The Crucial Steps for the Optimal Implementation
The implementation process is the single most important component of any IT initiative. Setting up enterprise software can be expensive, complex, and time-consuming. When the implementation is managed well, companies gain powerful new IT capabilities that work perfectly starting on day one. With poor management, however, companies can waste a lot of time and money implementing software that offers disappointing performance and minimal value. Worse, the latter outcome is a lot more likely given that research shows only 29% of software implementations are considered a complete success.
Implementations are challenging, but finding success is not impossible. Enough companies have tried and failed at this point that we can learn from their mistakes and identify best practices other companies should follow. Don’t move ahead with an implementation without taking these crucial steps:
Hire a Consultant with Industry-Specific Expertise
The implementation process is largely about customizing off-the-shelf software to the specific needs of your company. Therefore, you should work with consultants who understand your industry and the needs of companies within it. Specialized consultants can help you navigate the technical, legal, and logistical challenges that are unique to your industry while showing you how to optimize the software for your individual business goals. For example, alternative asset firms need the aid of tech consultants with expertise in the finance industry, otherwise, the implementation could face unexpected (and unnecessary) obstacles.
Invest Appropriately in Quality
You get what you pay for when it comes to enterprise IT. Cheaper products are harder to implement, operate, and update, often to the extent that whatever you saved on licensing gets spent to fix problems. Considering how important it is to have an exceptional financial management solution, there’s no justification for pinching pennies. Investing more upfront pays significant dividends over the long term.
Find the Right Implementation Partner
A software implementation only becomes more complicated when you must work with multiple partners to complete it. Find a partner with the deep experience and wide-ranging expertise necessary to handle every aspect of the implementation from beginning-to-end. It may take a little longer to find someone with these accomplishments, but it’s worth it to delay the implementation rather than rush into with the wrong partners in your corner.
Prioritize Change Management
Implementations involve more than just technology. Change management is just as important because it ensures that anyone who can benefit from your new enterprise IT is eager and able to use it to the fullest. Make sure you’re communicating your intentions for the implementation, studying the effect it will have on users at all levels, and providing extensive training and education. A perfect implementation prepares the entire organization for the upcoming change.
You only get one shot at the perfect implementation. Make sure you’re doing everything the right way by partnering with the experts at Madken Advisors. Contact us at any point before your implementation.