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Areas to consider when implementing new solutions

12/3/2021

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This article highlights considerations when implementing new systems from software providers that offer packaged software products developed as a general end-to-end solution for a specific sector, the so-called software ‘as is’. Implementing software ‘as is’ on premise or in the cloud can be a relatively easy task, since the software requires configuration based on standard templates. By parametrising the templates, the new solution becomes your environment with your company attributes and look and feel. This is a very important assumption to consider since the very reason why an Investment Management organisation has decided to acquire a well-designed, ready-to-use, out of the box software was to avoid a costly and lengthy customisation and development project.

However, in almost any situation, there is indeed a need for customisation and development. The reason for this is to be found in the peculiarities of each Investment Management organisation, its history and its specific unique proposition to its market place that will undoubtedly require adjustments and additional features in order to cover all special aspects required by the organisation for providing its services.
Also, it might be that the organisation is serving in a specific jurisdiction that is not provided by the software package. There are additional aspects to take into consideration, for example: The connectivity with custodians and brokers needed to automate the new environment and which may not be readily available within the software package. The historical data that needs to be migrated from legacy system(s) and which need to be made available somehow in the new software solution in order to provide reporting to clients.
Last, but not least, organisations may have additional requirements which are critical and a must to have to operate the business and that require software development. Therefore, it is very unlikely that an organisation can implement the software solution ‘as is’ without requiring any adjustments, customisation and some development. Especially in Europe where many jurisdictions, regions do have their own way of operating, managing customers, deal with local regulations and customs, even though the majority of the countries have complied with EU directives and EU regulations.


See full article:
BRITech blog


Information:
nijkerken@britech.global
+31 6533 9 6533


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