Which are the criteria to select a software solution?
The selection of a software solution is dictated by business requirements and technologic constraints. But that is not all. Generic factors such as the publisher perennity and the global running costs have also become deciding criteria.
- Business requirements. Besides the traditional functionalities required for the front, the middle and the back office, connectivity has become essential. This connectivity concerns all the external parties : custodians, brokers, data providers, etc. Moreover, it has to be observed that the users are more and more involved in the decision process in order to ensure that the software meets their everyday needs.
- Technologic constraints. The following technologic topics are essential : basic configuration (infrastructure and hardware), client type (light/heavy), maturity of the programming language, web opening, traceability and security.
- Perennity of the publisher. The publisher’s sound financial position (current and future) is another important selection criterion. The number of employees, the number of developers and the existence of a user group are additional elements that indicate the perennity of the publisher.
- Global running costs. Before, decision makers mainly focused on the acquisition costs (licences) of the software. Now, they take into account the global running costs, which includes the price of the licences, but also the recurring costs such as maintenance, additional developments and advice.
To conclude: the selection of a new software solution includes business and technologic aspects as well as financial aspects.
