Cause of costs being wasted on projects in Ireland in financial services


The below are some of the observations I’ve seen while working on projects in Ireland in financial services which resulted funds being wasted:

  1. Managers hiring their friends on inflated salaries often for inappropriate roles.
  2. Sales reps selling IT solutions with no technical background to people who also have no technical background. Resulted in the acquisition of software which didn’t work for its intended use.
  3. Selecting tools (Clarity) which are completely unsuitable for financial management resulting in significant additional hours by project managers who were on an average of €1,000 per day (incl. VAT @ 23%)
  4. Project managers doing administrative tasks which could have been done by those on a lower daily rate.
  5. Managers inventing work to justify inflating their teams.
  6. HR limiting the number of agencies they are willing to work with resulting in inflated daily rates, as much as 100%.
  7. Continuing to hire vendors who have a bad track record.
  8. Not validating deliverables by those who have the expertise to verify if a development is fit for use.