Whether you are replacing a vendor or manual process, the thought of implementing new software can feel daunting, especially when there is a lot of data involved.  I’ve even seen firms stick with outdated or less than ideal software or processes to avoid implementing something new.

The reality is, client reporting and sales enablement software implementations don’t have to be overwhelming. Yes, it is a process and it will take some time and effort. But with a few smart decisions in advance and some planning it can be very straight forward.

During your selection process, investigate, ask questions and understand how a vendor approaches implementation. Finding the right fit for your firm, team and working style is just as important as the software capabilities.  Here are a few things to consider when evaluating any future implementations.

1) Support and Adaptability: Does the vendor offer a one-sized fits all or customized approach? Are you being asked to adapt to how the vendor works or will they adapt to what makes your firm unique and your working style? Client reporting and sales enablement software is a significant investment and should come with flexibility and support during the implementation process. You shouldn’t have to spend your time figuring out ambiguity — the right vendor will walk you through the process.

2) Industry Expertise: Does the vendor bring subject matter/industry expertise to the table? Can they highlight best practices not just in technology but in asset management communication? Working with a vendor that speaks the same language as your team and understands the nuances of your business such as how support customization or variation can ensure a seamless implementation.

3) Governance: Does the vendor have a strong governance model for the implementation?  There are a lot of moving parts in an implementation, having a strategic approach to evaluate how progress is being made as well as identify and mitigated any potential risks is essential.  Leaders on both sides should have an ongoing view into any issues or challenges that arise and budgets and timeline should be carefully and continually monitored and reported.

Jay Redfearn joined Assette in 2021 to lead the client implementation program. He has more  than 2 decades of experience in the asset management industry. Curious to learn about how Assette handles implementations? Reach out to Jay to learn more.