Author: Elena Moynihan, Liqueo Senior Front Office Consultant
Everyone is familiar with the process. When the RFP for vendor selection is complete and a new Front Office system has been selected, everyone is excited about the potential of new possibilities this change will bring.
This is the point at which the hard work starts. Plans are drawn and stakeholders are nominated. Often the focus of the new team is the software and once the latest version of it has been downloaded, everyone wants to start playing around with the blotters and configuration.
But at this point, when people ask: “How will the new software be used?”. The answer is often “Like for like”. Nobody wants to disturb the business workflows or rethink the way business teams work, or review roles and responsibilities. After all, it took so long to put them together and they work, so why rock the boat?
Fund Managers and Traders are busy people and so, while it is understandable that discussing new business operating models, as a result of new tools does not rank high on their list, it could lead to missed opportunities. Often, not reviewing operating models at the same time as implementing new software, can mean potential improvements, savings, and efficiencies are overlooked. Instead of bending, and modifying, the new software to fit the existing business model, there could be a chance to adapt and improve.
At Liqueo, we can help. Our team draws on many years of experience in Front Office implementations. We’ve learned many lessons in avoiding these pitfalls…Keep reading to hear our top tips.
It sounds obvious, but major Front Office implementations work best when they run as a true collaboration between business and technology. It is important to avoid rushing into a technology focus improvement and making it all about the tools. The best way to do this is to always take time to first build a TOM (Target Operating Model) owned by everyone involved.
This ensures that right from the start:
With the above framework in place, the team can now gear towards a streamlined implementation.
The closer an out-of-the-box implementation is achieved, the better the speed of programme delivery and the robustness of the final product. This can therefore further allow them to plan for future upgrades, and groundwork for onboarding new functionality. Every coding customisation and deviation from the product’s core introduces complexity and potential points of failure. So throughout the project, the team should always evaluate whether a customisation request is essential by asking these simple questions:
Experienced Project Managers and Business Analysts bring knowledge of comparable implementations in the industry and can help your business evaluate these questions to make informed decisions and deliver the best solution.
Here at Liqueo, we provide organisations with the skills to implement programmes successfully through our flexible workforce model, tailoring solutions for our clients’ strategic goals. We deliver an exceptional, bespoke service to every client via a dynamic and agile framework. If you are interested in how we can help you implement successful programmes or want more information about the push to simplify and streamline, contact us.
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