Here at Hedge IT, we often discuss the variety of services and solutions that a third-party technology provider can offer hedge funds and investment firms. However, one important area that is often overlooked is the process a firm must undertake in partnership with the provider in order to ensure a smooth transition to their new IT environment. In an industry that cannot afford downtime, seamless transition management is of the highest importance.
To aide in this transition, look for a provider that has deep experience working with clients to manage all implementations and other projects. Premier project management teams work with firms on such crucial processes as:
- client need assessment;
- IT infrastructure design;
- design and development of IT construction specifications and related documents;
- architectural and engineer design requirement coordination;
- telcom procurement and installation management;
- voice and data equipment procurement and installation management;
- contractor proposal evaluation and bid leveling;
- IT systems implementation management;
- coordination of all system testing;
- commissioning and final acceptance;
- migration assistance; and
- cutover support.
Transition Management Attributes to Look for in a Technology Provider
You know what to look for when assessing the solutions and services provided by IT services organizations, but do you know what the most important aspects of their project management processes are? Following are some attributes to look for when vetting an IT provider.
Experience: Before selecting an IT services provider for your firm, be sure the company offers a transition and project management team with extensive expertise in studying, analyzing, developing and planning complex IT roll‐outs. The team should have a proven track record of success in complex IT integration implementations as well as relocations and other projects.
Strong Communication Skills: Communication is a critical aspect of project management. The provider should be skilled in effectively bridging the information gap between your firm, the design teams, the construction team and other relevant parties. Ask to see an example of a working project roadmap and timeline – these should be provided for each project the provider undertakes so that there is no confusion regarding what steps will be taken and when each will be completed.
A Proven Strategy: In order to leverage your firm’s IT implementation management process from planning and design, to systems procurement, construction administration, systems integration and go‐live support, the provider should have a proven, successful formula in place. This strategy should be broken down into specific, measurable tasks so that you can clearly track the progress of your implementation or project, with predictable deadlines based on predetermined timetables.
Concern for the environment: The provider should possess expertise in the design of “Green Infrastructure Concepts.” Their approach should incorporate environmentally-friendly designs and facility build‐outs that will promote the reputation of your firm as an organization that cares about its impact on the environment.
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