Q3 2015: Thinking Broadly, Windows 10, Nine Steps in Selecting the Right Software

EXECUTIVE CORNER

Thinking Broadly

Current software technology offers so many powerful capabilities for information management that the opportunities for software developers like us seem limitless. Our challenge, of course, is to convert these opportunities into the best possible data management and financial reporting system possible for our clients.

Our Marketplace

Over the last year, our pursuit of this goal has reminded us about important aspects of the marketplace we serve, including:

• Productivity – All users look to software to make them productive in managing financial data, with an emphasis on producing and delivering reports quickly and easily. The decision to begin using a product, or to upgrade from an earlier version, revolves around the productivity the user expects to derive from it.

• Current FN Users – Many existing FN users are well satisfied with our current product and how it meets their needs. To them, the prospect of a radical change in our software offers little appeal.  

• New Users – People who have not used our products before are excited about how the latest technology can be applied to satisfy their data management and reporting needs. They want to take full advantage of the capabilities available for processing transactions and producing reports in a distributed environment and on mobile devices.

• International Perspective – FNI’s understanding of the requirements of our target market extends beyond the borders of the U.S. Overseas investors have the same need for convenient and powerful technology as domestic clients to track and report on their financial affairs.  

Using New Technology

The fast-changing technology environment offers a wealth of new tools and options.  This setting has shaped our attitude and informed our opinions:

• Product Enhancement Never Ends – The old software development model was to decide what features should be in a product, develop that product, ship it and wait for feedback before starting on a new version. Today, however, development never ends. The feedback is immediate and constant. There are no versions. Instead, enhancements are continuously produced. This new model allows developers to be very responsive to evolving user needs and very ambitious with the features they plan to add.

• User Interface Is Critical – Extensive design work can produce a user interface that is much more intuitive for the client and delivers a product that is easier to learn and use than in the past. The result is both enhanced user productivity and satisfaction.  

• Cloud vs. On-Premises – The operational risks of a security breach or data loss are present in both cloud-based and on-premises environments, although the specific risks differ between the two. Users who are comfortable with one environment are often very skeptical of the other.  

• Data Security in the Cloud – The major data breaches that have grabbed headlines mostly occurred on older systems that do not meet current security standards. These incidents have planted doubts about cloud computing in the public mindset, despite the fact that security for cloud-based systems is now considered by many experts to be superior to that of on-premises systems.

• Paradigm Shift in Reporting – The Millennial Generation has dramatically different expectations for financial reporting than previous users had. Millennials expect reports to be extremely timely, highly customizable and available on all types of mobile devices. To deliver on this expectation will be one of our next significant challenges.

Given the dynamic nature of technology and knowing the needs of our market, we cannot limit our thinking to approaches used in the past. Instead, we are exploring a broad range of exciting opportunities to help us meet the on-going needs of current and future users. We look forward to sharing our ideas with you in future newsletters.

Happy Navigating!
Ed Van Deman
CEO

Editor’s Note: We are always interested in your comments and feedback. You can write to us at: editor@finnav.com.

FAMILY OFFICE, STRATEGIC PARTNERSHIPS

Nine Essential Steps in Selecting a Software Solution

With the right software solution, a family office can substantially increase productivity and efficiency. Before selecting a solution provider, however, it is very important that the family office take the time to understand its internal requirements. The following nine-step guide will help make the selection process of family office software easier and more successful.

Step #1: Establish Your Business Objectives
Every family office has different needs. Identifying your business objectives is critical to ensuring you get the technology system most suited to your needs.

Step #2: Prioritize
Review the objectives you defined in Step 1 to establish which are most important. What must you have right away? What can wait?  This prioritization will form the blueprint for the Needs Analysis checklist you will prepare in Step 4.

Step #3: Learn What Is Available
Search the Internet using keywords like ‘family office software‘ or ‘family office technology.’ Make notes of providers’ strengths and where you see a fit for your practice. Ask friends in the industry for recommendations.

Want to learn steps 4-9? Keep reading for our recommendations.