Are you considering new technology solutions for your brokerage?
Author: Baiana Kashaeva
This article is a little different from our usual posts. Today, we wanted to address the common objections that come up in our conversations with clients.
Maybe you are currently looking at our (or any other) products, have the same doubts in mind, and would find it helpful. Even if not, we hope that this blog post will be helpful in your decision-making for future projects.
We don’t have time
Time is a constraint in any business. So, naturally, new product evaluations are often pushed as more important things come up. However, if you are short on time and you are working with a vendor or a consultant, there are usually ways to squeeze the project into the desired timeframes.
To do that, it’s best to be honest with yourself and your partner up front. How much time are you really willing to dedicate to the new solutions’ implementation? What parts of the project are you ready to outsource? Would you be willing to increase the budget to hire someone to manage it for you?
Sometimes, we make assumptions about the length or the complexity of a project. But once we start, it actually takes fewer resources than anticipated. So, when you are looking for new systems, hardware, or anything else — ask for the approximate time frame, and you might be surprised.
Of course, the projects can quickly go beyond the deadline too. But it doesn’t happen if you are working with a trusted partner. At TFB, we have recently prepared a step-by-step plan that our integrations comply with. Such plans help stay on track and keep everyone accountable for their part.
We are happy with the current provider
If you are in the middle of evaluating alternative solutions, then saying that you are happy with your current provider usually means something else. Yet, if you indeed think that your existing software/hardware or anything else works fine, try to remember why you’ve started looking for alternatives.
Sometimes, if you are testing a new technology, the result you get is not very different from your usual performance. Just to be on the safe side, you can get in touch with the vendors you are testing to see if your configuration is optimised and the solution really operates at its best capacity. The minor tweaks in settings can make a big difference.
We don’t have any issues
Don’t fix it if it’s not broken. This old saying is right sometimes. And although you might not experience immediate disasters or crises, you can be facing a risk in the longer-term if you leave things as is.
The trading and investing field is notorious for its ever-changing nature. And with new strategies, products, events, competitors, etc., popping up every day, there is really an issue with sticking to your old ways. Yes, your bridge is doing what it says on the tin. But is it fast enough? Do you get the best pricing for your traders? Or can they get a better deal somewhere else? Do you have 24/7 monitoring systems that notify you immediately should something unexpected happen?
Now, if you have a great system in place that works perfectly and you are ahead of your competitors — congratulations and well done! But if there are areas of your business that you would like to improve, then certainly not having any pressing issues would not stop you from looking for better ways.
We don’t want any changes
We have already touched on the topic of change today. If you are a broker and don’t want changes — you are inevitably putting your business at risk.
How can you check if you need a change? Take a quick overview of your recent performance. Analyse where you are in terms of your annual and quarterly goals. Check what is slowing you down and what is bringing you the most benefits.
Look at your entire business process:
- What can be automated?
- Can your existing workflow be streamlined?
- Are you missing out on any low-hanging fruits?
If you are already looking at the alternatives, then there must be something that you would like to change. We recommend finding a technology partner that you trust and work with them in finding what you’re missing.
We aren’t happy with the pricing
Pricing is one of the main selection criteria when it comes to software solutions. And rightfully so. However, if you are looking at two similar products with different price points, we recommend looking beyond the license cost and consider TCO (total cost of ownership):
- Check if technical support is included and if you need to pay extra to upgrade to 24/7.
- Will you need to pay more for extra users/volumes/etc.?
- Does the new solution require hardware upgrades or additional integrations with the existing environment?
- How easy is the solution to use? What kind of training is offered and required before your team can start using the product?
Ultimately, every single case would be different. And not all our points listed today will make sense in every situation. We are still hoping that today’s article will help you make better business decisions. If you have any questions about the solutions for brokers, you can always email us at email@example.com, and we will be happy to assist you.
OF ANY PRODUCT