Interop Introduces Desktop Interoperability Maturity Model
Posted by Colin Lambert. Last updated: November 29, 2023
Interop. io has released its desktop interoperability maturity model that it says helps capital markets participants, wealth managers, and the broader ecosystem assess and progress desktop interoperability through workflow and UI integration.
For end users, the company says the model defines a clear pathway to optimising business processes, uncovering data-driven insights, and reducing operational risk to be more effective in their day-to-day roles. Developers can expect to reduce development, testing, and release times by 50%, as demonstrated by teams following the model, it claims.
The company cites un-specified “independent research” commissioned to validate the model and reset potential bias that shows that nearly 70% see interoperability as a significant element of digital transformation. It also confirmed, the firm says, that while most firms and vendors got the big picture, many still needed clarification on the details of desktop interop and how these concepts could be used to achieve effective digital transformation.
More so, 57% of the same group of respondents agreed that the lack of collaboration was the biggest obstacle to successful interop projects, it adds. Other common setbacks include old-school design thinking, insufficient desktop interop vendor evaluation, lack of governance, and the belief that one must modernize its entire technology stack to web before embarking on desktop interop.
“In times of economic uncertainty and shrinking margins, it’s essential for industry participants to optimise their processes and gain the most from their existing and new technology investments – even when they have to cut costs. A successful interop implementation can help achieve exactly that,” says Dan Schleifer, president of interop. “With the interoperability maturity model, we want to open the discussion for interop best practices, journey mapping, and evaluation. Along with helping firms realise where in the interop process they are, we also want to help them anticipate the most common setbacks and increase the chance for a timely and successful interoperability project completion.”
The firm says practical benefits include better client service, better user experience, and demonstrable ROI from improved efficiency and effectiveness and reduced error rates. It again cites the un-named survey claiming respondents agreed, with 41% of leaders in capital markets stating that interoperability would result in fewer errors due to re-keying and copy/paste. Others noted a 20% improvement in trading performance, the firm observes.
“Future generations of industry participants will look at fragmented desktops with puzzlement. They will wonder how firms managed client interactions, mitigated operational risk, and responded to changing business dynamics,” says Leslie Spiro, CEO at Interop. “What does the future of our industry hold if we cannot translate everyday technology experience from our personal lives into the workplace or empower the next generations of employees.”