Kilmarnock-based CJM is a financial resourcing, contracting and consultancy company providing financial management services and resources dedicated to programmes and projects.
Keen to develop a robust methodology for project financial management, Managing Director Colin McNally had been researching best practice in existing financial management projects for over a decade using examples from both private and public sector. It became apparent, however, that developing innovative best methodology would require input from external expertise.
Following a search for the most relevant expertise, Interface – the knowledge connection for business put CJM in touch with the University of Abertay’s Business School in Dundee. Together, CJM and business academics are currently working to develop and refine an appropriate financial management methodology, to be presented to the commercial market as an effective methodology and training and development programme for the industry.
The collaboration between CJM and the University of Abertay is ongoing, but already its potential impact is clear. Colin said: “Our partnership has been pivotal in moving the business towards achieving our aims, and very successful in getting us this far”.
Upon completion and commercialisation, CJM, with support from Abertay, will have created a financial and project management methodology to complement existing systems such as PRINCE 2. This solution will not only fill a gap in the market but is also the first of its kind and will deliver ongoing benefits such as cost reduction, streamlined project delivery and improved financial management.
There is a significant potential for job creation as well as business growth, and the partnership has already allowed CJM access to key players within the financial and project management industry in both the public and private sectors. As part of this process CJM has worked with academics at Abertay to produce and publish the first financial white paper for The Cabinet Office’s Best Practice Management organisation on improving Portfolio, Programme and Project Financial Control, and this, as well as many other opportunities to present and discuss the ongoing research, has resulted in a continual stream of interest from other areas of the financial sector.
Colin added: “We’re aiming to complete the current project within the next twelve months, but we’re so pleased by what this partnership has achieved that it is highly likely that we will look into the potential to create a long term working relationship with the academics at Abertay. Through our Interface-facilitated partnership with the University of Abertay we’ve met with new people, been exposed to new challenges and considered new possibilities, all of which have helped to refine our new product offering and brought us to a stronger position within the market.”