Gaining an edge over the competition has never been more challenging. In today's market, customers demand a steady flow of new products and services. Innovations rapidly become commodities. Global expansion requires compliance with new regulations such as Basel II and MiFID. Shareholders expect effective risk mitigation. And competitors continue to emerge from every corner of the market.

Most off-the-shelf software solutions cannot adapt to the dramatic changes required by today's dynamic market place. These applications are rigid and hamper a company's ability to grow and compete.

According to the September 2005 issue of PROFIT magazine, Themis Papadopoulos launched a brokerage firm called Triglobal Inc. in 1997. He bought an off-the-shelf financial software package that he felt would meet his company's needs, but soon became frustrated because he was spending more time on administrative tasks than engaging with clients.

So, the former programmer began writing software to ease his paperwork burden. After several years of tinkering, he had a tool that, in just minutes, could produce reports on his clients' investments that might have taken days or weeks with packaged software.

The result? He could stay on top of those investments, freeing up time to connect personally with clients. When he saw the advantage this gave him over other brokers in wooing and retaining clients, Papadopoulos decided to turn his patchwork program into a firm-wide initiative called "The Harbour". He stated "Software was the tool we used to differentiate ourselves from our competitors."

That tool cost more than $3 million to develop. But it paid off in the long run. In the four years that followed, Triglobal added 650 new advisors to its original base of 50, and assets under the firm's administration soared from $200 million to $1.5 billion. Papadopoulos said brokers flocked to Triglobal largely because The Harbour automated many of their daily tasks, and he credits it with boosting profits by 10% to 15%.

While off-the-shelf programs satisfy many business needs, custom applications such as The Harbour can give you a big leg up on the competition. They can spotlight what's distinctive about your business, allow you to offer products your rivals can't match and help you cut costs and raise productivity. And they don't have to break the bank: some cost as little as $10,000, with only a few reaching the expense Triglobal incurred.

However, there are risks involved. A mismanaged custom-software project could devour time and money without yielding any of these benefits. By planning ahead and following a few simple steps, you can avoid becoming one of the horror stories. BHMI's white papers titled Buy, Build or BHMI and Guidelines to Outsourcing a Development Project offer some practical advice on how to avoid common pitfalls.

Innovative companies are continually looking for new ways to solve ongoing business problems and to set themselves apart from the competition. These companies recognize the need for flexibility, increased productivity and compressed cycle times. They also realize the best way to gain a competitive edge over rivals is to have or do something their competitors do not have or cannot do. As a result, many companies are turning to highly customized software solutions that are as distinctive and dynamic as their organizations. And, a growing number of organizations are taking the direct route by hiring an external development organization like BHMI to create these unique software solutions.

For more than two decades, leading companies in a wide variety of vertical markets have trusted BHMI to develop and deliver innovative, one-of-a-kind systems to solve their most complex business challenges. BHMI provides a unique blend of advanced technology, broad industry expertise and proven methodologies to deliver cutting-edge applications at an expedited rate and with low risk.


How does BHMI do it?

Proven Methodology – Recognizing that successful projects often follow a repeatable pattern based on an implemented methodology, BHMI employs a disciplined, yet flexible approach to delivery on all projects, regardless of size. BHMI's project management approach draws upon more than two decades of real-world experience to provide a well-tested approach to software development and technology management. The methodology forms a complete set of guidelines that when followed closely, allow software projects to be developed in a controlled fashion with a high level of repeatable success.

Acceleration Tools – BHMI uses a large repository of project acceleration tools and other methodologies to help reduce implementation risk, facilitate knowledge transfer, and increase speed to value for our clients. These robust tools ensure the successful delivery of projects – on time and within budget.

Scalable Design – As application processing performance is paramount, BHMI designs applications with future scalability in mind. High processing volumes and service levels require application functionality to be scalable in order to accommodate significant increases in processing volumes over time. Additionally, BHMI's solutions can be easily modified to meet a client's future needs without any disruption of their data or workflow.

Experience – Rapid, cost-effective innovation in virtually every industry requires highly skilled technologists with deep industry knowledge. BHMI's software specialists maintain a wide assortment of technical skills that are both broad and deep. Skillsets in a wide range of vertical markets, plus decades of experience in large-scale implementation, mean BHMI can help define requirements, set directions, design, plan, document, coordinate and build consensus among project constituents – in addition to carrying out software development.

The bottom line is custom software can profoundly transform the economics of innovation, segmentation and differentiation. Let BHMI show you how to utilize smart technology solutions for your business that will reduce costs and provide you with the flexibility and reliability to create and maintain a competitive advantage.