Aim for using systems “right out of the box” (just as they were designed to work). Use standard configurations whenever possible.
You are not buying “software”. You are building the tech stack that delivers your business model. Every decision ripples forward in time.
You want platforms with years of upgrades, security patches, and tech support. You want vendors to understand how their software works in your environment.
You don’t want a decade of tape and glue holding together backward-compatible systems… while competitors leapfrog your capabilities.
Differentiate in ways that matter… And ONLY ways that matter. Lean into your competitive advantages. Cook up a proprietary “secret sauce” ONLY when it leads directly to financial results.
But you don’t need a proprietary way to review expense reports, do transaction monitoring, close the books, or access payment rails. Implement an off-the-shelf “best practice” for these mature capabilities.
Nobody should choose avoidable tech debt.
Note: This was inspired by two other posts this morning:
1. Tim Dolan wisely cautioned against “custom” solutions when “configured” platforms can deliver the right results without the headaches.
2. Eric Devine advised bankers to start thinking about CORE system renewals 2-3 years before the deadline. The opportunity space rapidly narrows after that.
