Analysis of MaxTrade case
MaxTrade seems to have lost any IT strategy it once had. They have a fractured IT department that has been mismanaged and has no direction. There are so many problems that it would seem difficult to grab a handle and get the IT department back on track. Fortunately the situation is so bad the temporary CIO can work on a blank slate to organize, prioritize, develop and lead the department.
Getting the department on the right track includes the following next steps:
Strategy- Decide on an IT strategy that will be followed but allows some flexibility as technology and needs change. Set up goals and define objectives for the IT department that align with overall company objectives. Review these objectives throughout the year. • Work with the CEO and Business leaders to establish an IT strategy base on the organization needs and priorities. o Enterprise Architecture- Establish an applications and infrastructure strategy that will be relevant years to come. Choose modern applications and infrastructure that is scalable and reliable. o Establish funding buckets for each type of IT project o Prioritize and balance projects of each of the five main types o Revisit IT plans at least quarterly.
o Create business executive sponsorships of key IT initiatives in order to create synergy and integration between IT and the business. • Communicate this strategy to department heads.
• Create a mission statement for the IT department based on the strategy. [Example: Provide accurate and timely information to employees and customers using modern and reliable applications] • Meet often to be sure that the IT department efforts are inline with the mission statement and strategy • Establish some short-medium and long term goals for the IT department • Adhere to strict QA standards for all projects and work to be done
Priorities- Create a list or priorities that need to be taken care of and fixed immediately • A fully integrated and reliable Backup and Recovery strategy is vital in this type of business when money is trading hands. • 100% uptime is another priority- Without this customers will lose confidence and leave MaxTrade for another online trader • Other vital operational priorities that are not currently addressed must be corrected
Projects- The number of projects in varying stages of the project life cycle is enormous. This is a burden that must be dealt with immediately in order to provide clear direction and focus to the department. • Come to the reality that not every project will be undertaken • Categorize each project and place them in a bucket:
o Define internal projects
o Define external projects
o Business improvement
o Business enabling
o Business opportunities
o Opportunity leverage
• Cut out projects that don’t fit into any bucket
• Establish a scoring system for each remaining project based on an IT/Business strategy, integration, reach, resources required, cost, value, time frame, success factor more…this is a priority score • Cut out projects ( put on hold) that have a low score • Prioritize the remaining projects in terms of match to IT strategy, value and time frame • Choose some low hanging fruit to establish some quick wins to help re-establish the IT department as a productive entity • The best is the enemy of the good. In other words waiting until something is perfect is not as important as making sure something is good and can be implemented quickly. It can be perfected later on. • Plan- Plan- Plan
IT Employees- It is imperative that the employee’s feel positive about their job function. Happy employees are productive employees. • Work quickly to stop the matriculation of the good IT employees. • Work quickly to build morale and trust with the employees...
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