#1: Think First, Then Do

“If you don’t know where you are going, you will probably end up somewhere else.” – Lawrence J. Peter.

Technology implementations must start with planning – it’s the most effective way to reduce uncertainty and risk as it relates to your objectives, budget, and timeline.  But few investment offices realize just how early – and how thoroughly – to plan during a large-scale implementation.

Planning should take place well before the kick-off meeting.  In fact, it should take place prior to and during vendor selection so you can ensure the selected system will meet your needs.  It should also be broken down into distinct categories to ensure you’ve thought of everything ahead of execution:

#2: Be Ready, Willing, and Able to Make Decisions

One of our clients accurately noted that technology implementations are like building a house – you cannot make progress without making constant decisions.

Decision fatigue sets in during every technology implementation and it directly impacts the speed and success of the project.  It is critical that the project team continues to be quick and decisive in the decision-making process.

Below are a few ways to continue to push through implementations when decisions become overwhelming.

1. 1. Remember your goals. Goals can help remind you whether this decision will impact your overall goal or whether it is immaterial to the overall project objectives.
2. 2. Set a deadline. Deadlines can create a clearer sense of urgency to keep the project tracking towards completion.
3. 3. Seek input and guidance from your team, your vendor, and your peers. Additional perspectives can provide a better understanding of the problem you are trying to solve and smarter, more effective solutions.

#3: Look Ahead and Continue to Prepare

One of the most important ingredients for a smooth implementation is to get ahead of your deliverables.  There is a lot of work that can be front loaded during the vendor selection and contract negotiation phases.  For example, don’t wait for the kickoff meeting to start preparing for historical data collection.

Below are examples of how you can break apart your deliverables and execute on them – so you avoid becoming a bottleneck during your implementation.

Bent Flyvbjerg and Dan Gardner, authors of How Big Things Get Done once wrote that “Nothing is more inspiring than a big vision that becomes a triumphant new reality.”  Successful technology implementations are the sum of small efforts each day.  It is not luck or happenstance – it’s the result of planning, a willingness to make decisions, and constantly looking ahead.

Thank you for your support, partnership, and friendship throughout 2023.  We look forward to continuing to engage with you all in 2024.

Beth Gilje

Founder             

Brian Mink

Principal