So you’ve done sufficient due diligence during the software acquisition to have confidence that the solution will meet your technical requirements and the solution has been deployed. Now what? Job #1 is to focus on meeting business objectives. Here are three motivating factors that should drive your focus.
Focus on Business Objectives
- Capture Revenue: You want to do business with your customers in new ways but your legacy platform(s) are preventing you from on-boarding them or supporting the business model effectively. You need to get them on the new platform …fast. The new system must provide rich features and capabilities. For example, direct support for all data formats, dynamic routing capabilities, communication protocols available allows you to say ‘yes’, we can do that…today. This translates into faster time to revenue. And ultimately, this agility will make you more competitive to win more business.
- Mitigate Risk: Your new platform provides security that ensures data is protected from loss and that sensitive data is protected. It enforces compliance with external and internal security controls for transparency and visibility, and industry compliance standards like PCI-DSS and customer SLAs. It also supports business continuity. In a 24/7 financial world, your business needs to be up and running at all times.
- Reduce Costs: The solution you choose should not only improve operations, but should also help cut costs. The new platform will make you more efficient in how you support customers. For example, you should be able to offer self-service value-add capabilities such as track-and-trace visibility for internal business users (or even customers themselves to eliminate delays, improve customer relations, and cut down on laborious support activities that are a bottleneck. Additionally, shutting down the legacy platform saves operational and license/maintenance costs.
Accelerating the migration off of your legacy platform and building a methodology for on-boarding will make this promised ROI a reality. During the vendor selection process, the vendor’s solution for migration is equally as important as the technology itself. It’s imperative that the vendor has the tools and experience to *finish* your migration….not just start it. And be skeptical; not all vendors can deliver on their promise. Without the ability to actually conclude your migration, the shiny new platform will sit idle and your customers are stuck on the old platform with continued costs, risks and bottlenecks.