Software Upgrade | Case Study
Parkside Financial realized the use of the outdated software was having a detrimental effect on the way they did business.
The firm used the outdated software every day, and it was the only technology they had ever used on the job. They had been exhausted by this program for years, but they didn’t know what a possible solution would look like.
Opportunities For Improvement
The outdated software program was being used to generate financial review packets for clients. The review packets were extensively long and pulled information from many other different documents. The problem was that this software program took 15 to 20 minutes to complete one packet and it rendered the user’s personal computer unusable until the packet was complete. Some analysts would spend weeks getting these packets together and sometimes needed to prepare multiple packets a day. If a client needed an updated packet, the firm was unable to provide it in a reasonable amount of time.
Another problem with the software was that they had no oversight of the created content. In order to oversee the content, they literally would have to open hundreds of Word files. Not only did this cause an operational problem, but it also created a credibility problem in the eyes of clients.
All in all, the older software functioned, but it didn’t work well or efficiently enough to keep up with the demand of the wealth management firm.
When the firm partnered with Oakwood Systems Group, they realized Oakwood could provide new possibilities for them to do business in a better, more effective way.
Oakwood started by offloading all of the information the firm had a SQL server database, so when client information was needed, it was easily accessible, which was not possible before. A web application was written that gave them the option to provide style guidelines with each packet and ensured that everything looked visually correct, and shortened the time to create packets from 15 to 20 minutes to just seconds. The new software application also kept the user’s personal computer fully functional while the packets prepared.
Oakwood built a new system designed around the template and packet creation that will make each deliverable look more uniform and professional. Another advantage of the application is the ability to keep the generated packets consistent by having added the ability to make updates to all packets, old and new, with a single click. This was impossible with the old software.
Parkside Financial Results
In addition to all of these immediate advantages of the custom web application, the firm is also finding new ways to use the application internally, and it is saving them an extraordinary amount of time. They now have more time to effectively manage their current client base and they even have time to focus on generating new business.
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