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Why Holding onto Your Legacy Software is Hurting Your Growth

DASHBOARDS DESIGNED WITH YOU IN MIND

To do your job well, you need access to the right information at the right time. Unfortunately, that’s not always an easy task.But it can be. By designing effective dashboards you can view what matters most, so you’re able to make faster, smarter decisions.


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If the thought of replacing your legacy software causes you stress—you’re not alone. In fact, legacy applications are one of the most difficult issues IT faces—and for good reason. A rip and replace approach can be expensive and tends to interrupt business. But if you hold on to it for too long, it can outlive its welcome and cause poor performance throughout your organization. Or worse. As months and years go by—the problem that was once small becomes serious and harder to fix.

Aside from a laundry list of challenges, here’s a look at the main reasons it makes sense to migrate legacy systems:

1. Lack of flexibility

Older systems often can’t run new software or tie into cloud-based applications. This keeps your organization crawling at the speed of your technology, rather than advancing towards it.

2. Difficult to find developers

Many younger developers aren’t trained to manage older, legacy systems. Why? Because that’s not where the money is. The longer you keep your legacy system around, the more difficult it will become to migrate in the future.

3. Cost

It’s much cheaper running in the cloud. Even though there may be significant up-front costs associated with legacy software migration, you’ll end up saving a considerable amount in the long-run.

4. Internal resources

How many dedicated employees do you have solely committed to making sure your legacy systems run smoothly? And more importantly, what could you do with that headcount if your software was managed in the cloud? These opportunity costs can stunt business growth. On the other hand, freeing up employee time to pursue innovation can help you move the needle forward.

These are just a few reasons you should consider when contemplating migrating your old legacy systems. Sure, a new solution might have some teething troubles, but if you hire a good migration architect, you can make the process a seamless one.

Contact DIO-soft today to see how we can help you upgrade your legacy apps to modern, scalable solutions. 

Four Advantages of Building a Custom CRM System

DASHBOARDS DESIGNED WITH YOU IN MIND

To do your job well, you need access to the right information at the right time. Unfortunately, that’s not always an easy task.But it can be. By designing effective dashboards you can view what matters most, so you’re able to make faster, smarter decisions.


» Download the Guide


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Custom built CRM solutions are becoming a hot commodity as businesses look for tools that align with company-specific practices. Evolving at a fast rate, Forbes reported that CRM software has shown a compound annual growth rate (CAGR) of 15.1% from 2012-2017, leading all enterprise software categories in projected growth. And Gartner forecasts that the market will increase to a $36.5 billion worldwide by 2017.

With numerous choices—a lot goes in to selecting the right CRM solution for your business. Sure it might be tempting to purchase an out of box solution—but what happens when you outgrow the basic feature sets a year down the road? Or when you find out it only meets 90% of your needs? That’s where custom CRM development can swoop in and save the day.

From integration to pricing, there are numerous reasons why taking the custom built CRM route is better for your business. Below are the top four benefits we witness time and time again.

1. Alignment with your Workflow

Boxed CRM solutions are created to appeal to MOST businesses. Loaded with functions and features—many may not even be relevant to your organization. And these extra features come with a price tag in the form of complexity—exhausting both time and money. So stop trying to fit square pegs in round holes. A custom CRM will help you create the exact workflows and processes you need for your business to succeed. Everything you need, nothing you don’t—all in one solution. It’s a no brainer.

2. Integrate with your existing software

A recent CRM report noted that 49% of CRM users said they faced challenges when integrating their CRM system with other technologies. Don’t be held hostage to API call limits or walled features from your CRM provider. Building a custom CRM tool that works with your existing platforms creates a seamless experience for users.

3. Better pricing

Most CRM solutions out there are priced per user—a concept that many SaaS companies still cling to. However this model doesn’t match the reality of varying business needs across different groups. Yes, the one-time cost of building a custom system is higher, but the marginal cost of growth significantly decreases over time. Monthly licenses will only increase in cost as your business grows, creating a CRM system that won’t deliver exponential value.

4. Mitigate risks

When you license a third party software, you’re betting on that company to continue delivering innovation, security and stability (not to mention stay in business.) This creates a new layer of risk for your organization. What happens if they are acquired? Go out of business? Change core features? Building a custom CRM system removes this risk—and the stress associated with it.

Before you start your next CRM endeavor, considering the pros and cons of a new system. If you’re looking to custom CRM development, our knowledgeable team can build and deliver a solution based on your unique needs and requirements, on time and on budget.

The Rise of Cloud Analytics in Finance (And Why You Should Jump In)

DASHBOARDS DESIGNED WITH YOU IN MIND

To do your job well, you need access to the right information at the right time. Unfortunately, that’s not always an easy task.But it can be. By designing effective dashboards you can view what matters most, so you’re able to make faster, smarter decisions.


» Download the Guide


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In 2016, technology experts predict that adoption of cloud-based analytics will soar. Forbes' Louis Columbus recently wrote that organizational demand for cloud analytics is "exceptionally strong" and "shows signs of accelerating" in the years to come.

As financial institutions shift towards business intelligence-driven decision-making and risk mitigation, cloud analytics can offer key benefits to adoption. Understanding the rise of cloud-based business intelligence solutions can reveal incentives for migrating your financial institution in 2016.

While complex analysis is nothing new in the finance realm, "unprecedented changes" in the industry have necessitated new technologies to support changing regulations and bigger data. Leading financial institutions have discovered that looking beyond process automation to analytical business models can yield key advantages. Migrating your business intelligence solutions to cloud-based options can offer specific advantages over on-premise or enterprise applications, which include:

  • Mobility: In today's increasingly mobile workforce, cloud-based applications can provide convenient, real-time access to analysts and stakeholders worldwide.
  • Speed: Big data sets can put an enormous demand on processing power. By shifting to the cloud, organizations can achieve greater speed in retrieving, processing and summarizing data assets.
  • Security: Selecting a business intelligence vendor with an appropriate focus on security can ensure that sensitive assets are protected from cyber crime attacks, as well as adherence to regulatory requirements for data protection and compliance.

In addition to these benefits, many finance-based organizations can anticipate significant gains in data quality and transparency among analysts and leadership.

Financial Leaders are Migrating to the Cloud

Information Management reveals that worldwide, finance industry spending on "mobility, cloud and big data and analytics" technologies has topped $114 billion. A top priority for implementing cloud-based analytics can include sufficient customer oversight to increase sales. However, additional common benefits of implementation can include increased productivity and better stakeholder satisfaction.

WJ Bradley, a privately-held mortgage firm, is using Jaspersoft cloud analytics for operational business intelligence. With real-time reporting, the firm was able to achieve real-time oversight into organizational performance for informed decision making on a day to day basis.

NewTech Group, a Russian drilling organization, is another company that has achieved financial transformation through cloud analytics. The result was data analysis that stakeholders could understand, a drastic reduction in reporting time, and the ability to achieve better internal collaboration on big data projects.

In today's finance climate, business process optimization and transformation are a necessity. Big data assets hold the potential to dramatically change the way organizations approach customer service, new product development and other aspects of decision-making. By migrating analytics to the cloud, organizations can achieve new found mobility, real-time reporting, decreased risk and significant other benefits.

Contact DIO-soft today to learn how to create a world-class cloud analytics platform for your business.

Mark Your Calendar: Important Dodd-Frank Compliance and Regulatory Dates

DASHBOARDS DESIGNED WITH YOU IN MIND

To do your job well, you need access to the right information at the right time. Unfortunately, that’s not always an easy task.But it can be. By designing effective dashboards you can view what matters most, so you’re able to make faster, smarter decisions.


» Download the Guide


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The Dodd Frank Protection Act was developed to promote economic stability and prevent an economic crisis, like the 2008 recession, from happening. Although the restrictions weren’t immediate, there is a specific timeline of the dates you should take note of to ensure all regulatory compliance requirements are met. 

Below are important Dodd Frank compliance dates and deadlines from now through 2020 by BankersWeb.com, for you to include in your calendar:

2016

September 1, 2016 

  • The variation margin requirements for swaps and securities-based swaps begin to phase in. Read more

2017

January 1, 2017 

  • Covered U.S. banking organizations must fully comply with the final interagency liquidity coverage ratio (LCR) rule on this date. Read more

March 1, 2017

  • The final Swap Margin Rule deadline. Read more.

July 1, 2017

  • The extended conformance period ends on this date for banks required by the Volcker Rule to unwind their investments in collateralized loan obligations (CLOs). Learn More.

2018

January 1, 2018 

  • Lenders need to start collecting the new information for the Home Mortgage Disclosure Act (HMDA) on this date, as mandated by Section 1094. Read more.

2019

March 1, 2019

  • Deadline for lenders to report collected information for the Home Mortgage Disclosure Act (HMDA). Read More.  

2020

September 30, 2020

  • Deadline the Deposit Insurance Fund (DIF) reserve ratio must reach 1.35 percent as determined in the Raising DIF Statutorily Required Minimum Rule. Read more.

Remember to add these dates to your calendar to save your firm from potential fines and fees.

Get Compliant with DIO-soft

The regulatory requirements of the Dodd Frank Compliance Act can be complex. For help managing these requirements and more, don’t hesitate to contact us. As experts in software development and enterprise IT, we specialize in cloud reporting and advanced business intelligence (BI) solutions—providing innovative tools to help automate the complex reporting that comes with being a financial institution.

To see a few of our many success stories, click here

The BI Platform Migration Checklist: What to Keep in Mind When Making a Switch

DASHBOARDS DESIGNED WITH YOU IN MIND

To do your job well, you need access to the right information at the right time. Unfortunately, that’s not always an easy task.But it can be. By designing effective dashboards you can view what matters most, so you’re able to make faster, smarter decisions.


» Download the Guide


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Your business intelligence platform may have started off as top-tier technology, but it can't keep up with your needs moving forward. Migrating from legacy software lets you harness the latest features, security and improvements in business intelligence technology. You empower your financial institution so it remains competitive and move away from legacy solutions that prevent you from maximizing your operational efficiency.

Before you switch BI platforms, you need to go through a checklist to address all BI platform migration considerations.

Benefits of Pre-Migration Prep

Pre-migration prep does add time to the migration and deployment process of your new BI solution, but ultimately you save time and money by going through this checklist. You go through all the main concerns and decisions before you start moving to a new platform, so you have a solid blueprint as you move forward. If you run into problems during the migration, you have a plan in place to make adjustments and adapt to the situation. You decrease the overall time you spend in the deployment process which helps with direct and indirect costs.

You already have a plan for the migration, so you don't have to add unexpected costs and a smooth deployment process helps you staff adapt to the new BI platform without significant downtime.

5 Considerations for a BI Platform Migration

There are many factors to keep in mind when preparing for a business intelligence migration, but these five considerations should be at the forefront of your plan.

1. New Platform Selection

Look at the challenges you face with your legacy BI solution and how new technology can help your business become more effective and productive. Go through a complete evaluation process with potential vendors before deciding on the right platform. Choosing the best option for your business at the start of the process avoids going through another migration during the post-deployment stage.

2. Migration Timeline

Establish a migration timeline before the process begins so you can compensate for less productive time, potential deployment problems and other unavoidable issues. You want to allocate enough time for the migration, so you aren't rushing to get the new system in place. Cutting corners may lead to a small speed increase during deployment, but it costs much more time after the system's in place.

3. Project Disruption

Connect with the departments, teams and key personnel who depend on the current BI platform. You don't want to switch over to a completely new platform in the middle of a major, multi-year project, so high levels of coordination are needed throughout the organization. You may need to run your legacy BI platform alongside the new platform after migration if you need to continue these projects at the same time.

4. Data Integrity

Your BI platform has a significant amount of data, but you may not need every last piece of it when you migrate. You need to examine what data needs to transfer, what can be discarded and the process for maintaining data integrity as it goes to the new system.

5. Available Technical Resources

Do you have the necessary technical staff and resources on hand to manage your migration in house? Is your infrastructure prepared for any hardware and software requirements necessary for running the new BI platform? Examine your available technical resources before your BI platform migration and prepare to bring in additional help as needed.

BI platform migrations require specialized skills and resources you may not have available in-house. A slow or failed business intelligence migration has a significant impact throughout your organization. Let DIO-soft bring their expertise to the table to help you migrate to a new BI platform. Contact us today for a detailed consultation and quote.

How CFO’s Mine Financial Opportunities from Big Data

DASHBOARDS DESIGNED WITH YOU IN MIND

To do your job well, you need access to the right information at the right time. Unfortunately, that’s not always an easy task.But it can be. By designing effective dashboards you can view what matters most, so you’re able to make faster, smarter decisions.


» Download the Guide


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Today’s chief financial officers are well aware that data analytics and Big Data are no longer just nice to have if budgets permit, but a must have in order to compete and stay ahead of the curve. Responsible for managing, reviewing and analyzing all reports and data, CFO’s are often inundated with information.  

So how do Chief Financial Officers handle it all when they also have to juggle several other responsibilities?

According to a CFO.com article, Analyzing Big Data, before CFO’s come up with a solution to all the information, they first need an understanding of Big Data. With a comfortable understanding of Big Data, CFO’s are able to begin a process to discover and extract new patterns in large data sets, known as data mining. 

A great example of an organization that utilized data mining practices to successfully predict buying habits of customers is the well-known retailer, Target which brings us to the first, of two, common and practical applications employed in data mining for finance:

  1. Clustering Analysis is the task of dividing data into groups (clusters) to identify patterns. Advanced data mining software can automate the clustering process--grouping similar data, detecting repetitions, and making sense of the information. The software will group relevant data into similar “clusters” simplifying the process of deep analysis, pattern recognition, and having a full-picture of the information. 

    Going back to our example, Target reviewed clusters of customers who were going through a major life event and discovered that their buying habits changed during big life events. Information collected helped Target identify about 25 products, from vitamin supplements to lotion and establish a “pregnancy prediction” score. Target used their insight to then send light advertisements with baby-related products to women based on their prediction score. As a result, sales of mom and baby products increased. 

  2. Association Rules: is another widely utilized data mining technique that discovers useful patterns and relationships within data sets. The rule applies a condition clause similar to an “If-then” rule. For example, “If a customer buys a product 3 times a month THEN they are 50% more likely to join a company membership club.” 

cfo-insightsCFO’s do not use one technique over the other; instead they use both in conjunction to help yield fast and insightful information. With busy schedules, quality human analysis is not realistic anymore for most CFO’s. There is not enough time in the day for them to review all information, compare, and find meaningful discovery. 

The experts at DIO-soft help organizations find value from big data through tools that account for customer, employee and competitor behavior and risk. To learn more, ask the people who know best.  

7 KPIs Every CFO Dashboard Should Have

cfo-dashboard-kpis

DASHBOARDS DESIGNED WITH YOU IN MIND

To do your job well, you need access to the right information at the right time. Unfortunately, that’s not always an easy task.But it can be. By designing effective dashboards you can view what matters most, so you’re able to make faster, smarter decisions.


» Download the Guide


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Staying ahead of the curve and ahead of your competition can be hard work. But, by using real-time data to drive decisions, you can better align yourself and your organization for success. Using a dashboard that contains the Key Performance Indicators (KPIs) you need, gives you and your team the ability to gain access to your business performance at a glance.  

Gain Instant Access to Insight

Today’s Chief Financial Officers (CFO) juggle multiple data sets, which can be time consuming and stressful. Access to the right dashboard, however, can provide instant access to business insight, ensuring that you have the information you need to make more informed decisions. Below are 7 KPIs that can save you countless hours of digging through reports, and enable you to transform complex analytics into decisive actions.

1. Working Capital KPI

Cash that is immediately available is known as Working Capital. This KPI can help you analyze your company’s financial health by viewing available assets that meet short-term financial liabilities. 

2. Operating Cash Flow KPI

Diving deeper into the financial health of your organization beyond profits, Operating Cash Flow allows you to discover if the operational aspect of your business is generating enough cash to sustain the capital investments that you’re putting in.

3. Accounts Payable Turnover KPI

AP Turnover shows the rate at which your business pays off suppliers and additional expenses. This KPI is important for fully understanding the amount of cash your company spends on suppliers during a given timeframe.

4. Accounts Receivable Turnover KPI

The problem with maintaining large bills for customers is you are basically offering them an interest-free loan. The AR Turnover KPI measures the rate at which you collect on outstanding accounts.

5. Debt to Equity Ratio

The Debt to Equity Ratio measures how your company is funding growth and how effectively you are using investments. A high debt to equity ratio is proof that an organization is fueling growth by accumulating debt.

6. Current Ratio KPI

It’s vital that your business pays financial obligations in a timely manner. Current Ratio takes your assets, such as AR and current liabilities including AP, to help you better understand the creditworthiness of your business.

7. Quick Ratio/Acid Test KPI

Quick Ratio offers a more conservative calculation of your financial health compared to current ratio because it excludes inventory from your assets. Additionally, Quick Ratio helps you measure the ability to meet your short-term financial obligations.

Looking to build powerful dashboards that drive business results? Contacts us today and learn how. 

 

Six Business Intelligence Predictions and Trends for 2016

DASHBOARDS DESIGNED WITH YOU IN MIND

To do your job well, you need access to the right information at the right time. Unfortunately, that’s not always an easy task.But it can be. By designing effective dashboards you can view what matters most, so you’re able to make faster, smarter decisions.


» Download the Guide


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2016 business intelligence trends

2015 brought many changes to the world of business intelligence—however one top priority remained the same. According to Gartner, BI and analytics were still the number one investment priority for CIOs—and this year that won’t change. In fact, 2016 will see more organizations investing in BI as employees now view data as a vital tool in getting their work done. Additionally, we’ll see new trends emerge as BI becomes more mainstream.

1. Data integration gets interesting

Today’s companies want agile analytics—and they want to get the right data to the right people, fast. Because data lives in multiple places, this is no small task. Working across various sources can be a major challenge for companies, if not impossible in some cases. With an increase in BI tools and the addition of new data sources organizations will start to work smarter, connecting data to each residing data set and combining that data with more agile methods.

2. Visual analytics becomes a common language

Data is starting to rule conversations both inside and outside the workplace. People are visualizing data as a way to explore questions, share stories, and uncover insights. As usage grows, more people will look to data on a professional and personal level. Likewise, employers will search for candidates who can think critically with data. Serving as a common language, visual analytics will empower people to find answers and collaborate in more meaningful ways.

3. Big Data will move beyond hype

This year we’ll start to move past the hype surrounding Big Data. Instead of treating data sources, as new and awkward, usage will evolve into a richer and more intricate setting from, multiple sources to a joined landscape enabling the use of practical data.

4. Governed data becomes vital

Self-service BI is now becoming the norm. With more and more data out there, users want to become increasingly self-sufficient, not having to relying on others. Learning to work in a managed data space, governed data discovery is becoming a top priority. By coming together and using the same information, accurate decisions can and will be made. Similarly, employees are more likely to dive into data when they have centralized, clean, and quick data sources that look out for security and performance.

5. Advanced analytics for everyone

Employees throughout organizations are becoming savvier when it comes to analytics. Now they expect more than just a chart on top of their data. Multiple departments want a deeper, more meaningful analysis of things. Companies this year will begin to adopt platforms that allow users to apply statistics, ask questions and more.

6. Mobility becomes mainstream

Mobility is becoming more important than ever for data users. This means enabling multi-device lensing of BI and analytics will gain importance. A recent Gartner report showed that 85-percent of respondents from the U.S. and 77-percent of respondents from the rest of the world complete their objectives by using multiple devices simultaneously. Having unlimited access to their data can help users ask “why” anytime and find answers quickly.

It’s an exciting time for those adopting BI. As organizations begin to shift away from single solutions, they will search out tools that allow users to explore data. Organizations will then share their findings in a secure, governed, and interactive way.