Outsourced quality assurance testing is how software companies get better results, trusting in seasoned experts who ensure a standard of quality investment managers expect in the product.
Developing software for investment management firms is a big undertaking.
And quality assurance testing is another challenge in itself, a challenge many software companies have struggled with.
According to data compiled by market research platform Gitnux:
The stats clearly show something isn't working, and software companies need better testing. With that in mind, leveraging third parties is a good place to start.
And outsourcing Quality Assurance (QA) testing to a specialized service provider offers several benefits for investment management software providers.
Below are good reasons why such organizations should consider outsourcing QA testing to a provider that specializes in testing investment management software.
A specialized QA service provider possesses in-depth domain expertise in investment management software.
They understand the intricacies of the industry, including complex financial instruments, regulatory requirements, and specific user workflows. This domain knowledge allows them to create comprehensive test scenarios and identify potential issues that may be overlooked by generic QA testers.
Investment management software operates in a highly regulated environment, with strict compliance requirements such as GDPR, MiFID II, and GIPS standards.
A specialized QA service provider is well-versed in these regulations and ensures that the software complies with all relevant standards. By outsourcing QA testing to such a provider, investment management software companies can mitigate compliance risks and avoid costly penalties.
Specialized QA service providers tailor test scenarios to the unique requirements of investment management software.
They understand the specific needs of end-users, including portfolio managers, traders, and compliance officers, and create test cases that reflect real-world usage scenarios. This ensures that the software meets the expectations of users and delivers a seamless experience.
Investment management software encompasses a wide range of functionalities, including portfolio management, risk assessment, trade execution, and reporting.
A specialized QA service provider conducts thorough testing across all modules and features of the software, ensuring comprehensive coverage. This includes functional testing, regression testing, performance testing, and security testing, among others.
Outsourcing QA testing to a specialized service provider accelerates the software development lifecycle and shortens time-to-market. By leveraging the provider's expertise and resources, investment management software companies can identify and resolve issues quickly, ensuring a smooth rollout of new features and updates. This agility is essential in a competitive market where speed is of the essence.
According to Gitnub, over half (52.7%) of software projects will cost 189% or more of their original estimates.
To reduce those costs, outsourcing can help, as specialized QA service providers offer cost-effective solutions compared to maintaining an in-house QA team.
Outsourcing QA testing eliminates the need for investment management software companies to hire and train QA professionals, invest in testing infrastructure, and bear overhead costs. Instead, they can leverage the expertise of a dedicated QA partner on a flexible, pay-as-you-go basis.
By outsourcing QA testing, investment management software companies can focus on their core competencies, such as software development, innovation, and customer service. They can delegate the responsibility of testing to a specialized provider, confident that the software will undergo rigorous testing and meet quality standards. This allows them to allocate resources more efficiently and drive business growth.
Investment management software companies surely need help with quality assurance testing, but many providers struggle in this area.
It's so easy for them to go over budget and miss deadlines, releasing a substandard product under immense pressure.
That is why QA testing outsourcing is an attractive option.
The domain expertise, respect for compliance, customized and comprehensive testing capabilities, saved time and money, and the ability to focus on core competencies are the reasons why leveraging third parties makes a lot of sense.
When you do what you're best at and let the QA partner do what they're best at, the results will always be better.
And by partnering with QA providers like Empaxis, investment management software companies can ensure the quality and reliability of their product while focusing on development, increasing product sales, and keeping clients happy.
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