After understanding what to look for in a Pension Administration Software – and how to evaluate whether or not it will meet your organizational goals – it’s time to focus on another obstacle entirely: implementation. Depending on the size of the organization, transitioning to a new solution could take weeks, months – even years. Plus, new regulations and innovations can sometimes cause further delays and overhaul hindrances. In truth, this project is no small feat.
Before overhauling your system, it’s important to identify the common pitfalls that entrap implementations of new pension software. The three most common challenges include:
The right vendor for your organization should have potential solutions for all three of these areas. Here’s a further breakdown of these hurdles and what to look for in a partner.
Before beginning your organization’s software modernization project, you should evaluate your schedule and project deadlines. If you are under a tight timeframe to implement new solutions, seek vendors who have a proven track record of designing and delivering solutions quickly and efficiently. Further, different implementation methods, such as phased approaches or big bang scheduling, can provide options that align with your strategic needs.
According to a recent survey of state Chief Information Officers, 80% or more of their annual budget is spent maintaining existing systems. But don’t think that, because of your limited budget, that you can’t revamp your service delivery model and business strategies. Some vendors can implement cost-effective solutions that align within your budget constraints. Further, other solutions can upgrade your IT solutions in phases that meet your budgeting schedule. To help you prioritize your technology needs and identify what you can afford, be sure to download our Pension Guide at the bottom of this page and complete the Evaluation Worksheet.
Your pension agency does not need to have a large staff base to ensure a smooth modernization effort. Vendors should come with the necessary software developers, business analysts, and project managers required to perform the majority of work. This should also be achieved with minimal impact on your day to day operations. Your team will have to provide input during pivotal points in the project – such as clarifying system requirements and role expectations – but look for systems that can help you streamline this time-consuming task.
For more information about how you can choose the right pension guide for your organization, be sure to download one of our Pension Buyers Guides! Made for small, medium, to large organizations, this information provides critical insights to the latest trends and evaluations of choosing a pension administration software.