Choosing a pension administration software (PAS) is a monumental task. Your decision could affect your organization for years or (most likely) decades to come. Dealing with fragmented and outdated technology that can't evolve poses a significant business challenge. Due to limited staff and budget constraints, coupled with the continually changing nature of the industry, choosing the right solution is critical.
So how do you figure out which solution is best for your organization? By analyzing different options through three simple questions:
- What are the anticipated business benefits of the prospective solution?
- Can the prospective solution meet your organization's short- and long-term needs?
- Is the prospective solution capable of evolving?
We'll break down why each of these three questions is important. If you're interested in reading more about how to choose the right PAS, be sure to download our full buyer's guide here.
How is the solution going to benefit your organization? At a minimum, the answer should be that a solution automates business processes, thereby reducing manual workarounds and unnecessary audit steps. There should also be steps in place to improve the overall health of your data. Having an integrated solution that promotes automation is paramount to the continued success of a small pension organization because it reduces reliance on staff while simultaneously increasing customer service.
Can the solution deliver on meeting your needs, both short and long-term? A quality PAS solution should offer a host of features to help you provide on your goals. Operational excellence, superior customer service, and optimization of human capital are critical benchmarks. While most software vendors in the market offer solutions to satisfy your core business processes today, don't sacrifice long-term advantages for short-term benefits. Weigh different features to ensure a balanced approach.
Can the system adapt and evolve in the future? We buy technology for two reasons: what problems they can solve today and the promise of what they can solve tomorrow. Don't forget to check that the technology can adapt to solve future problems. Reconfigurable systems that can continue to address issues in the future maximizes the value of your investment. Technological obsolescence is among the most common reasons why organizations must change platforms and providers. Fix the problem for good by choosing the right partner.
To find a system that best answers the above three questions, be sure to checkout Sagitec's NeospinTM solution. This fully-integrated, browser-based software provides comprehensive functionality for administering pension benefits. Since 2004, Neospin™ has helped public and private pension funds enhance service, lower costs, stave off obsolescence, and quickly respond to changing business needs.