In our earlier articles, we built a framework for performance reporting system migration, discussed key decisions around the data conversion approach, and outlined hidden costs and opportunities with system changes. In this final article in the series, we will conclude with system rollout – and taking your firm from “minimum viable product” to the “art of the possible”.
Defining the MVP
Let's start by understanding what minimum viable product (MVP) means in the context of the performance reporting system migration. In product development, the MVP represents a fully functioning tool that is designed for speed to market, containing only the essential features. It enables a lean and iterative approach to product development, allowing teams to validate their assumptions, gather feedback, and refine their product based on real-world usage and user preferences. When it comes to performance reporting systems migration, defining a well-crafted MVP is crucial for your initial release. The focus should be on meeting the needs of your most relevant stakeholders, maximizing adoption and ensuring advisor and client satisfaction while minimizing risk.
Defining the MVP begins with a shift in mindset. It's important to recognize that the goal is not to simply recreate the exact same performance reports in the new system. Performance reports serve as a means of communication that are central to the client/advisor relationship. Therefore, sensitivity is required when considering the impact of changing performance reports. While the new system may offer improved functionality and capabilities, it's essential to ensure that the core purpose of performance reporting, effective communication, is preserved and enhanced.
In addition to preserving the communication aspect, defining the MVP also involves minimizing risk. By focusing on the essential features and functionalities, you reduce the complexity and potential pitfalls associated with a large-scale system rollout. The MVP allows you to validate key functionalities and gather feedback from early adopters, providing valuable insights for further enhancements. It's a reality check for end users as well, reminding them that while the initial release may be comparable to the legacy system in some respects, it lays the foundation for future improvements and innovation.
By carefully defining the MVP, you establish a solid starting point for your performance reporting system migration. It sets the stage for iterative development, where user feedback and evolving needs shape the future enhancements of the system. Remember, the goal is not only to meet the expectations of your stakeholders but also to exceed them by embracing the "art of the possible."
Defining the “Art of the Possible”
While starting with the MVP is important, it's equally crucial to understand the concept of the "art of the possible." This notion takes system outcomes once considered impossible and transforms them into achievable realities. Just because it is technically possible doesn’t mean it is worth investing resources in; your wealth management firm must make critical decisions to distinguish between the two.
With the advancements in technology, many functions that were once deemed impossible are now commonplace. The same optimistic mindset should be applied when considering the potential of your new performance reporting system. However, not everything that is technically feasible may align with your firm's strategic goals or provide significant value to your stakeholders.
To make more informed decisions about which enhancements are worth pursuing, it's vital to evaluate the potential benefits, costs and risks associated with implementing future enhancements. Your goal is not to implement every technically possible feature, but to focus on those that provide the most significant value and align with your firm's strategic objectives. By carefully assessing the feasibility, benefits, and alignment with stakeholder needs, you can prioritize enhancements that drive meaningful outcomes and contribute to the long-term success of your performance reporting system.
Implementing Future Enhancements
Continue to explore and stay updated on system enhancement as they become available for your firm and get crafty with building out new features. Your leadership team and internal stakeholders should have a vision for how you want the system to evolve over time by creating clear initiatives and a thoughtful design approach. When implementing future enhancements, build a roadmap to success and have measurable KPIs to track milestones along the way. By thinking outside the box, your firm will be well positioned to succeed in creating a performance reporting experience that is crowd-pleasing to internal staff, advisors and clients alike.
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