Four Hedge Fund IT Mistakes to Avoid in 2016 (Tech Tips Video)
Welcome back for our monthly Eze Tech Tips Video.
2016 is just around the corner, which means we’re entering resolution time and the hedge fund launch season. So, here’s our list of the top four hedge fund IT mistakes you need to resolve not to make in 2016!
Not in the mood to watch a video? Here's a recap of our four hedge fund IT mistakes to avoid in 2016.
Mistake #1: You want the perfect solution, and you will not rest until you find it.
Your business life would certainly be a lot easier if you could buy a solution that met 100 percent of your technology needs. Undoubtedly, you will meet a vendor or two who will promise you such a thing. The truth is, a successful approach to technology planning usually means negotiating, purchasing and deploying systems from multiple vendors and service providers.
Mistake #2: You are so focused on today’s to-do list, you have not planned for the future.
Too often firms select technology for the business they have today and end up re-making these decisions 3 years down the road. Before you commit to any technology solutions, envision how your fund will look in the long term.
Mistake #3: You believe you can manage a successful hedge fund AND all of its technology needs on your own.
If professional tech support is not on your list of needs for 2016, add it now. Your firm will require IT assistance to support users, manage applications and answer IT-related questions from investors. With movement to the cloud, firms increasingly rely on their technology partners to handle most items. Just be sure ownership responsibilities are clearly defined at the start of the relationship.
Mistake #4: You’ve relinquished complete and utter control and responsibility to third parties.
Relinquishing control of technology in-and-of-itself is not a negative. An outsourced IT provider is far more qualified to manage your technology environment than you are as a portfolio manager. But if you’re forgetting the part about managing your providers, then you’re making a critical mistake. Trust but verify.