New Finance Tech? Here’s how to increase team buy in and adoption
Do you want to leverage new technology to streamline your processes, improve your performance, and enhance your decision-making? If so, you might be wondering how to get your team on board with the change and make the most of your investment.
User adoption is the process of ensuring that your team members use the new technology effectively and consistently. It is a crucial factor for the success of any financial transformation, as it can impact the quality of your data, the efficiency of your workflows, and the satisfaction of your customers and stakeholders.
Why is user adoption important to finance teams?
According to a report from Gartner, more than 85% of finance teams are currently undergoing or planning a finance transformation.
User adoption holds particular significance for finance teams, as they are often responsible for managing complex and sensitive data, complying with various regulations, and providing accurate and timely reports. If team members are not comfortable or confident with the new technology, they might resist the change, make errors, or revert to their old habits. This can lead to wasted time, money, and resources, as well as missed opportunities, lower productivity, and lower morale.
To avoid these pitfalls and ensure a smooth and successful financial transformation, you need to foster a culture of user adoption among your team members. This means not only providing them with the necessary training and support, but also engaging them throughout the change process and motivating them to embrace the new technology.
To initiate successful change, consider the following key steps:
1. Define a Clear Vision for Transformation:
Before introducing any new technology to your team, you need to have a clear vision of what you want to achieve and why. What are the goals and benefits of the financial transformation? How will the new technology help you and your team meet those goals and benefits? How will you measure the progress and outcomes of the change? Communicate your vision to your team and align it with their needs and expectations. Make sure they understand the value and purpose of the new technology and how it will improve their work and results.
2. Identify and Engage Stakeholders:
User adoption is not only about your team members, but also about the other stakeholders who are involved or affected by the financial transformation. These might include your customers, suppliers, partners, regulators, auditors, and senior management. Identify who these stakeholders are and how they will interact with the new technology. Engage them early and often in the change process and solicit their feedback and input. Address their concerns and questions and demonstrate how the new technology will benefit them and meet their requirements.
3. Communicate Effectively:
Communication is key for any change initiative, especially for user adoption. You need to communicate clearly and consistently with your team and stakeholders about the new technology and the change process. Use various channels and formats to deliver your messages, such as emails, newsletters, webinars, videos, presentations, and meetings. Provide relevant and timely information and updates and avoid jargon and technical terms. Use positive and encouraging language and highlight the successes and achievements of the change. Encourage dialogue and collaboration and listen to the feedback and suggestions of your team and stakeholders.
4. Convert Detractors into Advocates:
Not everyone will be enthusiastic or supportive of the new technology and the change. You might encounter some resistance or scepticism from your team or stakeholders, who might fear the unknown, prefer the status quo, or doubt the value or feasibility of the change. Instead of ignoring or dismissing these detractors, you need to engage and persuade them to become advocates of the new technology and the change. Identify the root causes of their resistance and address them with facts and evidence. Show them how the new technology will solve their pain points and improve their situation. Involve them in the change process and give them a sense of ownership and responsibility. Recognise and reward their efforts and contributions and celebrate their achievements.
5. Inject Fun and Measure Engagement:
User adoption does not have to be boring or tedious. You can make it fun and engaging by gamifying the change process and creating a positive and enjoyable experience for your team and stakeholders. For example, you can create challenges and competitions, offer incentives and prizes, provide badges and certificates, and showcase testimonials and stories. You can also measure and monitor the level of engagement and satisfaction of your team and stakeholders with the new technology and the change. Use various metrics and indicators, such as usage rates, completion rates, error rates, feedback scores, and retention rates. Analyse the data and identify the strengths and weaknesses of your user adoption strategy. Adjust and improve your strategy as needed and share the results and insights with your team and stakeholders.
As we navigate the journey of embracing new technology consider this, as a Finance leader, do I have the essential elements to leverage the new technology, guaranteeing not only adoption but a success that propels our team and organisation towards a future marked by innovation, efficiency, and excellence?