Most companies are not getting the value for the investment in their applications. Plain and simple. Firms are practically throwing money down the drain by purchasing these expensive platforms and not getting the bang for their buck. A fully configured application should be able to provide your firm with increased efficiency, reductions in cost, and provide overall scalability.
However, if you are not gaining these benefits from your software, it’s time to take a step back. A failed implementation could cause the opposite of the desired outcomes. This under-utilization can be due to:
- A weak support system in place for the maintenance of the software
- Lack of communication to the employees of the software’s full functionality
- Lack of proper employee training in the application
Having the right support model in place to oversee the setup and continued maintenance of the application can help insure that the platform is properly aligned with your firm’s daily operations and all updates are made regularly to avoid lag or error.
Establishing a communication plan within the firm for internal resources to fully develop an understanding of what the application is capable of creates a baseline for what the expectation is from the platform, and how it could best be used to meet the client’s goals. Identifying the right material requirements to develop a robust platform to best fit your firm’s needs requires personnel that truly understand the software’s usability and functionality.
Having a team dedicated to software training creates a sense of ownership for the system, as this team can communicate to other members of the firm the immense capacity for automation across different functional areas which they can train other firm members in. Openly communicating the status of the platform’s setup and capabilities also reduces the risk of functional teams working in silos.
FinServ has had experience with high-growth clients going through similar pain points during the implementation of an systems to automate their day to day operations. We take a comprehensive approach in order to understand your bespoke business processes to help guide your firm towards a seamless software integration and ultimately, future success.
To learn more about FinServ Consulting’s services, please contact us at info@www.finservconsulting.com or (646) 603-3799.
About FinServ Consulting
FinServ Consulting is an independent experienced provider of business consulting, systems development, and integration services to alternative asset managers, global banks and their service providers. Founded in 2005, FinServ delivers customized world-class business and IT consulting services for the front, middle and back office, providing managers with optimal and first-class operating environments to support all investment styles and future asset growth. The FinServ team brings a wealth of experience from working with the largest and most complex asset management firms and global banks in the world.
