The first time I implemented a performance system was in 2006. With no training in the system itself, I used the knowledge from my professional experience and my education (Mechanical Engineering). What I learned that first time and every other subsequent time implementing or migrating systems, was that they all had one thing in common, having a subject matter expert was the most important factor in systems implementation. Most firms focus on IT staff and business analysts to guide them through the process only to face roadblocks after roadblocks, and in some cases abandoning the project.
My Mechanical Engineering background helped me immensely because engineering is about finding solutions and making things more efficient. My knowledge in investment performance has enabled me to help firms get past every roadblock quickly and efficiently and allow them the full use of the performance system they had purchased. Understanding the source of how things work enables you to work better with IT staff to guide them to do their part in an efficient manner.
To enable the above, firms must first and foremost understand their own departments' operations and identify the strengths and weaknesses. Performance Analysts should be fully aware of the sources of issues and work with other departments to resolve the issue at the source. At a minimum, they should have everything documented which will help facilitate the system implementation/migration and minimize delays. Unfortunately, these are steps that are still not being taken but are so critical that firms are missing out.
Comments