Organizations in Alternative Investments are often wary of upgrading their software or implementing new software due to the challenges they bring along such as duration, time spend and implicated costs. Outdated investment portfolio software can in some cases still carry out the most crucial functions for Private Equity firms and their clients but the inherent lack of functionalities will not empower you to serve your clients optimally. Even though most investment organizations recognize this, the prospect of change that reaches further than a sole implementation or upgrade makes them hesitant to follow through.
Main advantages of investment software standardization
- Enhanced security
Investment managers that are operating an array of different types of software and solutions are facing serious risks. A practical example of this is a software vendor pushing multiple critical security patches a month. Having a complete up-to-date software landscape is next to impossible while working with a mismatched software package. This opens your organisation up to remote code execution and other security breaches. Standardizing your software ensures up-to-date security.
- Lower Maintenance & support investments across the lifespan
As mentioned above, a lack of maintenance can cause massive challenges that take time to resolve. Introducing software standardization will drastically reduce the time spent on maintaining compliance with your selection of several standards and software packages. By having a pro-active approach towards change management and standardization, most of these issues can be prevented.
- Improved collaboration & productivity
Maintaining compliance and working with multiple software programs that serve the same end is a frustrating endeavor. Standardization will not only elevate the speed and success rate of upgrades and implementations, but also aid towards keeping your team working efficiently. Less is lost in translation; more insights are brought to the surface.
- Less pressure on IT
In many cases, the IT/Tech department are often encumbered by the consequences of non-compliance, reoccurring bugs due to version difference and maintaining the relationship between many programs which do not have any natural interaction. Upon standardization, IT departments can focus on the chosen solution and simply monitor and maintain the relevant processes in a better organized and more effective manner.
During such changes, standardization is often one of the key difference makers in deciding whether a project can be successful. To address these potential issues, we carry out a comprehensive assessment of current legacy systems and connecting software. “Solid process standardization delivers clients with stable environments, surpassing our presence on-site. Through our best practices and standardization we underscore our position in the market as an organization committed to Asset Based Consulting and delivering long-lasting value to clients” said Martijn Voorhaar, CEO.
“Having your portfolio software functional is helpful, but to truly get the most out of the software you use, upgrades are necessary on a regular basis.”
LeadingMile has successfully guided many top Private Equity firms through comprehensive change with the above philosophy. Benefit from our experience and best practices through your next implementation.
Leverage our experience
Through our experience with specific portfolio management software and being part of the PE/Alternative Investment market, we empower clients to fulfil implementations and upgrades and the change that comes with it. Having a broad scope that includes our best practices, lessons learned and desired client outcomes, we guide the changes from start to finish.
Get in touch
Interested how we can empower your organization? Get in touch with us to discuss opportunities now: www.leadingmile.com/contact