It goes without saying that computers have reduced the human labor required for many tasks and have enhanced the quality and reliability of many activities. Not only has information slowly moved from file cabinets in the basements of offices to a computer, but with well-deployed modern technology information is even accessible from your phone while flying at 30k feet in the air. Gone are the days where the only way to track who accesses information is by having a team member log access – computers are able to automatically create logs that show when people access information and what they do with it, greatly improving your ability to maintain accurate compliance with minimal additional labor after it is set-up. At one point in time, the only way to get bank data was to receive manual print-outs from your bank to reconcile, now many systems will automatically pull information from your bank to save your team time and minimize errors. In our day and age, we have a nearly infinite amount of possibilities to leverage technology to make us work more quickly and accurately while providing a better standard of care for our clients than ever before.
How is custom software any different from buying pre-built solutions for your business? While software is often available to facilitate routine tasks, if your business has a unique way of doing business from the majority of your competitors, or if you are in a market with few competitors, pre-built software is likely not available. Perhaps you are still coming up with this unique way of doing business and need to leverage technology to implement it. For instance, although there have been online sites to share files and folders for well over a decade, Instagram found a new way to use technology to offer a benefit to its customers. For decades, box offices and concierge services have existed that would purchase tickets for travel and events, but Expedia and TicketMaster leverage technology to provide this service in a new way and have been able to instantly provide this service to more people from the comfort of their own home. Trading companies have built comprehensive trading platforms that allow their traders to build trading models, back-test them, refine the models using machine learning, and return the results to their traders to build engines that can automatically execute on the inputs and logic defined in the system. Your advantage often lies in what makes you unique, and technology helps you capitalize on your unique strengths that will increase the value in your business.