ESPManagement24 February 2023by Wakett

Financial Software Costs: The Hidden Cost for Your Team

There are many brilliant data scientists out there; people who know the financial markets, have deep maths knowledge, and understand what data means for their investment portfolio strategy. But in a world where electronic trading is taking over, the trick isn’t just in being able to read data, but also in collecting and processing it in an efficient way. 

To do that, one requires software that is scalable, flexible, and user-friendly. Not getting this right, which includes putting your trust only in off-the-shelf or open-source software, may probably increase your financial software costs. Here’s why.


Scalable, Flexible, & User-Friendly

When looking for software that allows investment strategy automation for hedge funds, ‘scalable’, ‘flexible’, and ‘user-friendly’ are three words that should be at the very centre of any financial services company’s search. 

  • Scalable means that the application can manage and run a growing number of applications. This is key when a company is seeking to grow as it ensures you won’t need to invest in new software in the future. Sadly, this is something many companies underestimate as they seek to lessen their time-to-market in the short-run.
  • Flexible refers to the software’s capability to configure the application to meet multiple needs, without requiring you to radically change the code or build a new application. Flexibility also means that you have the possibility to integrate existing script/software in multiple languages, that you can work easily with different sources, download data in multiple formats, and much more, to meet your custom needs.
  • User-Friendly looks at how easy it is for employees to use and configure the software, including how much training you need to give your team. 


Financial Software Costs: Hidden in Plain Sight

With that in mind, it becomes ever clearer why choosing the right software from the start will help you in your mission. But there are other points that need to be brought to attention.

For example, using software that comes with a complicated backend may mean that only the author can use it, maintain it, and fix it. The problem with this is that, should the author leave your company, you will end up back to square one, with a need for new software and to retrain your team. You’ll also have lost all of the valuable time and ideas you’d have invested into the old software and will be hindered from giving your clients the best service you possibly could.


The Wakett Framework: A Solution to All These Issues

All this may leave you with a conundrum: what software should you invest in?

The Wakett Framework has been developed with TIBCO Streaming® capabilities, which operates on standard object-oriented language skills, giving our software the ability to run applications written in various codes, as well as access to a number of already-coded TIBCO financial streaming adapters

Wakett development and support also ensures that your team won’t need to learn the TIBCO® StreamBase EventFlow™ language to run software you’ve already coded, or even to learn languages like Java to build new applications.

Even more importantly, the software is ready to go as a one-box hedge fund, and you run no risks of losing your code or understanding of it should an employee decide to part ways with the company.

Helping to keep hidden financial software costs at bay, our Framework is the definition of scalable, flexible, and user-friendly. So, what are you waiting for? Get in touch with us to discover how we could help guarantee stability as your company grows.