23 Mar Simplified all-in-one solutions – when less is more
For medium to large financial enterprises, best-of-breed systems have kept its momentum to offer specific best-of-sorts solution-based outcomes in specific divisions. Our team has worked on these ‘Rolls Royce’ systems extensively and understand its place and relevance. The question is, is there a place or relevance for all-in-one solution systems within medium to large organisations who focus on pockets of expertise? In this condensed overview between best-of-breed vs all-in-one, we state our case of why circumstances play a major role in the decision making.
We see more and more articles that builds the case to support all-in-one systems but what does it come down to? All-in-one solutions are often perceived as the ‘under dog’ of system solutions compared to best-of-breed solutions in financial administration. We’ve found that we can support the case for all-in-one systems, knowing what break-throughs we’ve achieved over a period of 15 years of software development.
All-in-one vs best-of-breed solutions
All-in-one solutions – the UP SIDE:
1. A smaller spectrum of features, but packaged into one single data source
2. One vendor, accompanied by simplified support
3. Ease of change allows for shorter implementation times, and is more cost effective
All-in-one solutions – the DOWN SIDE:
1. All the features of one system takes longer to become familiar with.
2. Additional development needs may occur to suit all the business requirements.
3. Vendor lock-in feeling.
Best-of-breed offering – the UP SIDE:
1. The sub-systems have specific niches they address for optimum functionality.
2. Specialised users can become proficient with parts of the system
3. It is possible to swap subsystems with equivalent functions from different vendors
Best-of-breed offering – the DOWN SIDE:
1. Very high cost to develop, service and maintain each solution (sub-system)
2. Complex integration, with duplicate data
3. Diverse end-user experience between different solutions
Taken the above into account, these are some of the break-throughs we’ve achieved through our all-in-one solutions:
The nature of our relationships with our clients, enable us to ‘dive’ into their systems to offer better solutions. Our in-depth industry knowledge, coupled with our IT software expertise, allow us to give more accurate and better solutions for our clients. Our team is very compact and each member has industry knowledge that allows us to see the entire picture and make better suggestions through customisation. The turn-around time on customised system functionalities far exceeds that of larger best-of-breed teams time capacity to move quickly.
Conclusion: How less could equal more…
Circumstance is key when deciding between these two system solutions. Large volume departments within financial enterprises need expert solutions, with optimum functionality and specialised outcomes. The reality is that medium to large organisations should consider an all-in-one solution when a new division is started with initial, lower projected revenues. Individual systems solutions are far less attractive as the cost of human capital and software development could easily drown the potential revenue growth.
The appeal of the simplified, all-in-one solution, is the opportunity for new divisions to get off the ground quicker, with faster development timelines and lighter human resource to allow the business to breath and grow more easily.
All-in-one systems are adopted by larger organisations who see the efficiency, simplicity and more streamlined offering as an equally good fit for their specific business needs. Organic growth and development are favourable elements for new business divisions. Perhaps over time, the all-in-one ‘under-dog’ solution won’t be seen as less equal as it can boost profitability and growth potential of new and existing divisions for both medium and larger financial organisations.