Embracing technology broadens opportunities for the future

Investment firms that successfully undergo digital transformation can strategically position themselves to support new investment products, meet rising customer demands, and deliver exceptional customer experience.

Moving to a cloud-based system — one that provides data management, analytics, and reporting — will deliver benefits of scale, reduce costs, optimize efficiency, and maximize opportunities in a diverse global market.

Firms that accelerate their data modernization efforts will be better situated to effectively meet their technology needs, now and into the future. To enhance efficiency and support growth, investment firms will benefit from embracing a mindset focused on technology that offers greater possibilities for advancement.

Enhance insights and decision-making

Generating and acquiring more data creates new challenges and opportunities.

Sophisticated data management capabilities paired with cloud-native, unified infrastructure drives cost savings, enhanced data management, and better performance through operational efficiency. A comprehensive strategy also reduces the chance of errors, lowers operational and execution risk, and protects against the pitfalls of reputational risk.

An operational infrastructure that works best for your firm requires many complex decisions. A proper match of technology to goals will ensure your tech stack meets your firm’s requirements and addresses your comfort level for risk as business grows. It will also unlock the full potential that accurate and real-time data can offer.

Build a detailed migration plan

The adoption of cloud-based technology marks an inflection point for the industry. As investment management firms of all sizes adapt to the digital world, we’ve identified 7 steps to help migrate your systems:

Outline a sequence of migration activities, timelines, resource allocation, and risks
Prioritize applications for migration based on urgency, complexity, and business impact
Migrate applications in a phased approach, starting with low-risk systems
Remain aligned on scope during the process and create procedures to address changes
Manage the unexpected by staying agile and create a plan to manage unanticipated events
Build confidence and facilitate smooth resolutions by encouraging a positive relationship with your vendor
Build a data migration strategy to minimize data loss, avoid formatting problems, and address data quality issues

Step 1: Outline a sequence of migration activities

Investment firms can enable a smooth integration and strong connectivity by developing a comprehensive migration plan. Planning ahead, open and direct communication, robust testing, and continuous monitoring are key to achieving successful integration outcomes.

Once you settle on a migration approach, collaborating with a cloud data platform partner will allow your firm to design a separate yet parallel data migration strategy that works in harmony with your legacy systems migration strategy. A healthy migration strategy will include a detailed outline of the approach, tools, and processes to successfully transfer data.

Step 2: Prioritize applications to cover execution essentials

A strong and detailed project plan and strict project governance will help ensure effective execution. Defined scope, with objectives and deliverables, helps project teams stay focused and aligned, and also serves to track progress, identify dependencies, and manage resources.

Step 3: Migrate applications in a phased implementation approach

A phased approach can enhance efficiency and help achieve long-term sustainability through tailored solutions:

Phase I: Initiate
After your transition from signed contracts to migration planning, your partner will set up a dedicated environment in the cloud and develop an understanding of your firm’s specific needs. Deep-dive sessions will help your partner understand your data sources, create an inventory of your systems, and identify critical use cases to optimize.
Phase 2: Integrate and configure
With an environment in place, your partner will establish data connectivity and build strategies to address the specific requirements needed to accurately capture and map your firm’s data. Your partner will also create configurations for outbound data. At this stage, data quality rules must be strictly followed to ensure only clean, accurate, and validated data is stored.
Phase 3: Data load and run parallel testing. After your partner has established data connectivity, data will flow from your firm’s designated sources and is transformed and captured within the data platform. Once an adequate set of data is available in the new cloud-based environment, training and testing begin prior to go-live.

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Bhargava Borahalli