In a previous blog post, I walked through best practices for choosing technology (https://www.cjetechpartners.com/blog/vendor-selection-process-0). After making a good technology selection, the next step is to have a plan for properly implementing the technology within your firm. Many technology selections processes fail after the contract is signed by not having a good implementation plan.  A successful implementation plan includes a change management plan as new technology involves significant change within a firm. Not acknowledging this can lead to technology not used successfully.  Other keys to a long-term successful implementation are building a partnership with the vendor and having a follow-up plan within the firm after the initial implementation.

Change Management

Although it seems a contradiction, successful technology implementations are not primarily about the technology.  Implementing new technology successfully is about managing change effectively.  How is this done?  First, develop a comprehensive communication plan.  This includes communication that starts before the technology selection process begins and goes all the way through the technology implementation.  Communicating through every step of the process sets expectations for everybody in the firm throughout the entire process.  It also gives confidence in the implementation plan by communicating all steps in the process.  In addition to a communication plan, including members of the team in the project helps with the change within the firm.  This builds advocacy for the new technology and ambassadors within the firm.  I encourage firms to include employees from all major departments in the technology selection process, including both operations and advisors.  Finally, develop a plan that identifies all processes that will change within the firm for all employees and all components that will change for clients. Within the plan make sure to give comprehensive training for all impacted stakeholders on the new technology, including any change to procedures.

Vendor Partnership

Establishing a vendor partnership early in the process is critical to a successful technology implementation.  A vendor partnership entails making the vendor part of your team.  When a vendor implementation works well, the vendor is an extension of your team.  This occurs by creating an implementation and training plan in conjunction with the vendor.  Treating the vendor as an adversary is not helpful.  You can hold a vendor accountable while in the midst of working together. I advocate holding weekly vendor meeting during the implementation, and then switch to a monthly meeting after the implementation.  The agenda for the meeting includes what is going well, a debrief on what did not go will and what can be done to improve, and upcoming new enhancements or new items to consider from the vendor.

Follow up open sessions

In addition to the other steps noted above, I recommend holding follow up sessions with employees of the firm after the training and initial implementation.  These sessions are open to all employee using the new technology.  The agenda includes any critical implementation items, updates on any migration issues, and learnings from the team.  Most importantly, it is an open session for the team to ask questions and raise any issues that are occurring.  This allows for any issues to surface and the team to learn from one another.  It also engenders a sense of being heard and allows a place to voice any concerns about the implementation in a healthy, open environment.  If open sessions are not held, these comments and concerns can be voiced in hallways and amongst employees and not get heard by the right people on the implementation team.  I typically hold these sessions weekly after the initial implementation. They can be moved to monthly once the major issues are resolved and sessions become less attended.

Conclusion

In conclusion, make sure to pay attention to more than just the technical components of a new technology implementation to be successful.

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