Effective Change Management: Research Management Systems

The following article was developed in partnership with Alpha FMC.  Please see the original post on their Insights page.

Fear of change is a common and significant challenge for investors and asset managers seeking to modernize their research management practices. Historically, organizational knowledge has been siloed at the individual level, impeding cross-functional collaboration and operational efficiency. Over the past decade, however, advancements in research management technology have dismantled these silos, offering firms a centralized system-of-record for all research and interactions.  Modern Research Management Systems (RMS) captures critical information – meeting notes, call transcripts, memos, statements, and more – within a real-time, accessible knowledge repository. Despite this transformative shift in how modern investment offices operate, many institutions remain hesitant to adopt new RMS due to the perceived scale of such projects. It’s natural that this transition introduces uncertainty and disruption; concerns range from the need to learn new technology and adjusting existing workflows to the restructuring of teams and business processes.  These fears can often lead to reluctance in committing to a new RMS, delays in implementation, or resistance to adopting more robust solutions in place of familiar consumer tools or Microsoft Suite-based routines.

Recognizing and addressing these fears is key to the success of any operational transformation. By understanding the emotional responses change can evoke, Investment Offices can develop strategies to not only reduce resistance but also promote a culture of adaptability and resilience. This approach paves the way for a smoother transition and cultivates a more engaged, supportive user base that aligns with the firm’s broader strategic vision. The process of preparing, supporting, and equipping teams to adopt new technologies, workflows, and processes is known as Change Management.

“At Bipsync, we’ve seen that the most successful transformations are those where change management is deeply integrated into the operational strategy from day one. This approach helps to mitigate resistance, foster adaptability, and ensure that the adoption of new technology translate into tangible business outcomes.” 

Change Management Visualized (green line)

Pre-Implementation

A successful change management strategy spans the entire change lifecycle, starting with the pre-implementation phases, where early involvement of key stakeholders in the RMS journey is essential. From the initial assessment of the current state to defining the target state, teams across Research, Operations, Investment, & Compliance can offer valuable insights into stakeholder needs, existing processes, and pain points. Simultaneously, technology teams contribute their expertise in enterprise architecture, solutions design and implementation. This collaborative approach ensures that the resulting research management system is both comprehensive and aligned with the firm’s strategic vision. Engaging stakeholders throughout the process fosters a sense of ownership, addressing business concerns and reducing resistance to change by uniting the firm around a shared set of research goals.

“By involving key players from both the business and technology sides early on in the transformation initiative, asset managers can ensure that the strategic vision is informed by real-world insights and grounded in practical solutions. At Bipsync, we emphasize the importance of this early collaboration to build ownership, align objectives, and set a strong foundation for the entire change journey.”

Implementation

Throughout the implementation process, frequent and consistent communication is imperative to maintaining clarity around the firm’s strategic vision and ensure that all stakeholders see the added value that a modern RMS can provide. Given the complexity of RMS implementations and the broad impact on daily workflows for teams both contributing to and consuming research, keeping stakeholders informed and engaged is critical. This means providing regular updates on project timelines, system capabilities, expected benefits, as well as any known workflow changes or challenges. While RMS implementations can be complex, they need not be overly burdensome or prolonged. Clear and consistent communication from dedicated change management and business readiness teams ensures the asset manager’s research vision stays on track and the implementation is completed on time and within budget.

“At Bipsync, we advocate for a communication strategy that is transparent, consistent, and responsive to the needs of all stakeholders. This ensures that everyone remains connected to the project’s goals, understands the value of the changes, and is prepared for what’s to come.”

Post-Implementation

As the investment office prepares to launch a new RMS, a strong training and support strategy is crucial to ensuring success both during the immediate go-live period and the subsequent Hypercare phase. Comprehensive training programs should be conducted well in advance of go-live, tailored to the needs of different user groups to ensure they acquire the specific knowledge and skills required for adopting the new workflows. Beyond training, ongoing support is essential to address ‘Day 2’ items after go-live, ensuring that user expectations are met, and any post-implementation issues are quickly resolved.  A well-rounded training plan, combined with continuous support, not only helps users adapt to the new system but also fosters firm-wide adoption of best practices and encourages continuous improvement, maximizing the RMS’s value across the organization.

“At Bipsync, we believe that a well-executed training program, tailored to the specific needs of different user groups, is essential for smooth adoption.  Moreover, continued support beyond go-live helps to reinforce new practices and ensures that the value of transformation is fully realized. This approach not only empowers users but also drives long-term success and continuous improvement.” 

Overcoming the fear of change is paramount for the success of any operational transformation, including research-based initiatives. Acknowledging the emotional responses and resistance that change may trigger allows organizations to develop effective change management strategies. By involving key stakeholders early in the journey, maintaining clear and consistent communication throughout the process, and providing comprehensive training and ongoing support, firms can facilitate a smoother transition to a modern RMS and fully realize the operational benefits it brings.

Modern RMS Benefits

In the financial services industry, change management is increasingly being integrated as a dedicated function within transformation initiatives to ensure successful implementations, prepare users for adoption, and establish a foundation for ongoing best practices after launch. For further discussions on change management, whether related to RMS adoption or broader industry transformations, please contact Matt Hooker (matthew.hooker@alphafmc.com) at AlphaFMC or book a demo with us today.

About Alpha FMC

Headquartered in the UK, Alpha Financial Markets Consulting is a leading global provider of specialist consultancy services to the financial services industry. It has the largest dedicated team across those industries, with over 1,000 consultants globally, operating from 17 client-facing offices spanning the UK, North America, Europe and APAC. Alpha’s has worked with a wide range of firms, including 80% of the world’s top 100 asset managers.