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Outsourcing database population: Understanding the benefits while saving time and money

The decision to buy or build software solutions is a conundrum that has plagued businesses since the dawn of the digital era. While building software in-house offers a degree of control and customization, buying pre-existing solutions can provide speed, cost savings, and access to specialized expertise – reducing the strain on internal resources. The choice ultimately depends on a variety of factors, including the specific needs of the organization, its resources, and its long-term goals.

The institutional investor marketplace is competitive and requires accurate, consistent, and timely data reporting by managers to effectively access investor search activity and grow AUM. However, for a boutique firm with limited resources and expertise, maintaining high completion rates across multiple databases is a significant challenge, especially when database requirements are constantly changing. The good news is, there are tools out there to help improve completion rates and increase visibility.

While you can certainly opt to build these tools in-house, outsourcing to a company like IMSS that specializes in this practice allows managers to tap into specialized skills and dramatically improve speed and effectiveness. Utilizing a company with deep expertise in database reporting enables you to access the latest technologies, best practices, and industry trends – while also leveraging high-quality tools that are more likely to meet your needs and perform efficiently. This reduces the strain on your internal staff having to become experts in a complex and nuanced field.

Consistency is another critical component to effective database reporting. Profiles can be cumbersome to manage internally, especially with disparate data requirements across multiple databases. IMSS has developed an easy to use workflow that helps streamline database population and drive completion rates up to 90-100%. This dramatically improves visibility and helps institutional investors find opportunities and gives managers an opportunity to grow AUM. It also allows for faster database population and enables managers to respond to changing market demands quickly, all while avoiding the complexities and risks associated with software development that may be beyond your expertise.

Developing software in-house also requires substantial investments in hiring and training skilled developers, setting up infrastructure, and maintaining a dedicated team to keep the lights on. Managers can significantly reduce their upfront and ongoing costs by outsourcing to companies that have done the legwork already. Cost-effective tools like Data-Centrix by IMSS are designed by experts with decades of experience in database management and reporting, making it purpose-built for your needs.

Exploring the nuances and trade-offs associated with buying versus building software can profoundly impact a company's efficiency, competitiveness, and success. At IMSS, we’re here to help. Let us take the burden of database reporting off of your plate so you can concentrate on what you do best, raising AUM.

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