Devensoft

Implementing New Tools for M&A

Implementing Tools For M&A

Introducing new technologies into your organization can boost sales, increase productivity, and help you create better services and products. It can also help you make faster and better business decisions.

Unfortunately, implementing new software is often easier said than done. Routines are hard to break, and when you add M&As into the mix, managing organizational change can be challenging.

When it comes to onboarding your team to new software, we suggest these eight tips that can simplify user adoption and eliminate many common hurdles.

1. Pick the Right Platform for Your Team

First, you need to pick the right software for your team. Ask yourself the following questions to determine whether a tool fits your team’s interests:

  • What features does it have? Think about what your team needs. For what purpose will your team be using this software? Which features are must-haves, and which would be nice to have?
  • Is the software user-friendly? Some tools are more intuitive than others. To encourage adoption, pick software that’s easy to use and works right out of the box. Avoid tools that require multiple training sessions before they can be implemented. The user interface should also be easy on the eyes, smooth, and bug-free.
  • Does it align with pre-existing workflows? Teams are often reluctant to adopt new software because they don’t fit well with pre-existing workflows. Make sure your software fits established processes, including approval mechanisms and project management methodologies.
  • How much does it cost? Software solutions can vary greatly in cost per month and generally, you should be prepared to pay for value. To cut costs, look at your list of must-have versus nice-to-have features and determine whether any must-have features can be moved to the nice-to-have section. Factoring in ROI on efficiencies gained by widespread usage of the tool should be top of mind.
  • What are other companies saying about the software? Finally, you need to read other customer reviews. If there are other companies in your industry actively leveraging a tool, see if you can find case studies or get a referral for a use-case example.

2. Test Your Tool Before Committing to It

First impressions matter, especially for enterprise software adoption.

Create a strong first impression by having a group of employees test the software before launch. If they don’t like it, try another platform. Everyone should be satisfied with the software they’re using.

Once you get the desired results, your testers can help you promote the tool. They can also hold workshops and meetings to teach other employees how to use it.

3. Make the New Platform a Vital Part of the Workflow

Teams won’t be motivated to learn or use the new platform if they don’t have a clear vision for using it.

As such, you should make the new platform a vital part of the workflow. Executive sponsorship of a new SaaS platform goes a long way to getting company-wide buy-in. Explain why switching to the new platform is in the company’s best interest.

For example, if you’re adopting a tool for reducing M&A errors, highlight the features that streamline the integration process, such as:

  • Interactive visualizations for bringing the M&A story to life
  • Dynamic progress reports
  • The ability to create customizable playbooks for due diligence and integration management

4. Gamify the Onboarding Process

Another great way to encourage enterprise software adoption is by bringing an element of fun and competitiveness into the process.  Perhaps even consider having an internal contest by seeing who can perform a number of tasks in the new tool the fastest with a prize for the winning individual or business unit.  As a perfect example of this, let’s have a look at one of the ways our customer, Wipro (a global leader in the IT, digital transformation, and consulting space) incorporated a crossword puzzle to help the team learn and enjoy the process when they were onboarding with Devensoft’s M&A management solution:

Adopting M&A Tools

5. Keep on Measuring

Use analytics tools to measure productivity, collect user feedback, analyze training time, and spot areas where your employees need the most support. This will give you a better understanding of whether or not users are enthusiastic about the new software and the reasons behind that.

6. Realize That Everyone Has Different Needs

Learning styles amongst team members vary greatly — some prefer one-on-one sessions while others favor a more hands-on approach. Their tech-savviness will also vary, with some needing more guidance than others.

To address this, create a broad range of training programs, manuals, and other materials that make adoption easier. Providing a checklist of priority areas to learn in the software for various functional areas of the team can help, especially as time is the most scarce resource of all.

Ask each staff member which style of training they prefer and how much training they will require. Technophiles may only need a 30-minute training overview to master new software. However, team members with less technological experience may benefit from more extensive educational training and weekly refreshers to use the software.

7. Create a Centralized Hub for Training Materials

Create a centralized hub where your people can find all the information they need to use the new platform, including video tutorials, user manuals, and software documentation. Having everything in one place makes it easier for employees to answer their questions.

8. Communicate With Your Staff

Lastly, you must regularly communicate with your staff about the software change. Nobody appreciates sudden change. The team must have complete comprehension around the context of the change. They need to understand the ‘Why?’ behind the change and an overall vision of how the company will benefit.

Communication involves more than just sending out a few texts or emails. You need to:

  • Create a solid communications plan months before the software change
  • Host regular town hall meetings, online training sessions, and Q&A sessions to help your employees understand why the changes are happening
  • Give your employees a platform for answering their questions, such as a Slack or Teams chat group or FAQ sheets
  • Use the correct language when introducing new software to your company. Phrasing software adoption as “the new way of doing things” or referring to new technology as a “game-changer” can put your team on the defensive. Instead, leverage employee-centric language like “a new platform that will make M&As easier” or “a new program that will simplify the M&A process,” to help people recognize the benefits of software adoption.

Simplifying the M&A Software Adoption Process

Onboarding your team on new software can be difficult and stressful for your employees, especially during the M&A process, so it’s imperative that your organization choose the correct software.

The right M&A platform can streamline the entire integration process by aligning your team, generating dynamic progress reports, tracking deals from identification to implementation, and motivating teams with first-class project management tools. Speak with a Devensoft professional today to learn how to simplify your M&A activities and get your whole team on board with new technology.

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