By: Iwona Olszewska
Growing regulatory requirements, continual introduction of new financial products, increasing volumes of data, and never-ending cybersecurity threats demand that financial services firms choose investment accounting solutions and providers that offer exceptional expertise and flexibility. While the starting point is a proven technology platform that can quickly accommodate change, technology is simply a tool. It is the expertise and insight of the team building and supporting the tool that provide the speed and agility to accommodate new asset classes, regulations, and markets necessary to keep you competitive in the future.
Before starting the technology vendor selection process, a company should first create a technology assessment that identifies features and functionality as either “must-haves” or “nice-to-haves”. In addition, the assessment should include the asset types, processes, and reports that need to be supported. Product demonstrations often help determine whether a solution provides the necessary functionality, as well as ease of use.
Next, it is important to assess the team that will be supporting and maintaining the software platform:
- Are they simply software developers, or are they also experts in investment accounting?
- Do they provide only software solutions, or do they also provide outsourcing services where they are responsible for maintaining an up-to-date technology platform that can quickly accommodate their client’s changing needs?
- How many assets under management do they directly support?
- What is the average tenure of their support staff?
- Do they have the depth of technology, industry, and investment accounting expertise to reduce your firm’s operational risk and allow you to concentrate on growing core businesses?
Selecting the right vendor is just as important as selecting the right product. The right vendor will want to know your company’s business strategy so they can help you achieve your business goals. The right vendor will have a history of successful implementations. The right vendor will not only have a solution that meets your business needs today, it will also offer a highly experienced staff that provides both technical and business expertise to allow you to stay competitive and seize market opportunities whenever they present themselves. SS&C is that vendor. To learn how the technology and experienced professionals from SS&C can help you navigate the complex world of investment accounting, visit www.ssctech.com