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Implementation rules!

Implementation rules!

Reflecting on the first quarter of this year, it’s been one of the busiest I can remember with numerous industry events and AI dominating the conversations.  In just two examples, our live Change Curve Podcast at the Octo ProgPlan 25 event explored why people are not embracing AI, while at the Owen James WealthTech Matters event I hosted a session discussing ‘Addressing integration challenges for operational excellence’.

What is apparent from all the conversations across the industry is that the level of confusion around tech and AI, particularly around system selection.  We’re seeing the largest surge of new start-ups I’ve seen in my career with the strongest starting to pull away from the pack and a huge amount of choice in a very fast-paced environment, reflected in the Woven Advice Market Map monthly updates. 

One of the key concerns from Adviser firms is around new system longevity and the reality is no-one has a crystal ball.   Investment in any tech always has an element of risk, for example, in 1975 both Betamax and VHS videos were released and the public watched as VHS ultimately won the mass market battle although Betamax continued to be produced until 2002.  Back in 2000 when I was involved in my first major tech implementation, the firm selected a start-up CRM which was replaced 5 years later followed by another replacement 4 years later following acquisition.  The tech world is currently moving so fast we’re all running to catch up and who knows what will be on offer in a few years time.

Fortunately most of the new tech coming to market allows users the option to trial first or be an early adopter before buying. This is great as this gives a breathing space to assess the impact the this will have on the existing tech stack and proposition and gives the suppliers the chance to sensibly refine their own propositions.  On the flip side it’s also giving skewed system usage figures as many firms are quietly retaining their existing tech which is also evolving, while simultaneously trialing new systems.  This means the longevity question will continue to play out.

System selection however is only the first stage of the puzzle as once selected, implementation becomes key.  This applies to any technology implementation whether Platform, CRM or new AI tech, reflected in Woven Advice’s recent White Paper on ‘Platform Switching Eats Strategy for Breakfast’ with it’s great opening phrase: “implementation eats strategy for breakfast” couldn’t be a more fitting description of the sheer effort required for advisers to move clients from one platform to another. As soon as the platform strategy is agreed for another three or more years, comes the daunting reality of strategy execution – and this is where the real challenge begins.’

Implementation is the practical child of proposition design and system selection and often results in friction when the reality doesn’t match the original dream.  Even the very latest technology still needs planning and assessment against the current tech stack and processes with the added complexities of AI considerations which is leading to delivery delays. 

For example, if you’re adopting meeting notes – how does that fit in with your current processes and technology? Is your data clean enough to support the new tech or is this a mini project before anything can be adopted? (Data is another current headache, but that’s for another time).  If these key questions are not considered upfront then any plan will quickly grind to a halt or fall over when it comes to rolling out and bedding in. 

This is where implementation pilots are invaluable and something I always recommend.  Like software trials, a Pilot is easier to manage and identify any blockers early on with a small group upfront.  It also pays dividends later on when adopting change as ultimately that success is driven largely by the people handling the end result.

Ultimately the planning processes required today are not dissimilar to what we’ve used over the past 25 years, but the software market explosion over the past 2-3 years has brought Operations quite rightly to the forefront of the implementation process.  It’s great to see but it’s a wide remit for Operations people with increased complexities and the potential impacts across data, systems and legals. Taking time to prepare, review and plan any new and /or enhanced tech implementations now will pay off over the coming years when deciding to stick or switch in the future.

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Helen runs a range of operational and change management projects with consultancy to support growing and / or changing businesses, tailored to requirements.  For more information please contact [email protected].