Over the past three weeks, we have been exploring the various elements that come into play when looking to automate financial processes or working on trading idea automation… With this one, we come back full circle with a simple yet crucial question every financial SME should ask itself: Is it better to employ a team of software developers to help you automate your processes or is it better to engage an outsourced team?
Let’s explore the answer together.
Understand The Process
The first thing we need to keep in mind when answering this question is what type of professionals you need to create the desired software.
In our opinion, the answer should always be financial software experts who understand both the world of finances and the world of technology.
This is mainly because financial software operates in a very specific context, in which automating repetitive financial tasks requires that your workflow is turned into digital code – which is no mean feat.
What that code is depends on your needs, however, with the best programming language for finance being different from company to company simply because of the systems you have in place and what processes you want to automate.
Of course, you can’t be expected to know all this: after all, your expertise is in finances, investment portfolios, and securities – and there is nothing wrong with that.
But it’s good to be honest about this and to realise that understanding the automation process is the first step in figuring out what skills and experience are necessary for a team of developers to have because… How else can you find the best ones to employ?
The second factor you should consider is that the amount of work involved will most probably decrease once the initial development process is over.
So what do you do after that if you’ve employed a team of financial software developers?
Do you simply let the team go, leaving them in the lurch and yourself with no one to maintain or update the system? Or do you keep them on board, forking out tens of thousands of euro in wages and benefits even though their skills aren’t really required most of the time?
This doesn’t happen when you engage a team of outsourced developers who can dedicate plenty of time to your project in the initial stages of the process and are then available when you need them for updates and maintenance.
For Small-to-Medium Enterprises, the Answer is Clear
We’re not here to dissuade companies from employing developers; especially since the reality is that larger corporations, banks, and other financial and investment companies need a whole team of in-house developers.
But things are different for SMEs, whose budgets are more constrained.
And that’s where we come in.
Our team is made up of both financial and technological experts; people who understand the financial landscape and possess the technical knowledge to create software that turns your vision into reality.
So why not get in touch with us to discover how we can help you?