Insight: The eFront
Implementation Journey
Best Practices and Lessons Learned
The eFront Implementation Journey
Introduction
Implementing such a comprehensive solution can be daunting. This article will guide you through the eFront implementation journey, sharing best practices and lessons learned to help ensure your success.
The eFront Offering
eFront is a market-leading, all-in-one solution for the Alternative Investment market.
It covers a wide range of front to back-office functions across various asset classes, including deal flow, portfolio management, accounting, and reporting. Designed to meet the needs of both General Partners and Limited Partners, eFront provides a versatile platform tailored to diverse investment strategies.
In 2019, BlackRock acquired eFront, enhancing its potential by integrating it with other solutions to create a hybrid suite for investors active in both Public and Private Markets, known as the Whole Portfolio Solution.
eFront Implementation Process
When embarking on an eFront implementation, the vendor provides a project team to manage and deliver solutions from their perspective. However, for the project to succeed, clients must establish an internal project team with a clear governance structure, and defined roles, and responsibilities. This team should include experts in project management, eFront, and business operations.
Many organisations may lack sufficient experience in these areas, so it’s often beneficial to engage consultants directly or through a consultancy firm. While various project management methodologies can be applied, a flexible, common-sense approach generally works best, adapting to the project’s specific needs.
Regardless of the methodology, any project should include these key phases: Idea/Define, Analysis/Design, Implementation, Review/Close, and Optimisation/Health Check. An agile methodology can be seamlessly integrated into a broader waterfall approach, allowing for early realisation of value.
Key Elements for Successful eFront Implementation
- Pre-implementation Planning: Establish a robust governance structure with clear roles and responsibilities.
- Stakeholder Management: Engage stakeholders early and consistently to secure buy-in and foster ownership.
- Scope Definition: Conduct a thorough business process review and future state design to define clear requirements.
- Strategic Delivery and Testing: The vendor should focus on critical phases such as data migration, system integration, and testing.
- Risk Management: Identify potential risks and their mitigations, assessing their impact on both the implementation and ongoing operations.
- Comprehensive Training and Support: Equip your team with the necessary skills through targeted training programmes and provide ongoing support beyond go-live to ensure continued success and improvement.
- Operational Excellence: Implement a simple and scalable operating model that can adapt to your changing business needs. Investing in appropriate expertise today will mitigate the risk of mistakes and increased costs.
Expected Outcomes from a Successful eFront Implementation
A successful eFront implementation should verify that all agreed requirements have been met.
Business users should feel confident and ready to manage day-to-day responsibilities and own the processes.
The project should enhance the operating model and improve efficiency across affected functional areas, with minimal disruption to ongoing operations during and after implementation.
Ultimately, the project should be completed within budget and on time.
Real World Success Stories
Strata recently led the successful eFront implementation with Aladdin functionality for a client seeking to invest in Private Credit.
Services throughout the engagement included:
- Advisory: provided advice during client/vendor Contract and Statement of Work discussions, including review and negotiation.
- Project Management: led day-to-day project management activities, including internal and external stakeholder management and reporting, enhancing and fitting within the existing change management framework.
- Designed and maintained project artefacts including RAID logs, working group packs, as well as test and deployment strategies.
- Business Analysis: documented the current operating model, whilst designing future state processes to meet new business operations and workflows.
- Identified and documented requirements, whilst helping translate into solution designs and vendor led Business Process Reviews.
- Implementation: provided subject matter expertise to ensure successful delivery of the solution including testing and training.
- Created test case packs and managed the implementation of both external and internal deliverables.
- BAU Support: provided support during the transition from project to BAU.
- Managed the solutioning and delivery of post go-live enhancements and added functionality as the scope of investments grows.
