What to Focus on During your Fund Management Software Implementation, Pt. 2

By Jill Montera

In part one on Keeping it Simple and Providing the “Why” here, we discussed last week the first couple of months using a new fund management software system are probably the most daunting but also probably the most important time to take measures to ensure your software investment is worthwhile. In part two of Jill’s blog post on the important facets of implementation, we discuss a few more thoughts on making the first few months a success:

Relate the system back to business processes

Very often, new users neglect to talk about how a new fund management software system will integrate with their current business process. But its important that questions that come up from a technical perspective also get related back to the business processes so you don’t necessarily just provide the “how to” training but that you talk about how it supports your business processes.

For example, as deals come in, its important to talk about how the deal flows through the system. So in addition to training users how to enter a deal into the system, also walk through how that deal comes in through an intermediary perhaps, how you go about logging that deal in the system, and how that info flows through your processes. Then you can talk about how you might share that deal with other team members and who else needs to be notified and how information might be circulated around the office in general.

So I’d recommend starting with perhaps the five most common processes that your team will be using the fund manager software for and walk through those with your team focusing not only on how those processes are handled in the system, but also on how the system now helps support that process so its done better or more efficiently.

The first two weeks is critical

Research has shown that what happens in the first two weeks is often a harbinger for long-term adoption. So if you can get users to log in on a daily basis during the first two weeks, they can immediately see value and start driving reports and analytics–essentially getting rewarded for that work they’re doing in the first two weeks and it will further drive adoption.

But if users don’t get on board within those first two weeks, we often see that its more difficult for them to eventually adopt and understand the value of the system. And the longer into the system’s life cycle a user goes without adopting software, the less likely it is for that user to ever adopt it.

Of course this raises the question of how to get people to log in regularly in the first two weeks. Admins can certainly track users’ login history, but its also important to have an internal champion of the software and have them remind people during meetings or conversations about which things should be entered in the database or the champion can simply model behavior by sending out notifications or printing out reports and sharing those around the office.


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