The open system advantage

Taliance's software is built on open standards that enable data to flow freely to and from other attached and interfaced sources. Allowing subcontractors to retain responsibility for their own data management is just one of the advantages that an open system can bring.

Usually, when a company decides to outsource tasks, such as property management, to a subcontractor it anticipates that its chosen supplier will take full responsibility for that work. After all, assigning responsibility is one of the primary advantages of outsourcing. If that chain of responsibility subsequently breaks down, then any ensuing disruption can prove frustrating and time-consuming to resolve. It can also be financially costly for the client because it is impossible to blame a subcontractor unless responsibilities have been clearly agreed in advance.

The boundaries of responsibility

IT is an area where the boundaries of responsibility can quickly become blurred, particularly if the client is using a closed proprietary system. Any subcontractor will be forced into using the same system because transferring data will be difficult, if not impossible.
“If the subcontractor has to rely on their client’s hosted system then there is a breach in the chain of responsibility,” said Bruno Fiastre, Taliance Ltd.’s Operations Director. “It is the client who has to make sure that the software works correctly, and that the parameters have been properly defined. If that hosted system fails to operate as it should, or if it has to be shut down periodically for maintenance, then the subcontractor cannot work but the client cannot blame them.”

An efficient way to transfer data to meet the clients’ needs

Until recently, this has been a problem because there has not been an efficient way to transfer data from property manager to fund or asset manager on a frequent and regular basis.
“Fund managers and asset managers have had little choice other than to ask property managers to share the same systems,” said Bruno “But it is like a patch on a wooden leg, it doesn’t solve the problem. The client will face increased training costs, licensing costs and IT infrastructure costs because it will have to expand its system to meet the subcontractors needs.”

However, Taliance’s FinAsset and Global Fund products do allow property managers to import their data, via an integration layer database, using standard formats that they and their accountants will be familiar with. Bruno believes that high-speed internet connections, and other advances in software and hardware, will ease the movement of data between systems during the next few years, revolutionising the way in which we work.
“Companies that have shrewdly invested in their IT infrastructure will be able to reap huge competitive advantage,” said Bruno. “Those that are slow to adopt will probably not survive. The financial costs of not having efficient IT systems as requirements grow will be huge.”

Taliance Ltd

Southbridge House | Southbridge Place
Croydon Surrey CR0 4HA
United Kingdom
Phone: +44 (0) 208 240 4499

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