Leasing or purchasing a new car can be an expensive proposition and complex decision, especially when you have to weigh and consider all the myriad models, standard features, packages, and extras that are available. Now, if you have an unlimited budget and have decided on your model, I would say, "get it all". However, this is rarely the case with most car buyers and the same is true for buyers of investment system software applications. So, just as you would with any vehicle, you should take a new software application for a test drive before fully committing.
The investment your firm makes in conducting that test drive or proof of concept will save you some time, headaches, and potential disappointment down the road. During the proof of concept your firm will have the opportunity to affirm the following:
- The software model selected has the right "fit and feel" and sufficient power to support your organization today and into the future
- Standard application features work as expected and allow for smooth handling and responsiveness in changing business environments
- Expensive application packages and extras are providing the proper return on investment for your firm
- Ongoing maintenance will not overtax firm resources in the future
Once you have completed this exercise and have decided on the "build out" of your new software application, then the next question is, "should I lease or should I buy?"
Colleen Devine
Colleen provides strategic direction and leadership on Citisoft programs in North America and globally. She has a wealth of IT project management and operations knowledge and a record of excellence in program and complex project management. Colleen has delivered successful large-scale programs for system selections and development and implementation for trading, investment accounting, performance, tax reporting, and data warehouses. Prior to joining Citisoft, she served as a consultant in the US Investment Management Practice at PwC.
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