10 Ways to Get Users to Buy-In To Your Fund Management Software

By Jill Montera

As we often say to our clients (and on this blog), the success any organization has with new fund management software is directly related to the buy-in that organization gets from users throughout the firm. Here at Altvia, we’ve been fortunate to have a pretty high success rate with new organizations implementing AIM and while buy-in isn’t the only factor in a successful implementation, we’ve found it to be critical enough that we’ve come up with a number of tactics for improving buy-in if clients don’t have it already. Below is a list of just a few of the ways we help clients ensure the success of their new system:

  • Get executive sponsorship – We’ll put this first since its most important. A software implementation that doesn’t have support from the top is most likely doomed to fail.
  • Make tasks easy – There are a lot of ways that good fund manager software can streamline tasks such as report creation. If the system is built with a button that creates your Monday morning report, you can bet that the analyst whose job it is to create that report is going to use the system rather than do it manually.
  • Provide proper training – In-depth training, specifically on-site, face-to-face training not only results in trainees being more attentive and engaged, but in addition to answering
    the technical question of “how do I use the system?”, it spurs more theoretical questions like “how does this change my business process?”
  • Show them where to get help – (shameless plug) With our support desk, for example, help is available via the web, email (info@altvia.com), or phone (800.914.9120×1).
  • Make sure they understand the “why” – Sometimes people don’t understand the reason behind new software and what it’s supposed to fix; they just know we bought a shiny new toy. But if everyone understands the problem they’re solving, it makes using the system seem so much more reasonable and critical to the business’ success.
  • Make it your own – Even small customizations to a new system such as using your own firm’s vernacular to describe deal stages or fundraising stages can make the system feel more suited to users’ needs and make them more likely to use it.
  • Involve everyone in the design – Even if only a couple team members are actually doing the design of the system, we encourage them to involve the rest of the team and talk about what they have designed DURING the process instead of waiting until it’s finalized.
  • Have a champion – A lot of our clients benefit from having one person in the firm who is responsible for the system. This might include monitoring who has logged in or making sure meeting notes or other interactions are logged. And this doesn’t have to be a Partner in the firm–sometimes admins make the best champions.
  • Make getting data in easy – Good systems need good data. So leverage tools like e2sf, Dragon Dictation, or email integration to make getting data in as easily as possible.
  • Train for real life use cases – I like to provide a system overview to the entire group and then split groups (depending on size) into roles. We then hit on key things each role might do. In other words, analysts might do more reports and analysis. MDs might want more high level information to see the overall direction of the organization.

AIM fund administration software lets you streamline processes for entering data, collecting information, and reporting on insights gained from data all while having the support you need from a company that understands your business. Contact us today for a free demo to see for yourself.

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