You want more efficient firm operations and more effective stakeholder outreach, but what’s the best way for your firm to achieve a higher level of success? For most firms, it comes down to either purpose-built private equity software or bringing in a third party to craft a system from scratch.
Should you implement a platform solution or hire a consultant? There are important differences to consider before you choose between using private equity software like Altvia or hiring a consultant to build a new system or customize an existing one for you.
Private Equity Software and Consulting Services: 4 Crucial Differentiators
There’s certainly appeal to a proprietary system. But it’s really more important to focus on and assess the practical, real-world implications of your decision.
There are several differences between private equity software and going through the process of having a salesforce environment created for you.
Four of the most significant differences are:
- Cost. When you’re evaluating Altvia versus building your own Salesforce-based system, it’s important to understand the cost structure for the two options. Altvia uses economical Salesforce “platform” licenses. That type of license is more cost-effective and includes support and future product enhancements. In other words, you pay less without losing anything. A Salesforce consultant uses a more expensive “professional” or “enterprise” license on top of the fee you’ll pay the consultant to develop your system for you.
- Private Equity-specific database structure. Altvia was designed, built, and enhanced based on extensive industry experience. The design makes it easy and intuitive for firms to extract meaningful data from the system, analyze that data, and make well-informed business decisions. Rarely does a consultant understand both database structure and the alternative asset management space. That means they may not be able to provide you with the type of rich data you need. Plus, the system they design may not be flexible enough to evolve as the industry and/or your needs change.
- Reporting. In addition to standard Salesforce reports, Altvia includes industry-specific reports that have been developed based on best practices and feedback from the firms that use the system. Altvia also comes with functionality for producing print-ready reports. A consultant can construct reports based on your requirements, but it’s unlikely they’ll have the industry expertise to recommend attributes you may not have thought of. It’s also unlikely that they will be interested in enhancing the reports as needed over time.
- Implementation process. Proper implementation of private equity software is just as important as having the right features. Altvia’s implementation processes reflect best practices from working with hundreds of firms of all sizes, which means that a product launch takes place efficiently and achieves maximum user adoption quickly. While they might be technically proficient, consultants typically don’t understand the nuances of the alternative asset management space and the unique needs of users at private equity firms. They’re happy to do research to obtain a better understanding of the industry, but it will cost you.
Altvia: The Best of Both Worlds
Ultimately, Altvia’s private equity software gives you the best of both worlds: a powerful, feature-rich, solution that feels like it was created just for your firm, but one that’s cost-effective, continually enhanced and fully supported.
Learn more about how Altvia can benefit your firm and why implementing software provides many advantages over hiring a Salesforce consultant.