Whenever my mother took any of us kids out clothes shopping, she always made us put on decent outfits. (I always assumed this was because she didn’t want to drag around a bunch of ragamuffins with her.) Years later, blessed with the abundance of wisdom the teenage years provide, I insisted that we wear jeans or sweats. What difference did it make anyway? We weren’t trying to impress the department store staff.
Mom explained that you shouldn’t spend money on something unless it looks great and makes you feel great—that’s what makes a perfect fit. A perfect fit is hard to judge if you are wearing something that is old, shabby, or uncomfortable because anything you try on will seem better than what you currently have.
That’s the trouble with picking out a new OMS. Your current system is often a couple of versions behind. The technology may be old and shabby, the workflows are awkward and uncomfortable and the slowness of the system is slowing you down, making the trading process downright ugly.
So you start checking out other products. You get some vendor literature and perhaps get a brief look at competitive products at an industry conference. The newer products look slick and the lists of features seem too good to be true. You and your team are excited—time to get a few demos.
Here’s some advice before you go “shopping:”
- Capture Pain Points: Take a careful look at your current system and invest the time to create a list of things that are driving you crazy. These are the things the new OMS needs to fix;
- Detail Current Features: Now add the features that you currently rely upon that also need to be in the new OMS. If IT has done some customized work (i.e. scripts, triggers etc.) meet with your contact there and capture that information.
- Map out current workflows: Document the processes for PMs, Traders, Compliance and Ops—do they make sense, or are you bogged down with too many steps?
- Map out your ideal workflows: If you could simplify the process, what might it look like? Where do you think things should be further automated?
The above information will become your wish list-- the first version of your requirements. This can be refined as you progress, but having your requirements in hand as you sit through the demos will help you and your team maintain a critical eye when looking at new products. For a copy of our Excel OMS Requirements template, click here.
We all wish an OMS conversion could be as easy as just shrugging off one OMS and donning another. Unfortunately, it is a painstaking and time-consuming undertaking--all the more reason to make sure the system you choose is the best possible fit.
