Building a technology infrastructure
For family offices embarking on the journey of building a tech infrastructure, literally hundreds of questions and considerations can arise. We are often asked, “How do we go about building our tech stack from the ground up? Do we want cloud services? What about cybersecurity?” Our discussion of best practices can serve as a road map for your family office to follow on the path to success.
For family offices embarking on the journey of building a tech infrastructure, literally hundreds of questions and considerations can arise. We are often asked, “How do we go about building our tech stack from the ground up? Do we want cloud services? What about cybersecurity?” Our discussion of best practices can serve as a road map for your family office to follow on the path to success.
Define your requirements
Identifying what you need is probably the most difficult part of getting started. A few questions to get you started can help define your goals.
Project scope
Understand the nature of your project (e.g., how extensive is the project; are you looking for hardware, software, outsourcing, etc.?).
Budget constraints
Consider financial limitations and the cost of different technologies.
Team skills
Evaluate the expertise of your team members and choose technologies they are comfortable with or willing to learn.
Starting from square one
The first step is deciding on an operating system (OS). For general purposes, the choices are Windows, Linux or macOS.
If you do not have an internal IT team, we suggest beginning with a Managed Service Provider (MSP) search. Selecting an MSP is a crucial decision for any organization seeking to outsource its IT services. The right MSP can enhance your IT operations, improve security and provide strategic guidance. Here is a structured approach to help you choose the right MSP.
Define your needs and objectives
Define your needs and objectives
Scope of services
Determine which IT functions you want to outsource, such as network management, cloud services, cybersecurity, data backup or helpdesk support.
Business goals
Align your IT needs with your business objectives. For instance, if scalability is a priority, you might need an MSP with strong cloud capabilities.
Budget
Establish your budget for managed services and understand the pricing models (e.g., flat-rate, per-user, per-device).
Research potential MSPs
Research potential MSPs
Reputation and experience
Look for MSPs with a solid track record and industry experience. Check reviews, testimonials and case studies.
Certifications and partnerships
Verify if the MSP holds relevant certifications (e.g., CompTIA, Microsoft Gold Partner, Cisco Partner) and has partnerships with major technology vendors.
Specialization
Ensure the MSP specializes in the areas you need, such as cybersecurity, cloud solutions or compliance.
Evaluate key criteria
Evaluate key criteria
Request MSP proposals and conduct interviews
Request MSP proposals and conduct interviews
Request proposals: Ask for detailed proposals from shortlisted MSPs outlining their services, pricing and terms.
Conduct interviews: Schedule meetings or interviews with potential MSPs to discuss your needs, their approach and to gauge their understanding of your business.
Evaluate and compare
Evaluate and compare
Comparison matrix: Create a comparison matrix to evaluate MSPs based on key criteria like service offerings, expertise, support and pricing.
References: Check references from current or past clients to get insights into their experience with the MSP.
Selecting software applications
After your operating system and MSP are in place, the next step is to decide what core software platforms you will need for your business. Selecting software applications to complement your operating system involves choosing tools and applications that integrate well with your OS and enhance its functionality based on your needs. Here is a step-by-step guide to help you make informed decisions:
Identify your needs
Use case: Determine what you need the software to accomplish (e.g., productivity, development, security).
Integration requirements: Consider how the software needs to interact with the OS and other applications.
User experience: Ensure that the software aligns with the workflow and preferences of the users.
Consider compatibility
OS compatibility: Verify that the software is compatible with your OS version and architecture.
Updates and support: Check if the software is regularly updated and supported on your OS.
Determine software categories
Determine software categories
Evaluate features and performance
Evaluate features and performance
Feature set: Ensure the software has the features you need.
Performance: Check if the software performs well on your OS without causing significant resource drain.
Consider licensing and costs
Consider licensing and costs
Licensing model: Determine if the software uses a subscription model, one-time purchase or open-source licensing.
Budget: Evaluate if the cost fits within your budget.
Check reviews and reputation
Check reviews and reputation
User reviews: Read reviews and ratings from other users to gauge reliability and performance.
Professional reviews: Look for expert reviews and comparisons.
Test and trial
Test and trial
Free trials: Utilize free trials or demo versions to test the software in your environment.
Beta testing: Participate in beta testing if available to get a preview of upcoming features.
Look for integration capabilities
Look for integration capabilities
APIs and plugins: Check if the software offers APIs or plugins to integrate with other tools and services you use.
Compatibility with other tools: Ensure it works well with other software applications you plan to use.
Ensure security and privacy
Ensure security and privacy
Data security: Verify that the software has strong security measures in place.
Privacy policies: Review the privacy policy to understand how your data will be handled.
Support and documentation
Support and documentation
Customer support: Check if the software offers reliable customer support and resources.
Documentation: Ensure there is comprehensive documentation and user guides available.
Building a robust tech stack is not a small feat. It is a journey that takes years if you take the time to participate in the proper due diligence and project planning. No one path is the same, but hopefully we have shared some best practices with you that will help you along the way.
Erin Hulse
Erin is the Founder and CEO of Deviate Consulting, which focuses on software selection, implementation and back-office services for single and multifamily offices. Deviate has 25 consultants throughout the US. Erin is based in Indianapolis, IN where she founded the company in 2015.