The importance of high quality technology solutions in financial markets is ever increasing. However, the complexity of the processes that are being automated increases and therefore so does the importance of clear communication and understanding from both business users and technology teams to avoid situations where the solution doesn’t enable the necessary business outcomes and there is disappointment on both sides.
Better results can be achieved by business users spending more time and energy understanding what tasks and process can easily be automated and what makes automation more difficult, and technology teams understanding and focusing on the business problem that they are trying to address.
Case Study – MiFID 2 Implementation
MiFID 2 introduced a huge number of new data , interface and reporting requirements for market-makers. While there was a natural temptation to pass these requirements straight into technology teams and make it their problem to solve, such an approach would not have insured that solutions were developed with the appropriate business understanding.
Investing a bit more time up front for business users and technology teams to work together to determine how best to source the necessary data and to build the necessary work flows well and to look for any potential commercial opportunities in the changes that the new regulation, resulted in a far smoother and cheaper implementation In which the business and technology were co-invested into making it a success
At Hilltop Walk Consulting, we have experience both as a business user and delivering technology which allows us to help facilitate the constructive dialogue and partnership that allows new technology to be delivered in such a way that the business outcomes are achieved seamlessly and effectively.