Sometimes, it is assumed that a cloud-based system will provide more data integration opportunities than a locally installed application. But that is a faulty assumption, because there may be significant gaps in the translation interface between two different programs. There are also degrees of integration. Put simply, integration might be apparent on the surface, but as you dig deeper you may find that the data points that you would like to exchange aren't compatible with the other system. Given their design, it is true that cloud-based systems offer more opportunities for integration (especially with complementary systems). This is a great potential benefit especially if you select a provider that aggressively pursues integration opportunities with other technology products. Take time to test the integration with your current systems before you write the check for that new cloud-based system. And remember that good data integration is like a good marriage--it does not happen at the altar but requires the ongoing commitment of the two technology partners involved.
ThinkAdvisor's TechCenter is an educational resource designed to give you a competitive edge by keeping you abreast of new tech innovations and need-to-know information that can be applied to your business.
STP can be described as electronically capturing and processing transactions in one pass, from the point of first 'deal' to final settlement.
This complimentary report discusses those powerful benefits in detail along with a wide range of planning applications.
By creating an informed, well-thought-out business plan, you can navigate today’s challenges and set a course toward growth.
Mar 21, 2017
Americans are living longer and healthier lives, and these added years can create new challenges for retirement income planning.
Feb 07, 2017
The DOL fiduciary rule is quickly approaching the first compliance date, effective April 10th, with full implementation starting January 1, 2018. Is your business on...
Jan 31, 2017
For many, the New Year means new technology being implemented at the practice. One of the biggest challenges facing advisory firms today is getting the...