Implementation
Jan 15, 2023
4 min
Software implementation can be a daunting task for any company. Since loan management software is integral to a non-bank lender’s operations, delays or missteps in implementation are detrimental to the business. When done right, moving off spreadsheets or outdated, legacy systems to implementing a new loan management software is a shift that promises efficiency, transparency, and streamlined processes. To guide you through this process, we've distilled key insights from our own customer’s implementation of Hypercore to help you on your implementation journey.
Successful implementation requires a dedicated team. The most important step is to help your organization embrace change from the beginning, and a dedicated team will help guide the rest of the organization during this transition. In addition to an executive sponsor, a successful implementation has a project manager to maintain a project plan and communicate with the vendor, as well as representatives from key business units to help identify requirements. Collaboration among business users throughout implementation ensures the process contains a combination of technical expertise and business acumen, aligning customization and implementations with the overarching vision and goals of the company. “This kind of project requires a huge dedication from the business users,” shared Copernicus’s COO Alfonso Unzurrunzaga, who recently underwent their own Hypercore implementation.
A critical juncture in the implementation process involves defining key requirements and KPIs. This is where collaboration between vendor and client is key, and conducting insightful interviews helps unearth these deliverables and requirements. Customers stress the significance of clear requirements upfront to prioritize what’s most important to the business and to identify what a “successful” implementation looks like. Lack of specificity risks hindering the transfer of necessary information to this new system and process, laying the groundwork for challenges down the road post-implementation.
Every business is different, and every business captures information differently. From transaction summaries to customer management reporting to quarterly business reviews, be sure to communicate your organization’s unique needs and requirements at the beginning of the project to avoid roadblocks.
A robust project management plan is indispensable. Are those functional requirements addressed early enough in the implementation process? Is there any further platform customization required to call implementation successful? This plan becomes the compass, guiding the implementation team by sharing the company's business vision.
At Copernicus Credit, Alfonso Unzurrunzaga from their Group Office led their implementation. It was Alfonso’s responsibility to build the project plan, create a Gantt Chart, and hold weekly meetings to discuss implementation progress. Alfonso made sure business users completed their implementation tasks on time and provided Hypercore with the necessary functional requirements. Having a Project Manager handle the task completion and project schedule meant business users could focus on the actual implementation and learn the Hypercore platform.
Data migration is the unsung hero of a seamless software implementation. Our approach emphasizes robust and methodical procedures to prevent the loss or corruption of critical information. Prioritize cleaning your data for accuracy before migrating it to your new loan management system. This foundational step sets the stage for a smooth transition and ensures the integrity of your customer’s information.
Implementation is not just about technology change: it's about behavior change as well. This is arguably the most important part of any implementation—if your team won’t accept the need for change or embrace learning a new system, then adoption is set to fail. It’s like buying a new car without having a drivers license, or even knowing how to drive! Behavior change is the first step toward adoption.
To aid in behavior change, training and support for business users is critical to help them understand new processes and procedures. Empower your organization through easily available hands-on training and access to ongoing customer support. This empowerment ensures that the system is not just a tool but a catalyst for improved processes. Continuous training is essential for employees to maximize the new system's potential. Lack of support can result in underutilization. It's not just about implementing; it's about sustaining.
Continuous improvement is anchored in user feedback. Successful implementation requires gathering end-user feedback to refine the system continually. This continuous loop of communication ensures that the implemented system evolves to meet real user needs as the business grows and changes. Embrace a culture of continuous improvement through active user engagement, ensuring that your loan management system and processes align with real user needs and stay responsive to the dynamic demands of your growing business.
Make sure your organization is ready for implementation with our Implementation Success Guide. Here you’ll find an easy 6-step process to make sure your loan management implementation and adoption are set up for success.
Thought Leadership
November 27, 2024
