How to Implement a New Financial Software System

How to Implement a New Financial Software System
Anna Yegorova

Implementing a new software system can be a daunting task. The experts at Dynamo Software have put together a simple 5-step process to help you navigate this critical process.

Commit to Your Vendor

Evaluating the capabilities of a prospective vendor’s product is important, but similar scrutiny should also be placed on the vendor’s core values. This is a team you will be communicating with constantly. Will they make you feel secure when the going gets tough?

Each new Dynamo client is paired with a dedicated project manager who is an expert in the alternative assets industry. As subject matter experts they are able to be flexible and innovative when handling your firm’s unique needs, as well as provide best practices on utilizing specific features.

We’ve lead clients through thousands of successful implementation projects, and compiled a list of questions fund managers and asset allocators should ask tech vendors prior to signing a purchase agreement. Watch our video to learn more.

Build a Dedicated Internal Team

Your vendor supports you with the expertise and resources required to carry out the implementation, but your firm should be thoroughly prepared for the project as well. Dynamo recommends that prospective clients gather an internal team to own the implementation, clearly define each team member’s role, and assign a committed champion to lead the team.

This champion will be the main point of contact for your vendor’s implementation team and ensure that the project is constantly aligned with your firm’s vision. Ideally, you should have a “sponsor” of the project at the executive level to help you with the internal buy-in.

Establish Your Needs

Be prepared to clearly communicate your specific needs and expectations to your implementation project manager at the kick-off meeting.

Ask yourself:

  • How do I want our data to look?
  • How will different team members use the system?

Consider your employees’ current processes and what features would make the transition to a new system as smooth as possible.

The needs and expectations communicated at this meeting form your project charter and determine a realistic timeline. If both sides are not on the same page regarding expectations from the beginning, frustrations and disappointments occur down the line and slow down the implementation.

Prep Your Data

Set yourself up for a successful configuration and import process by cleaning up your data. The transition to a new system is a chance for a fresh  start. Your vendor can set up your system, but only you are able to provide the data.

Engage Employees

The system’s go live date will be a turning point for your team. People will be shifting from their usual, habitual routines to learning how to operate and succeed in a new system. Not everyone on your team will be quick in adapting to the change. Ensure user adoption through incentives, introducing new ways of using the system, and training sessions. Dynamo regularly hosts online webinars to update users on how optimize specific features.

It is when your team is fully leveraging the system that you begin to see a return on your technology investment. Drawing from experience collaborating with hundreds of clients on successful implementations, Dynamo Software is hosted a webinar to discuss how you can maximize the benefits of a newly implemented software system. Watch our quick video now.

The key to all 5 steps is communication. Always keep your channels open to ensure you’re getting what you need from your chosen vendor, and supplying them with what they require to succeed on your behalf.