Software for Portfolio Management I
This is an introduction to Software for Portfolio Management part 1. Let us imagine that you work as a consultant for a software company. You are selling software for Portfolio Management. At one moment there is a conflict between the client and your company. You say yes, the client says no. Now, who is right?
When you look at it from a sales perspective, the client is always right. There is actually no such question as who is right. The client, of course, or they will not sign the contract or pay you.
But, what if the contract is signed, the money is in your account, and now the client is wrong.
The software
Portfolio Management Software is highly specialized software. There are different types of interfaces with other companies. You can think of other suppliers of information, government departments, maybe clients log in to your system. It has to store client information, investment products, produce reports, yes, complex systems.
It takes some time to find the right software that covers all your needs. Besides that, some work may need to be done to cover some special wishes you have. This is why relationships are normally for the next 5 to 10 years.
As you can understand, the client can not simply decide to go to a competitor. It can easily take 2 years to find and replace this type of software. And all this time you are stuck with your old supplier.
Problems
Let us say you signed the contract two years ago. All these years there were no problems, everything just worked fine. Now a significant issue arises, and it becomes clear that the client is wrong and the consultant is right. It is important to handle the situation carefully to maintain the relationship and resolve the issue effectively. What steps can we take to resolve the issue at hand?
Initial assessment and documentation
Clearly define the problem and its impact on the client’s operations.
Collect all relevant documentation, including logs, emails, contracts, and reports that support the consultant’s position. At the same time, do not forget to look at the client´s position.
Internal review
Discuss the issue with relevant internal teams (technical, legal, support) to ensure all perspectives are considered.
Plan how to communicate the findings to the client, focusing on resolution rather than blame.
Client communication
Arrange a formal meeting with the client to discuss the issue.
Share the documented evidence and explain why the consultant’s position is correct.
Acknowledge the client’s frustration and emphasize the goal of finding a mutually beneficial solution.
Resolution proposal
Provide practical solutions to resolve the issue, even if the client is at fault. This could include additional training, software patches, or revised workflows.
Highlight how the proposed solutions will mitigate the problem and benefit the client’s operations.
Agreement and action plan
Work with the client to agree on a clear action plan, including timelines, responsibilities, and expected outcomes.
Ensure the agreed-upon action plan is documented and signed by both parties.
Implementation
Implement the agreed solutions promptly and efficiently.
Regularly check in with the client to monitor the implementation and address any new issues promptly.
Follow up and maintain relationship
After the solutions have been implemented, review the situation with the client to ensure the issue has been fully resolved.
Ask for feedback on the resolution process and any remaining concerns.
Use the feedback to improve future processes and prevent similar issues.
Keep open lines of communication with the client to maintain trust and transparency.
Thank the client for their cooperation and understanding during the resolution process.
Conclusion
As you noticed, this not about who is right or wrong. It is all about finding a solution that works for both parties. The client will realize that replacing the software is not that easy, and can take some time. On the consultant side, losing the client means losing income. So, both parties normally want to continue the relation. This is why they always try to find a solution.
Types of conflicts
There are of course different types of conflicts. In this post on Software for Portfolio Management part 1 I want to take a look at some common issues.
Software malfunctions
Software malfunctions, like bugs, crashes, and performance issues.
Data discrepancies, for instance mismatches between reported and actual data.
Security breaches, as unauthorized access or data leaks.
Service Level Agreement violations, like downtime, slow response times, or unmet service commitments.
Feature gaps, as missing or underperforming features promised during the sale.
Performance issues
Performance issues are the most annoying, and can lead to a lot of frustration. Imagine you have to wait two times a day for 25 minutes for some report to finish. And all this time you can not use the system. In minutes it is not that long, but what can you do? Another coffee? What if it affects 15 people? I would make that my first issue to solve.
Slow response times
Slow response times of the provider are a big issue as well. Imagine you have a small problem, but you think you have the solution. You just want to confirm it with your provider. But when you call or email there is no response. This will definitely not improve the relation.
Promised features
Yes, this is a nice one too. You have a list of 5 must have features, but the software only has 4. Now one feature needs to be developed, especially for you. My advice, take care of this in the contract. A “promised feature” is not the same as a “delivered feature”. Make sure you get updates on the progress.
And for most of the other isues, test it. Get yourself a version that is similar to your future production environment. If that is not possible, you may get these surprises later on. So test it, like it is your production environment.
If you have to deal with Service Level Agreements, make sure you understand what you are signing for. Not only uptime guarantees, response times, and resolution processes. But also, who is responsible for changes in the software regarding changes in industry standards and regulations. And, is regular training and updates for staff using the software included.
Updates and patches
How often do you get updates and patches? Do you have an option to test updates and patches, or are they simply rolled out? And what happens if you not feel confident about the new version or patches. Can you delay updates and patches?
Imagine a report that you use on a daily basis was developed by the software provider. You notice that after the update the report does not function correctly anymore. Is there a roll back option to the previous version?
This brings us to the end of my post on Software for Portfolio Management part 1.
Thank you for taking the time to read my post on Software for Portfolio Management part 1.
I hope you found it enjoyable and insightful.
Stay tuned for more content that is coming soon.
If you like what you read, please consider sharing it with others who might find it helpful.
Disclaimer
All tips and methods mentioned in this blog are tested on Windows 11. Please note that results may vary on other operating systems or versions of Windows. Adapt the instructions accordingly.
Copyright
© 2024 Henny Staas/safecomputer.org. Unauthorized use and/or duplication of this material without express and written permission from this site’s author and/or owner is strictly prohibited. Excerpts and links may be used, provided that full and clear credit is given to Henny Staas/safecomputer.org with appropriate and specific direction to the original content.