How To Get a PE Tech Implementation Right

June 25, 2020

While deploying new technology will always require a level of effort and work, there are some key steps you can take to make an implementation as quick and painless as possible.

1. Designate a Project Manager/Champion who will get it done. Implementing software that will change the day-to-day flow and rhythm of your company can involve organizing a lot of data and coordinating a bunch of moving parts. By appointing a project manager who dedicates a certain amount of their time to keep the implementation on track from your side, you’ll ensure nothing falls through the cracks.And remember: we aren’t talking about a power-user here. That’s a different concept requiring a level of complexity you should never need in technology designed to make your job easier.

2. Outline Tangible Goals that go beyond dotting the i’s and crossing the t’s. Oftentimes, completing an implementation can feel anticlimactic because a clear desired result wasn’t outlined at the start of the process. By setting specific goals like: “80% of investor reporting will be created and delivered through the software this quarter” or: “all portfolio company data for year-end will be reported through the new online platform”, you’ll have measurable goals and distinct ways to tell if your implementation was a success or a failure.

3. Set a Realistic and Firm Timeline for your software implementation. While you’re going to want to see value from your new technology as soon as possible, make sure you assess the current state of your data before signing off on a timeline. It’s not uncommon for implementations to fall behind or fall apart because a firm did not realize how disorganized and disparate their data was. Informed decisions and deadlines always work out better in the long run.

4. Drive Internal Adoption by using the new technology for both internal and external needs. For example, you want to be able to create reports for both internal meetings and external needs, like LP requests or fundraising. Internal adoption is key for continued success with any given platform, but expect some resistance up front. Operational changes take time and require reinforcement.

Tech adoption is becoming critical to many firms’ success as they seek to automate processes around portfolio company data collection and reporting. Cobalt’s Implementation and Support teams are here to help your firm get the ball rolling. Get in touch with us to get started.