The problem with software

The problem with software
Replacing old or buying new software will cause you to question a lot of your assumptions, but it can also help you improve your business.
MAY 01, 2015
By  Bloomberg
Buying software is a big decision. It's an even bigger decision to use new software. And all of these decisions are more difficult for those who are convinced of the old adage "if it ain't broke, don't fix it." Perhaps the greatest concern when considering new software is, "Will the software do the job like I do it?" The answer is scary: probably not. Here's why: • Software will do the job uniformly, consistently and correctly each time. Human error or inconsistency will no longer be an issue. That also means there won't be the opportunity for a new or different approach for individual clients, employees or reports. • Software is rules-based, with coded and inputted settings and parameters. It will become difficult to make off-the-cuff decisions or keep "trade secrets" locked in the mind of the firm's principal. • Software allows for efficient delegation. That means giving up control — or the feeling of control. • Software forces a degree of standardization, and that requires thought and analysis when determining how the standardization should be structured. • Software might actually do the job better than you. Software can process multiple parameters, calculations and inputs simultaneously, providing accurate, optimal answers that can be difficult for a human to duplicate — even a human with spreadsheets. Will software force you to question your methodologies? Yes. Will software make it more difficult to be inconsistent? Yes. Will it require you to give up on some of the old ways? Yes. But also know that good software will help you build your firm, operate more efficiently, do a better job and make life easier. That sounds like a good trade-off to me. Sheryl Rowling is chief executive of Total Rebalance Expert and principal at Rowling & Associates. She considers herself a non-techie user of technology.

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