At Altvia, we’ve implemented thousands of new software for private equity and fund managers (see our clients). Today, we’re sharing best practices for new software implementation based on our extensive experience with our clients.

Step 1: Choose a technology partner that understands your business

The first step in our process is to understand your business. While we’re experts in software implementation for private equity firms, each business is unique. You’ll want to customize the software to mirror your specific business processes.

When you’re selecting a data management system and/or an implementation technology partner, it’s critical to work with a team that understands your industry and has experience implementing software for other fund managers. But it’s equally important that they understand that every implementation is unique and that they spend the time in the beginning to ask the right questions and really understand your business.

Step 2: Formulate Your Data Strategy

While it’s tempting to jump right into implementing new technology, you need to take the time to focus on the underlying problems that the fund manager software is meant to solve. Taking the step to formulate your data strategy during the implementation process ensures that the software you purchased will be properly implemented and configured to solve your specific data problems and produce the insights your team needs.

Identify the specific problems you need to solve by answering the following questions:

  • Which part(s) of your operations would be best served by increased data capabilities?
  • Who are the stakeholders who stand to benefit from a data strategy? How do they benefit? Why is it of benefit?
  • Where are there problems in your ability to generate and capture data?
  • Which processes could be streamlined by or be better-informed by data?
  • What data would you like to have but don’t currently?
  • Where could technology be used to facilitate internal processes that may be generating data that isn’t currently captured?
  • Where and how do you currently store data?
  • How usable is your data in its current format?
  • Who do you depend upon to make your data usable?

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Step 3: Implementation, Test & Refine

Now that your internal team and technology partner has a clear plan for how the data in your new software is going to be used, it’s much easier for them to successfully install and configure it for your team’s needs.

Depending on the type of data management software you’re working with and the level of customization needed, this step could take a matter of days or weeks. During this time, it’s important to start communicating the change to other members of the organization, particularly those that it will impact.

You will want to work with a technology partner that has experience in the particular software implementation and has exceptional project management experience. They should lay out timelines and key milestones to ensure the project moves forward efficiently.

As implementation comes to a close, your technology partner and implementation team will need to test the software to ensure it has been set up properly and workflows are behaving as expected. This usually involves “dipping a toe” into the data to see how it behaves in the system, then refining configurations as needed.

Any good implementation will work with small segments of your data, rather than simply turning it on and letting it run. This ensures that everything is working smoothly, there are no “breaks” in the data management workflows, and necessary information and/or reports are able to be properly pulled from the system.

Step 4: Employee Training & Adoption

Many organizations tend to think that software implementation ends once it goes live and all the data is being passed through it successfully. But don’t underestimate the need for team communication and training as it’s being rolled out.

Personalized training for your team increases user adoption and helps ensure the new software is effective from day one. It also ensures that employees continue to put “clean” data into the system on an on-going basis so that the software continues to work properly for your organization.

When you choose Altvia’s AIM for your CRM system, you get an implementation technology partner that intimately understands the private equity business and the software needed to make accurate business decisions. And implementation is just the beginning of your relationship with our Private Equity experts. As long as you have an AIM license, we will continue to coach you on how to get the most out of the system. To learn more about implementing fund manager software, download our free guide to data and technology by clicking the button below.


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