eager to navigate both the intricacies and impacts of a potentially multiyear transformation initiative. They also need the foresight and ability to manage both the intentional and unintentional ripple effects on people, processes and technology. Not everyone comes with these hard-to-find attributes, making it a significant challenge to source a capable SME.
Many companies also find they need more than just one capable SME; they need an entire bench or team of people to complete critical, time-sensitive projects. With most companies striving to operate lean, they often lack the excess resources—much less the required expertise—to accomplish extra initiatives.
The value of external expertise
If you can’t find the resources, expertise or bandwidth internally, using outside talent is a popular solution and sometimes the only feasible one. By some estimates, more than half of employers rely on contract talent to access specialized skills, provide continuity in business operations and execute strategic initiatives, especially those involving business transformation, wide-scale process and system integrations, and ongoing regulatory compliance.
Some companies even make a scalable talent model a key component of their business strategy.
One Fortune 500 manufacturer we work with maintains a staffing ratio where contractors outweigh the number of full-time employees. It’s a deliberate strategy for a client that has a steady need for SMEs but is reluctant to add full-time staff because the company prides itself on cultivating lifetime employees and never having a reduction-in-force.
Integrating accounting and finance processes using SMEs
Turning to consultants allows the company to scale its workforce up or down as needed.
Whether your company needs a single person to execute a complex but defined project or a team of people for a multiyear transformation initiative, we’re uniquely positioned to meet your needs.
For instance, we have a team of more than 40 SMEs working on a long-term bankruptcy reorganization project with a large healthcare system to integrate and restructure the organization after a series of acquisitions.
The project involves specialized support from SolomonEdwards, including transforming the vendor payments process, evaluating bankruptcy claims and supplying expertise in GAAP 852 reporting, carve-out accounting and asset valuation—in other words, a range of accounting, finance and transformation initiatives that are complex, difficult to execute and seemingly impossible to hire for.
How SolomonEdwards can support you
That’s where we come in because we deliver value through people. Our client engagements are led by experienced senior leaders who are subject matter experts in their functional areas and industries. They have deep roots in accounting and finance, banking, technology and consulting, having worked in high-level operational roles.
Not only do we have the experience to understand your needs, we excel at sourcing the in-demand talent companies seek but cannot find. We have strong networks of accomplished SMEs who specialize in our core service areas and industries. They have the technical and soft skills to parachute into your organization and lead complex initiatives or join your internal bench as a key team member.
Our ability to source and supply hard-to-find talent is the result of both the deep professional connections we maintain and our highly effective vetting process that enables us to identify consultants who bring both culture fit and strong functional skills.
If your company is struggling to execute urgent projects and transformation initiatives, we can help.
We’ve seen and solved a broad spectrum of challenges and turned them into opportunities to create sustainable business value.
The Business Case for Consultants
Expertise & Specialization
Our consultants are true SMEs with hard-to-find skill sets who have experience working with diverse clients and industries.
Cost Efficiency
A scalable talent model allows you to engage contract talent only when needed for as long as needed, which turns fixed labor costs into variable costs and avoids cycles of hiring and layoffs. Moreover, improvements introduced by consultants often go straight to the bottom line while leading to greater efficiencies.
Time Savings
Our project consultants can accelerate timelines and help you meet critical deadlines. They come prepared with the knowledge, skills and cultural context to immediately add value.
Objective Insights
Consultants provide an outside perspective, free from internal biases and politics. This objectivity can be crucial in identifying problems and generating unbiased solutions.
Knowledge Transfer
Our consultants not only bring specialized knowledge, but they work with your internal teams to transfer knowledge and expand their skills.
Risk Mitigation
We apply a risk reduction lens in all our work with clients—examining every business process and transformation initiative to ensure risks are identified and managed across the enterprise.
