The order management system (OMS) and execution management system (EMS) marketplace is one where historically firms have shied away from change; effectively ‘making do’ on a clearly non- optimal platform. Typically, there were three reasons for this reluctance to change:
- Customization: In most cases the incumbent platform will have been customized over many years (often by those no longer at the firm).
- Extensive Integration: The platform will be fully integrated into all dependent systems, often in a very complex system infrastructure.
- Knowledge: Users will have comfort in knowing all the system workarounds, and having familiarity with the numerous features and
Recently, we have seen this inertia disappearing - firms are now actively considering changing provider and thus assessing the different vendors in the space. This change appears to be driven mainly by two main factors: Dissatisfaction or instability with their current offering, or closure of the current platform.
While this assessment process feels daunting, it is a unique opportunity to enact a positive impact on your business for many years to come. Done correctly, it will result in a technology partner who will simultaneously refresh your technology stack, whilst also ensuring you are at the forefront of changes to business workflows (and related efficiencies) well into the future.
In this article are 10 suggested key areas that we believe you should consider with your shortlisted vendor group.