30 May 2019
6 min read
Many of us have been attracted to that special someone, thinking that they were ‘the one’, only to find that when reality sets in the little issues become more irritating, eventually you stop talking and the relationship starts to break down.
It’s no different in business with almost 80% of partnerships reportedly failing. Most partnerships fail when expectations don’t meet reality.
In the technology world this is often due to one of three things:
Breaking up or finding yourself without a partner is not all bad. It can be an ideal opportunity to pause and strategically review your needs.
It can also be a chance to examine why the previous partnership or technology didn’t work for you and use the learnings to go out and find the right partner.
In financial services, technology is constantly evolving and there are many new providers out there all clamouring for your attention, so the search can be quite overwhelming. These simple steps will help set you on the right path to success:
Draft some requirements and selection criteria
The first step is to be clear about what you are looking for. The list of requirements should be based on two things. Firstly, the needs of the business, taking into account your strategy for growth and thoughts around what may be needed for the future.
Secondly, client needs. There is a real move towards client-centric business models in many industries, including trading. This shift is occurring as companies realise the advantages of segmenting their client base to identify specific needs and using this knowledge to either deepen existing relationships or attract new clients.
The question you need to answer when building your list of technology requirements is what do you need to achieve for your clients (and your business) and how can technology support this?
Once you’ve identified your requirements you can build out your selection criteria.
Here are our top five selection criteria to include when looking for a new technology partner:-
Do your homework
To start benchmarking potential partners against the selection criteria you first need to do some research. The vendor’s website should give you general information about their capabilities and the products available. Industry events can also be a great way to see a demo of the software and get a flavour of what each company can do.
If you want to build a full picture of what’s on offer, it’s increasingly important to enquire about other capabilities or services.
As well as seeking a quality trading system, our prospective clients are looking at our API capability, market data costs, asset coverage, hosting and connectivity. Essentially businesses are looking for increased flexibility to design optimal workflows which fit with each client’s business model, something which our trading software has at its core.
To assess the vendor’s viability and future direction, the following information should help, most of which is usually widely available:-
Whilst these are good sources to start with they are greatly enhanced by carrying out a formal RFP process.
Finally, whether you carry out an RFP or not, do question what training and ongoing support is available. This is vital to make sure you are partnering with a business which will be there for you long after initial implementation.
Go dating - test the relationship
As with most relationships, the best way to find your ideal partner is by going dating. Are they interested in you? What do they bring to the relationship? Are they putting your business needs first?
We like to get to know your business and carry out a full tech audit for you to assess the technology you have against your list of requirements and make recommendations on where technology could help; to improve what you have, not just replace it with like for like software and make a quick sale. This approach means we can readily identify how technology can help a business perform better.
Dating can take many forms from formal face-to-face meetings in the boardroom to informal chats in the pub or even cycle rides!
It’s the best way to get a feeling for how the relationship will work.
Breaking away from a previous relationship and finding the best technology partner for your business is never easy. However, by learning from past experiences, doing your research and getting yourself back in the game you’re starting from a great place.
If you’re looking for a new technology partner why not make the first move and contact us or explore our software to find out what we can offer.