Organisations no longer use 1 or 2 pieces of software to administrate their business. An IT ecosystem in modern investment firms is a complex web of various software across multiple silos of business, each with its own demands, pain points and team that work to support it. When looking at how to improve individual software implementations, it’s a big advantage to understand how they work together in the wider business to get an honest picture about what needs to be done to move forward.
Here’s how we have used this process to not only target improvements at a particular sector or software, but to also identify and solve issues in the wider business along the way.
1. Identifying issues across the business
To begin this process, we’ve met with key representatives from each of the teams across the business, such as investment, ESG, and data governance. In these sessions, we start to build up an understanding of the responsibilities of each team, the various software that they use in their daily operations, and the issues that they face in both process and software limitation.
We undertake a whole-business view because challenges in one area can often have upstream or downstream impacts elsewhere, and lasting improvements can only be achieved by understanding how people, processes, and systems connect across the organisation.
2. Identifying key changes that can resolve issues
Once we’ve got a clear understanding of the current business processes, and the weak points within them, we can start to suggest and implement improvements. We usually split this into three silos:
- Process improvements: Improving the existing processes at a person/administrative level, focusing on efficiency and streamlining processes to become easier to use, with a lower margin of error. For example, combining collection templates to reduce manual collection workload, automating processes, and retraining of users to better use the systems.
- Existing software improvements: Sometimes, the existing software has not been implemented following best practice, or the software has not been maintained, resulting in loss of functionality and user confidence. In these scenarios, we can reimplement and manage your software platform, bringing both revamped and entirely new functionality to your user base.
- New software suggestions: Sometimes, clients are missing key software implementations for their businesses. Previously, we’ve encountered customers who are managing complex deal pipelines and global ESG requirements without specialised software for either. In these scenarios, we leverage our expertise and experience across the sector to recommend best-of-breed software for a range of purposes where appropriate.
3. Implementing the changes
Once the changes have been reviewed and approved by key stakeholders, the implementation can begin. We undertake the work in collaboration with client teams, supporting existing processes throughout the improvement works to ensure there is no loss of service during the project. As improvements and new implementations are completed, they are rolled out, steadily improving both functionality and user confidence in systems.
4. After implementation hyper care
We don’t just cut customers loose after an implementation. We continue to provide ongoing support, improvements, advisory services, and training on new processes post-implementation. This ensures teams are confident using updated workflows and capabilities, helps prevent the platform refresh from falling back into previous states, and keeps us available to continue delivering excellent work whenever it’s needed.
If your systems aren’t delivering the impact they should, don’t settle for incremental fixes. An ecosystem review can uncover hidden friction, streamline processes, and help your technology work as a true enabler of performance.
Speak to our team today to schedule your consultation.
