Jacana are introduced to a lot of clients initially because those firms are dissatisfied with their existing database. Most are minded to look elsewhere. However, you should never underestimate the time, cost and upheaval such a switch costs and the first thing we recommend is a review of the current system.
So, let’s look at why firms want to move; the three main reasons are:
- Lack of functionality
- Poor reporting
- Poor support
Let’s look at these in turn: –
Lack of functionality
In almost every single case we have worked with this equates to lack of knowledge. Lack of investment in terms of training and keeping up with developments means that new functionality and indeed functionality that has been around for years, simply goes unnoticed. If you think a system should be able to do something it probably can. Find out before you go looking elsewhere; you may be pleasantly surprised
This is normally the result of one of two things – lack of knowledge and poor data quality. Most systems now can generate good looking bespoke reports. That old saying about ‘Rubbish in, Rubbish out’ stands true here. Moving to a new database is not going to miraculously create missing data nor cleanse the data you already hold. And if you’re going to clean the old data first – you may be surprised at how good the reporting from the original system can be.
in our experience this is often borne out of frustration by both parties. That frustration can be overcome and should certainly not be the main reason behind a switch of provider.
Still want to move?
At Jacana we have a list of over 50 things to compare, but below are just some of the key areas to check out:
- The contract length – technology itself is changing so rapidly, as well as the financial services market, it could be a costly mistake being tied in for a year or more
- How much data can be transferred and at what cost? And what information will be lost altogether or transferred in an unusable format?
- What data can be extracted if you want to move again, and at what cost?
- Who owns the data you transfer over? Could you find your clients data being sold on or your clients being marketed to externally?
- Look at the client reporting functionality. How good are the default reports available and how easy is it to create bespoke reports?
- How comprehendible are the management reports and how accurate are they?
- How easy would a merge of additional data be; from the same or a different system? You never know when the opportunity will come about to buy a book of business.
- Check the underlying ownership of the business. You are looking for long term investment and stability.
Still thinking of transferring? At Jacana we can guide you through the process and make it as painless as possible. Feel free to contact us for a no obligation chat.