Successful factoring system implementation – how to make it work?

There may come a time when your digital factoring system is no longer enough, either for your or your customers’ needs. It is a high time for making a change and go with a factoring system transformation.

But how to exactly do it while there are so many overwhelmingly complicated aspects of such transformation? How to make it well right from the start?

BCR Publishing wrote an article that may prove to be quite helpful in this matter. Here are some things touched upon in their reading.

The system infrastructure refers to the hardware, software, and networks that make everything run. Much like the foundation of a building, it’s what keep the whole system in a place, and provides the resources businesses need to operate. There are two main types of system infrastructure: physical infrastructure, making use of your own servers, computers, etc.; and the increasingly popular cloud infrastructure, which is based on renting resources from the cloud without the need for investing in the hardware. Each of them has their own ups and downs, and choosing the right infrastructure for your system can impact its future scalability and reliability.

Another thing is data migration which involves moving data and systems to a new environment. It's complex and requires careful planning with the system provider. For a smooth transition, one has to clearly define the scope, divide responsibilities, exchange information about the old and new systems, and keep open communication with customers throughout the process. But how to manage it in the right way? There are two main types of user data migration. There’s the so-called Big Bang, which focuses on taking one gigantic step. There’s also the Friends-and-Family migration, which is more of a step-by-step, gradual way, which may seem like a better deal at first glance, but is it really? Or maybe you can somewhat balance those?

All of this calls for dealing with another aspect of the factoring system implementation: choosing the right project management style. The Waterfall is an approach where you complete each step sequentially, like a waterfall flowing down. The Agile method tackles projects in cycles, prioritizing flexibility and continuous adaptation to feedback. As with all the other things, both of them have some limitations, but also great advantages.

These are some of the aspects touched upon in the article, but it’s just the tip of the iceberg. For more information on how to perform a successful factoring system implementation, go to BCR Publishing and read their Special Report.

Karol Leszczyński
Factoring Product Manager at Comarch