New SimCorp paper outlines 10 steps for successful IT selection to support investment management goals.
SimCorp, a leading provider of investment management software and services for the global financial services industry, released a new paper today, titled, “IT System Selection: Choosing the Right Solution to Meet Investment Management Goals.”
Published in the Journal of Applied IT and Investment Management, the paper features commentary from: Dirk Buggenhout, COO of ING Investment Management; Sam Dezillie, Partner at FRONT; Jeremy Hurwitz, Principal and Founder of InvestTech Systems Consulting and Hans Otto Engkilde, Vice President, Implementation and Account Management, SimCorp Benelux.
Jeremy Hurwitz, Principal and Founder of InvestTech Systems Consulting, notes, “It is critical that buy-side firms migrate away from a reactive, IT-driven systems selection process to a strategic business-driven approach that considers the long-term impact on the firm’s future stated goals and drivers.”
The paper outlines 10 practical steps for a successful IT selection process. Among the steps are:
1. Establish an IT-business partnership model and roadmap based on upfront consensus.
2. Understand the company’s short and long-term strategic goals.
3. Develop a wide range of pre-defined business cases.
4. Establish a steering committee with involvement of relevant stakeholders to ensure buy-in based on a continuous review process.
5. Define the architectural fit of requested functionality at the beginning of the selection process.
6. Foster an organizational culture open to change.
David Kubersky, Managing Director of SimCorp North America, comments, “We find that when there is alignment between IT and business goals, technology can transform an investment management enterprise. At SimCorp, we make it a point to ensure we understand our clients’ business goals, from expanding product lines to reaching new international markets. This understanding is critical in helping our clients leverage technology as a powerful enabler for change and innovation.”
Enquiries regarding this announcement should be addressed to:
Susan Peter, SimCorp North America (+ 1 917 546 4654).
Since 1971, SimCorp has been providing investment and portfolio management software and services to the world’s leading investment managers, asset managers, fund managers, fund administrators, pension funds, insurance funds and wealth managers. SimCorp’s world-class software provides global financial organisations with the tools they need to mitigate risk, reduce cost and enable growth. SimCorp is a global company, regionally covering all of Europe, North America and Asia Pacific. Listed on the NASDAQ OMX Copenhagen, SimCorp is dedicated to supporting the global investment management industry, its clients and its investors.