Background
About the client:
Our client is a European-based global private equity firm with over US$140 billion in assets under management in private equity, infrastructure, real estate, private credit and royalties. The group has over 20 offices across Asia, Europe and the Americas and employs 2000 employees globally.
About Holland Mountain:
Holland Mountain is a specialist consulting firm and data solutions provider for private markets with over 350 successful digital strategies and transformation projects for asset managers. Holland Mountain has extensive experience in large-scale implementation in complex organizations that requires expertise and experience in change management and private capital technology.
The Problem: How to manage large-scale change?
Context
Previously, the firm did not utilize a dedicated Contract Lifecycle Management tool for managing contracts. Instead, it relied on CRM software to store, archive, and document contracts from initiation to execution. This approach introduced several limitations, including:
- Numerous manual steps
- Complex interactions across various teams
- Limited reporting capabilities
Recognizing these challenges, the firm decided to transition to a dedicated CLM tool.
Challenge
However, as the firm was progressing in the implementation, many challenges arose due to the following:
1) The size of the project:
- 3 large business units, including tens of teams within each unit
- Almost 1,000 users
- 8 time zones across Asia, Europe and America
2) The change management complexity:
- Users were used to the previous system
- There was no standardized way for contract management across the firm
- Many levels of seniority were affected by the transition
Holland Mountain was then appointed after a delayed first implementation attempt to ensure successful adoption, following best practices for the long-term use of the tool by all 1,000 users.
“The firm took a brave step in moving away from their legacy system to a new and innovative solution, that promised great value for the organization. Given the complexity and scale of the project, we were pleased to be brought on to provide our expertise and ensure a smooth implementation across the board.”
Connor Goodings
Senior Consultant at Holland Mountain
The Solution: Holland Mountain’s Strategic Approach to Overcoming Implementation Challenges
Holland Mountain took full ownership of the project, overseeing both overall project management and change management responsibilities.
Requirements and testing
- Documentation around the requirements / designed workflows tailored to specific and complex needs of 3 + large business functions
- Established a process for tracking change requests to ensure timely delivery
- Developed a communication plan to maintain transparency with multiple levels of stakeholders
- Supporting in testing each feedback item, ensuring its quality before it passes onto a 1000 + user system for sign-off
Implementation support
- Drafting and finalizing the UAT scripts for 8 different workflows consisting of 20 + use cases ensuring all details were covered and smooth testing by users.
- Drop-in calls were placed in every user’s diary covering multiple North America, European and Asian time zones to ensure engagement.
- Owning the UAT trackers, consolidating feedback from testing to ensure everything was implemented.
Hyper care and engagement
- Preparing, coordinating, and co-delivering training sessions to the business, alongside owning the training materials for a large user community.
- Hypercare support is provided through Q&A drop-ins, feedback sessions, and updates to internal materials and websites.
The Outcome: Project Success and Business Continuity
Holland Mountain played a pivotal role in ensuring the successful go-live of the CLM tool to 1,000 users, a milestone that would have been difficult to achieve efficiently.
“A project of this scale is often underestimated, but the collaboration between our team, the client, and the vendors was key to its success. The dedication from everyone involved ensured the project delivered the desired outcomes.”
Jonathan Connelly
Director at Holland Mountain
By taking full ownership of stakeholder management across multiple business units, jurisdictions, and time zones, Holland Mountain allowed senior leaders to stay focused on their strategic priorities.
Our independent advice also helped align stakeholder expectations with the firm’s overarching strategy, unifying teams under a single, efficient system.
In addition, we implemented a comprehensive change management program that covered communication, training, and ongoing support, driving user adoption across the organization.
How Holland Mountain can help
For more insights into how we helped our client successfully achieve a large-scale implementation, contact our team.
Implementation
We’ve helped dozens of private capital firms implement new systems end-to-end to get the most out of their digital spending, as well as improving existing systems that are not delivering enough value for managers.
Strategy Advice
Our team delivers operational reviews and target operating models for CTOs, CFOs and COOs, providing them with a target future state and plan to achieve it.
