Too many Financial Services CEOs have told me that their software development is more like a brake than a benefit for their business

Thought Leader:

Previously part of the Executive Team that led Microsoft UK from £10M to £1B over 13 years, and then responsible for the £500m Orange business that sold to small, medium companies.

Most CEOs I have worked with started by saying that building software was always expensive, took longer than planned and often didn’t meet the brief. They seem almost resigned to software projects being arduous, difficult and unsatisfactory.

So many businesses believe that if you have legacy software or need to re-develop an existing product, the way forward will take an unacceptable amount of time, money and risk. This is misinformation.

As a CEO you might be taking your minimum viable product (MVP) to the next level, or re-engineering an existing piece of technology or looking to branch into the world of digital for the first time. Conventional wisdom may be the first choice but it’s not the only choice.

The traditional path is that you have a development team (inhouse or outsourced) that build large volumes of source code, and it’s well known that the more source code you create, the more it costs, the harder it is to make changes, the greater the risk of project failure and the larger the infrastructure you need to keep it all documented and maintained.

You’re missing out on a better solution.

Previously on the board of Microsoft UK, I have always been in software. My core interest is seeing technology develop in all aspects of our lives and we have helped several banks and financial services companies deliver 75% faster with 40% less code and a third off the cost.

A shift of mindset and perspective that challenges conventional software development norms can open a new universe where you can test a development approach and not have to worry about the following five pain points (which I’ll be expanding on in a series of emails later too).

  1. You’re being told it will take one or more years to modernise existing applications

    In one to two years you'll know if your investment was worth it, that’s a lifetime.
    You need to know in 3-6 months. Can you afford to wait?
    No.

  1. Your documentation is out of date or non-existent

    There are two implications here:
    1. It makes it very difficult for someone to redesign your existing system.
    2. It creates a significant risk to your business with the documentation not reflecting the current process and functionality. It’s one of the jobs developers hate most.

  1. You are not futureproofed against end of life

    You’re on a constant cycle of having to redesign/rewrite software every few years. It’s unnecessary. There are much better things you could be doing with your time/money.

  1. In-house development may seem attractive at first glance, but it may not be the best solution

    Your team is bogged down with new tech and maintenance rather than innovation. Innovation is what can drive your business forward.

  1. All the risk is on you and your company

    At the end of the day, you and your company have to pay. But it’s all about how you pay which makes all the difference. Traditionally, you’re either paying full-time salaries or a day rate, irrespective of delivery.

    You have other options.

 

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