It is, perhaps, the biggest catch that comes with all financial software, but you’ll need to maintain it if you wish to ensure it always runs at optimum efficiency… Now, you may choose to do all that development and maintenance in-house, though that is often pricier than paying a licence fee for an enterprise solution. But, more worryingly, the price tag for in-house maintenance will certainly go up when your company or projects grow, especially if the software is not ready to support your new business size. So, what’s the solution? It’s outsourcing it to a company you can rely on.
Why Does Financial Software Need Maintenance?
When looking at financial software costs, it’s important to keep those for maintenance in mind. But what is this maintenance we keep referring to?
See, any software that we use needs to evolve during its life cycle in order to ascertain that it keeps up with our company’s internal needs, as well as with third-party changes and upgrades. The latter includes our server or desktop operating systems, which are constantly changing and may mean that our software stops being compatible with later versions.
All of these seem like easy tasks to conduct, but this isn’t some off-the-shelf software you download an upgrade for through the App Store or Google Play. Maintaining financial software requires dedicated developers who
- understand your software,
- know the programming language your code is in,
- have an intimate knowledge of the market, and
- have the ability to update your code in accordance to any changes required.
The Wakett Framework with TIBCO® Capabilities Can Help
Once again, the Wakett Framework, with CYBMIND in particular, has the solution to these issues.
CYBMIND is scalable financial software that has been created to satisfy multiple clients’ needs and, as you can imagine, each of these clients comes with their own requests, leading to new developments that can benefit others.
In addition, through its use of TIBCO® Streaming and TIBCO® Spotfire – created by TIBCO®, one of the world’s leaders in infrastructure software – you can have access to more than 200 adapters that have already been developed and are constantly maintained.
This means that costs are drastically reduced for clients across the board; but it also ensures faster time to market from when the software starts being worked on and when it can go live.
This is particularly useful for SMEs, which usually do not have the resources larger corporations or banks like JP Morgan do to keep up with all the changes required by employing developers in-house.
How Mercedes Opted For This Model
But don’t just take our word for it. The Mercedes F1 team trusts TIBCO® with its data analytic solutions, giving them more time to focus on building a faster car and speed up the development process. And the reason why is simple: Mercedes’s core aim is to build faster and better cars, not develop analytics or maintain software. The latter is just viewed as a tool that helps them achieve this goal, and that’s how you should look at it, too.
So, by changing your viewpoint, you can have peace of mind that your infrastructure is being taken care of. Moreover, thanks to this software, the only thing you have to do in-house is focus on your investment strategy, your trading model, and the maths around your investment process.
Trust Us with Your Financial Software Maintenance, And Have More Time For Strategy
So, before you choose your investment strategy automation software for hedge funds, ask yourself: do you have enough time, resources, and need for maintaining the whole financial software in-house or not?
The probability is that you don’t, which is why we invite you to get in touch with us to see how we could help you!