Considering technology change?

22 June 2011

In today’s business environment, change is constant and inevitable, from the introduction of new technologies, or new products, through to opportunities for business acquisition.

The way change initiatives are managed can often determine not only the success of the specific change project, but the future success of the business as a whole. Managed well, and the business can optimise efficiency and productivity. Managed poorly and the business stands a lesser chance of achieving its full potential.

So what’s the best way to manage change?

Communication is the key

“Communication is everything,” says Mark Stonham, Division Director and Macquarie Relationship Banking’s Head of Project Delivery. “It’s about appreciating how change will affect the people involved and communicating to them about what the change will mean,” he says.

Avoiding pitfalls

Mark says there are a number of key points to remember when managing a change process:

• Don’t get fixated on the timeline or technical elements of a large-scale change project – this can lead to disengagement and significantly impact the business
• Take the time to identify your audiences, understanding who the change will impact and how it will impact them
• Clearly communicate the change to your audiences, acknowledging the benefits and challenges and seeking their feedback throughout
• Remember to focus on both the financial and non-financial aspects of the change, including desired return on investment as well as stakeholder satisfaction with the initiative.

With any change initiative, keeping people informed is integral to fostering staff and client engagement. Identify early on the staff or clients who may be impacted and start planning what they will need to know, when and how they will need to be involved.  Where possible, organise face to face meetings to allow staff or critical clients the opportunity to ask questions and provide their views

An example

A good example of a change management project that Macquarie recently rolled out is our new Macquarie Premium Funding Platform (commonly known as MPF Online).

“During the course of one weekend we completely changed the way people use the platform, which meant investing considerable time and resources training both our staff and our clients about what to expect, how to use the new system and the benefits it would bring,” says Mark.

Mark added that thanks to the investment in making sure people understood why the change was happening and what it meant for them the implementation went exceptionally well because everyone was prepared and ready for the change.

How to prepare

To ensure the business was ready for the new platform Mark and his team rolled out an extensive training program for staff and developed a communications campaign to make sure both staff and clients were familiar and comfortable with the new platform

“We made numerous presentations at client conferences, produced written materials for all stakeholders outlining the change and sent regular email updates about out how the change project was progressing,” Mark explains.

Change takes time

Mark says it’s important not to underestimate the time it takes to effect change. “The whole process took around a year, but the new system is much more enabling and reduces the need to re-key information, which means our team can now have improved access to comprehensive information and they can better track their own success which has given them a totally different approach to their work.”

“From our clients’ perspectives, they are benefitting from new reporting capabilities and an increased range of self service and payment options,” he adds.

According to Mark, successfully managing change is all about investing in people, listening to them and involving them in the process: “You have to be clear with your audiences about the benefits of the change, while not ignoring the challenges that some may see. Do that and your team and clients will be more engaged and you’ll end up with a great outcome for the business.”

Key points to consider when managing change

• Spend time appreciating what change will look like and its impact on stakeholders.
• Keep stakeholders fully informed, but be careful not to over-communicate.
• Measure how successful the change project has been by how people respond to it. If they embrace the change you know the project has been a success.