The Art of Communication
What's the point of throwing money and manpower at an ambitious IT project if it’s doomed to fall apart at the seams due to lack of communication?
In theory, communication is the simplest part of any infrastructure overhaul. After all, if a complete upgrade is necessary in the first place, then there should be immediate benefits to be had. And from a long-term perspective, everyone involved will hopefully benefit from greater ease of use and efficiency.
Without proper feedback, workers get antsy. Things fall between the cracks. Frustration builds and those using the technology don't understand why they are being forced to use new applications. Superstars start sharpening their resumes.
Simply put, proper communication is fundamental to any successful implementation.
In the February issue of Waters, we profile Jean Hill, CTO of First New York Securities. Hill, who was formerly the deputy CTO at the New York Fed, and has served stints at Merrill Lynch, Morgan Stanley and Lehman Brothers, was brought in to essentially build First NY's infrastructure from scratch.
The amount of progress that has been made is quite impressive and Hill says one of the most valuable lessons she learned was the need for communication.
"All too often, the people who purchase technology and the people who consume technology are different," she says. "The consumer is the end user and you often forget to communicate to the consumer, explain to them why they are using something new, get their feedback, and get them involved."
The truth is that CTOs and CIOs can easily forget they are usually talking to their other C-level peers when developing strategy. While the vision may be strong and will be for the betterment of the firm, the workers using these new technologies and the ones implementing those technologies aren't involved in those meetings with the CEO, CFO and COO, much less the board of directors.
As Hill points out, it is easy to forget to spread the word as to why something is being done. But it's also important to remember this: As expensive as any project can be, the cheapest part is communication, because that doesn't cost a dime—yet it is vitally important.
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@waterstechnology.com or view our subscription options here: http://subscriptions.waterstechnology.com/subscribe
You are currently unable to print this content. Please contact info@waterstechnology.com to find out more.
You are currently unable to copy this content. Please contact info@waterstechnology.com to find out more.
Copyright Infopro Digital Limited. All rights reserved.
As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (point 2.4), printing is limited to a single copy.
If you would like to purchase additional rights please email info@waterstechnology.com
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (clause 2.4), an Authorised User may only make one copy of the materials for their own personal use. You must also comply with the restrictions in clause 2.5.
If you would like to purchase additional rights please email info@waterstechnology.com
More on Trading Tech
Tech VC funding: It’s not just about the money
The IMD Wrap: It’s been a busy year for tech and data companies seeking cash to kick-start new efforts. Max details how some are putting the fun into fundraising.
Bond tape hopefuls size up commercial risks as FCA finalizes tender
Consolidated tape bidders say the UK regulator is set to imminently publish crucial final details around technical specifications and data licensing arrangements for the finished infrastructure.
If M&A picks up, who’s on the auction block?
Waters Wrap: With projections that mergers and acquisitions are geared to pick back up in 2025, Anthony reads the tea leaves of 25 of this year’s deals to predict which vendors might be most valuable.
The Waters Cooler: A little crime never hurt nobody
Do you guys remember that 2006 Pitchfork review of Shine On by Jet?
Removal of Chevron spells t-r-o-u-b-l-e for the C-A-T
Citadel Securities and the American Securities Association are suing the SEC to limit the Consolidated Audit Trail, and their case may be aided by the removal of a key piece of the agency’s legislative power earlier this year.
After acquisitions, Exegy looks to consolidated offering for further gains
With Vela Trading Systems and Enyx now settled under one roof, the vendor’s strategy is to be a provider across the full trade lifecycle and flex its muscles in the world of FPGAs.
Enough with the ‘Bloomberg Killers’ already
Waters Wrap: Anthony interviews LSEG’s Dean Berry about the Workspace platform, and provides his own thoughts on how that platform and the Terminal have been portrayed over the last few months.
BofA deploys equities tech stack for e-FX
The bank is trying to get ahead of the pack with its new algo and e-FX offerings.