How Do You Execute Change Management in the Asset Management Industry?
As many asset-owning businesses continue to digitise their operations, change management has become a crucial aspect of the process. Businesses more than ever need to lead their organisation through change management and train them on new systems and ways of working. While large corporations bring in external consultants and have deeper pockets and more access to resources, for smaller and mid-sized firms it can be a much more difficult transition.
Everyone gets stressed.
Responsibilities are often heaped on one person instead of a full team. There are fewer internal skills to lean on - many companies don’t have full-time IT resources and may outsource their IT services and support.
If your organisation has made the decision to digitise its operations and move to a cloud-based asset management platform with limited internal expertise to rely on, here are some useful steps you can take to help make the transition easier.
1. Set clear goals 🎯
You need to know the exact outcome you want, and why you’re doing this. Define the specific objectives of the change and the advantages to your business.
For example: reducing manual data input, increasing the accuracy of the information, and improving compliance. Make sure you understand exactly what a digital platform can do for you and communicate this effectively to all stakeholders. Will their jobs eventually be easier, enabling them to focus on more interesting tasks? Will the system enable more mobility, flexibility, and the ability to work remotely?
2. Involve your staff 👩💻
To ensure a successful transition engage your team members in the change process, by encouraging collaboration. The people "on the ground", whether desk-based or field-based, are those likely whose workflows will be most impacted by the change, and who may be the most stressed by the process. However, they may also be the best positioned to come up with ideas on how the transition can go more smoothly, as well as what devices will work best for them. Collaborative tools such as Trello or Monday.com can be incredibly helpful, as can a shared Word or Google document to keep track of important dates, deadlines, and responsibilities.
By encouraging open communication and soliciting feedback from team members, you can build a sense of ownership and buy-in that will help ensure the success of the change initiative.
3. Develop a plan 🚧
Establishing a clear timetable with specific steps and goals to meet gives everyone a sense of ownership of the project. Assess readiness and evaluate people’s individual capabilities when assigning individual responsibilities to managers and team members. Do you have the required skills in-house or will you need to hire new staff or contractors? Also, be clear about what role solution vendors will play and how actively they may be involved in implementation. At AssetFuture we’ve found that working closely with our customers results in a more successful and faster deployment. By collaborating with stakeholders throughout the project and maintaining clear lines of communication, we can identify and address potential roadblocks early on, leading to faster and more effective outcomes.
4. Provide support 🧡
Consider offering training, coaching, and resources. This is crucial to help employees adapt to the new processes or systems. While some may adapt very quickly and even enjoy using new tools, others may be more reluctant to change familiar methods and need more encouragement and support. When someone has been storing data for years in Excel spreadsheets or even a manual register, it can be a leap of faith to trust that a new, unknown app or platform will save everything securely. There may be a transitional phase where people are using two systems in parallel before being confident to shift everything to the new platform.
During this period, it's essential to provide ample resources and support to help employees through the change process. Some examples include customised training sessions, one-on-one coaching, and clear documentation outlining best practices and common pitfalls to avoid. By investing in your employees and supporting them through the transition, you can increase their confidence and ensure a successful deployment.
5. Communicate regularly 🎤
Keep everyone informed about progress, challenges, and successes throughout the change process, and encourage as much feedback as possible. Monitor progress and make adjustments where needed. There will be teething problems with any new system, and acknowledging hiccups and frustrations is important. Ensure that people realise it’s a journey, not an overnight switch.
To facilitate communication and maintain momentum, consider implementing regular touch points such as bi-weekly huddles, weekly wrap-up email communications, and using a shared Slack/Teams channel for all progress, feedback, and updates. Keep people motivated and accountable by recognising and rewarding progress.
For any business transition to go well, it’s important to have empathy for those who are affected. Some staff may need more time and training than others to get to grips with new systems, based on their digital literacy, thus having a compassionate and EQ-centric leadership approach is critical and can foster company morale and help employees feel supported and valued throughout the transition.
👍 At AssetFuture, we understand that implementing new technologies and ways of working can involve a learning curve and isn’t always a smooth process. We’re always ready to assist our customers and partners with change and transition so they aren’t alone on the journey to the digital transformation of asset management.
Request a demo and start your journey today! 🚀