One of the biggest dilemmas
facing CFO’s investing in new software is how to strike the right balance
between building solid foundations capable of future updates, and the risk of unnecessary
future proofing.
To use the analogy we started
last month- consider your software build like you would your new house. First
you get an idea of what your dream home will look like before going out and
finding the right architects and builders to help you refine and deliver on
that idea. In the same way software development starts by identifying your
business requirements and then finding the right developers. When building your
house, finding the right plot of land and building solid foundations will give
you options for future expansion; adding new levels without having to start
again from scratch. Doing things the right way from the outset, may not show
instant value and it’s not glamorous, but it is certain to save you effort,
money and give you greater options in the long-term.
So when considering the
architecture of your system; it is important to make sure that the software
meets both the immediate business requirements and ensure that most potential future
alterations can be effectively implemented. Here are Synetec’s top things to
consider when contemplating the future-proofing conundrum:
What are the end goals?
Your software is most probably fundamental
to the operation of your business. We’ve heard numerous instances where even the
smallest failures have cost a business thousands of pounds in lost revenue.
The key is to make sure you
engage your developers in the ultimate end goal, to ensure they understand the
potential future scope and application of your system. Understanding the vision
and ensuring there is never a detachment between the business objectives of the
project and the development, is vital to ensuring you get a solid and adaptable
software system.
Retrospectives will cost you more
A crucial part of establishing the end goals and business
needs, is that often the underlying technology can be far more complicated than
it may appear. What may seem like a quick fix- can in many instances cost you
thousands.
There is of course a big difference between trying to
retrospectively build in functionality that was missed as opposed to an update.
Our advice is however the same; get the basics right by building strong
foundations from which you can more easily adapt and expand in future.
Development should be
a long-term partnership
You need to know your developers
capacity to deliver long term support, improved functionality and upgrades on a
regular ongoing basis. Remember that changing your software developer can be both
a highly inconvenient but also potentially costly exercise that could bring
substantial delay; particularly if your requirements are urgent or business
sensitive.
If you do decide to engage new
software developers, you need to be confident that that they are both
reputable, financially stable and committed to continually investing in their
own peoples technological development. To learn more about choosing your
software developer visit our Insiders
Guide.
You can never
entirely future proof so strike a balance
Software built on proper planning
and a strong understanding of potential future business needs is one thing but
it is IMPOSSIBLE to entirely future-proof for every scenario. So don’t waste
your time and money trying to factor in every possible scenario. The key is to find
the balance between good forward thinking and not trying to predict the
unpredictable.
George Toursoulopoulos
is a financial technology specialist and Director at Synetec, one of the UK’s leading providers
of bespoke financial services software solutions. George started his career
with US-software giant EDS, becoming the youngest manager in the company’s
history and has since gone on to lead Synetec where he has continued to deliver
world-class solutions for a number of the UK’s most prestigious Hedge Funds and
Family Offices. George is a regular conference speaker on the implementation of
technology within the financial services industry with a particular focus on
delivering ROI and improving key business drivers. George has lectured on
Microsoft development and has served as a director on numerous company boards.
