I’ve been working in the trust and corporate services sector for 18 years and worked with hundreds of providers as they review the technology they have in place to support their business operations.
I’ll use this blog to set out the most common reasons you should review the technology you have in place – and the best cadence on which to do so. I’ll also look at why services providers can sometimes struggle to review their software systems regularly, and offer some advice as to how to overcome such challenges.
5. Financial: The need to maintain or increase margins
To say nothing of increasing revenue and profits, and enterprise value:
Business leaders focus on key financial metrics of their business but are sometimes not aware of the impact that modern technology can help them achieve their actual financial goals
• They think it will cost too much
• They fear it will to be too complex or too difficult to change
• They think current systems are working adequately, though they may not be aware of the manual processing and inefficiency that has built up in the business over time
• Not knowing where to start or how to go about reviewing/selecting new software
• Not knowing what is available in the market and how it could help
To stand still is to go backward, as Richard Branson once said. So if you haven’t reviewed what software is available in the trust and corporate services market for a few years, I also have a few top tips for getting started:
Speak to other Services providers |
What software and systems do your peers use and what do they think of it? |
Google it |
Do some web research on what’s available in the market. (Other search engines available!) |
Hold some auditions |
Talk to software vendors and get them to give you their pitch. You’ll quickly understand their solutions and where they can deliver value to your business |
Seek independent advice |
There are many consultancy firms that offer software review services, some of which know this market well. Call them to have a chat to see how they may be able to help. |
Focus on value |
Look at where software can add value to your business, this could be by increasing automation/efficiency to reduce costs, or it could be reducing compliance risks, or supporting growth without the need to recruit additional staff. Focus on the business case for change and the benefit to the business of investing in technology. |
Douglas is Business Development Director at TrustQuay