Alternative investment firms today have a lot to worry about. Your IT shouldn’t be one of them. In this White Paper, we discuss the top 10 IT mistakes for you to avoid.
Working with Generalists
Work with IT vendors that understand your industry. Make sure they appreciate the urgency of your business and have relationships with the right market data, order management and compliance providers. Deep alternative investment industry knowledge and expertise means your IT team will understand the dynamics of your environment and provide the right services and partners for your fund.
Underestimating Lead Times
If you are just starting your firm or a new technology initiative, remember to engage your technology team as early as possible. Often alternative investment firms underestimate the amount of time it takes to implement new systems. The more time you give your technology team, the more time they have to properly plan, test, and deploy your system. Lead times on equipment and services can ruin the timing of projects and cost you in the long run.
Not Communicating with Your IT Team
Meet with your IT team at least twice a year. Even though things might look like they are running smoothly, make sure your technology team reviews your current systems, security and processes. Their review should highlight mission critical systems, aging equipment, unsupported software, and security risks that could affect your fund in the future.
Choosing Vendors on Cost Vs. Substance
When outsourcing IT projects, don’t base your choice solely on costs. Get references and talk to funds that have implemented similar systems successfully. Key things to ask include: did the IT provider delivered on time, what issues did they encounter, and how did they respond when things didn’t go according to plan?