A common question that often puzzles Asset Management firms and Wealth Managers, is whether they should seek to identify and implement a single system that provides all the functions required across the front, middle and back offices, or whether selecting individual “best of breed” systems for each element may provide greater functionality and efficiencies within each specialised function. A mix of the two models is often avoided, especially with the smaller and medium sized managers, because they may end up paying for a particular service twice: once in the generic end to end solution and again as a stand-alone solution. Paying twice for services puts pressure on any business model.

Graphic image of people trying to fit the missing puzzle piece - Opus Nebula

However, if you consider the pre-built, single, end to end system as the completed picture of systems, the best of breed model might have been more like a jigsaw puzzle – where each individual system is represented by a different piece of the jigsaw and collectively they represent and show the overall picture of the complete system. Reporting as a Service is the best of breed piece of the jigsaw for client and fund reporting.

Traditionally, the joining up of the individual pieces of the jigsaw with specific inbound and outbound data feeds may have been quite tricky and time-consuming. However, with many companies making greater use of the cloud the process by which systems can interact with each other, and provide and receive data from each other is vastly simplified and quicker to implement.

This allows investment firms to much more easily adopt a best of breed approach to their investment systems, without the historical overhead and inflexibility that accompanied it. 

Of course, Software as a Service (SaaS) based systems are considerably quicker and easier to implement than traditional systems. With the SaaS model the system is generally pre-built and simply requires configuration to be set-up for your firm, your clients, and for the data interfaces to be established. With SaaS based client reporting systems, this would typically take a small number of weeks, rather than the months or even years to implement a traditional in-house client reporting system.

But, as well as setting up systems more easily, switching systems is also simplified. Thus investment firms can ensure on an on-going basis that their individual best of breed solutions remain relevant, highly functional, cost effective and add value to their business.

Like most Software as a Service systems our Reporting as a Service solution is very quick to implement. To find out more please visit our website at www.opus-nebula.com and email enquiries@opus-nebula.com to arrange a meeting and see a live demonstration of the solution.

Andrew Sherlock
Opus Nebula