No surprise
From my many years of experience with University central IT much the same criticism could be directed at most of their projects, policies and implementations (though possibly not with such large financial costs).
The workers at the bottom are generally fine , but the top managers try to implement one size fits all policies, that whilst possibly pefectlty reasonable in a big financial institurion make no sense when dealing with research, academics or students.
When implementing new IT systems , whikst they have consultation meetings the design decisions are often based onlyb on satisfying the simplest requirements of small departments whilst telling the larger departments with more complex requirements that they won't implement something because 'nobody else has an issue' (which is uusally not true).