5 Coolest Things about SimCorp Dimension

Like eLearning was taken with a grain of salt several decades ago, so also eBusiness used to be viewed with some skepticism. When we turn to history, it becomes clear that more successful individuals and companies are usually willing to go on development and not lazy to accept the gifts of progress. SimCorp clients’ stories prove this as well. A key idea of SimCorp is to be the creator of a single Front-to-Back system, replacing functions of almost 80+ applications. Nowadays, SimCorp Dimension is synonymous to business intelligence, staff engaging and processes automation, what means for clients less manual work and more efficiency.

Let’s come across 5 coolest things about SimCorp Dimension:

1. Single Front-to-Back system 

The top thing about SimCorp Dimension is that it is a single integrated system, which is capable of managing the front, middle, and back-office at once. It is an exclusive opportunity for buy-side to involve the maximum of business tools into the daily workflow with minimal efforts. It simplifies management and removes time-consuming paperwork, leaving more space for creativity.

Many famous companies already highly appreciate SimCorp Dimension. They say that this single system turned out to be the only instrument, which helped them operate all processes simultaneously. Sounds like a dream, especially for companies with numerous departments and subsidiaries worldwide. 

Here is the promised client’s story told by Fredrik Ulfhielm, who is responsible for the sustainable development of Swedbank Robur. He is sure they have removed the geographical borders between dozens of investment funds, subsidiaries, and partner companies with a solid support from SimCorp software as a sole platform. 

Swedbank Robur used to do business without a long-term strategic decision for 10 years. They used obsolete Excel spreadsheets, numerous applications to deal with evaluating, controlling, accounting, etc. In such circumstances, remote management seemed to be an unreal fairy-tale.

After that, the organisation ended up running inefficient and complicated external systems. Instead, they signed up a contract with SimCorp vendor and started from the very beginning dealing with only one integrated toolset. This decision made Swedbank Robur sustainable, competitive and trusted. They achieved increased efficiency, improved proactivity, and reduced risk.

The many people, the many thoughts. The fact is that the secret of competitiveness is deciding to initiate a step-by-step system renovation. How to embody this idea in practice? The easiest way is through system consolidation and automation. As soon as the level of Straight-Through-Processing, or STP increases, we can start talking about the automation of workflows. The more processes pass from start to finish without human manual intervention - the better.

Enhancing STP rates is the main target you can reach by implementing SimCorp Dimension. In such a way the software creators set managers’ hands and minds free for creativity. With SimCorp Dimension more seamless and automated processing replaces rough manual work. Understanding that only one integrated data managing system is needed will result in forgetting about a patchwork of diverse applications globally. 

So, what is cool about the SimCorp business toolkit is that with it companies can perform “business as usual” activities without many extra applications. It is about stressless jobs and global management in the meaning of spinning the world. This is the dream coming true, isn’t it?

2. Anti-aging approach

The second truly great thing we have explored is the anti-aging approach. What does ‘anti-aging’ mean? This is a strategic partnership when your business is supplied by one vendor who assists you permanently. So, your relations never rust. Committing to one system gives you access to all new functionality as soon as it’s available, experienced customers tell.

SimCorp is focused on long-term cooperation with its clients. It is a development company. They implement their product and vision in a specific system and in fact lead the client to the successful result by the hand with possibility to provide the client-specific enhancements in the system. In other words, businesses have a chance to not put an end-date in the agreement with the software provider. In this case, they get new updates automatically. Interestingly, SimCorp’s experts never stop supporting clients. They are in touch and ready to implement new modules and updates. In our opinion, eternal services are very comfy!

3. Space-Friendly Programming Language

The third exciting thing found out is that SimCorp software for investment automation was elaborated in a rare programming language, used by NASA. That’s why it is jokingly called Martian. Seriously, it was named APL, which is an acronym for A Programming Language. The book with the same title was written by Ken Iverson, the developer of APL about 40 years ago. He was honored with the Turing Award for this invention. Soon after that, Mr. Iverson was invited as an assistant professor at Harvard University.  

This is a well-known story that Howard Aiken turned to Ken Iverson having a coffee break after defending his Ph.D., and said: "These machines are going to be immensely important for business, and I want you to prepare and teach a course in business data processing next fall." Judging by this famous citation, you can make an impression about the level of APL. It is the highest possible. Kenneth Iverson implemented the world's first graduate program in the automatic data processing. This was the beginning of a new step in programming.

Within SimCorp, there is a concern that APL is well suited for solving complex mathematical problems with large amounts of data because it operates with the usual mathematical concepts, such as matrices or vectors. ‘Development based on APL has got many advantages comparing to using ready-made libraries in high-level languages’, Vasilii Zaulichnyi, Senior APL Developer, says.

Another discovery was that SimCorp train APL specialists on their own. Once a year SimCorp specialists conduct an open APL course for an external audience. The company’s employees give two-weeks lectures on programming on APL during each month. Those who complete the course and successfully defend the project can be invited to work with the SimCorp team.

4. Happy Employees

The coefficient of happiness is the fourth aspect, which made us drop a few words in this respect. SimCorp belongs to companies with a developed corporate culture. They understand that their employees are the main value and the most important resource. Therefore, managers take care of the welfare of subordinates, which is never done by one-day firms.

In addition, SimCorp tasks virtually eliminate routine. Functionality is new all the time. People would not do the same thing during the working day, month after month. It sounds really good and probably helps workers develop, grow and be more flexible.

SimCorp employees have a healthy interest in a job well done because it is supported by an official reasonable salary, free training, and great opportunities. It sets this company apart from everyone else. Its employees are happy people, and happy people can always offer higher quality services, innovative solutions that will definitely lead customers to success.

Along the same line of thought, we should pay your attention to the outcomes of the research. They show that employee motivation is one of the key factors for business development. If Henry Ford started his business today, he would hardly have achieved much success with his ideas about the employee as a cog in a big machine. In the spirit expressed by a famous consultant to major world brands Dr. Rzhendra Sisodia, we wish to stress that the most successful companies strive to bring people joy, love, and sincerity. In his opinion, as soon as the company understands that for each individual employee the main goal is to change the world, and not just make money, business profitability rises. 

5. The worldwide software

The last but not the least reason why SimCorp seems to be a key market player within the financial IT-to-business area is the fact that the company is represented at all continents. There are no geographical limits! So if you would like to implement the system for managing your business, SimCorp will assist you independently on wherever you are located. You can get access to the sole system anywhere in the world.

The business automation software has been originated from Scandinavia. The SimCorp headquarters is situated in Copenhagen, Denmark. The ‘brain’ of the group is also partially located in Kyiv, Ukraine. Why Ukraine, this picturesque country in the heart of Europe? The answer is simple. The Scandinavian founders wanted to find a huge concentration of educational establishments who prepare specialists with knowledge of finances, IT, cybernetics, mathematical sciences, etc. Kyiv turned out such a place. 

The Ukrainian market was initially sufficiently prepared for SimCorp tasks. In Ukrainian financial universities, students learn IT subjects as well, so guys with the financial background are also familiar with software products. That’s why lots of smart graduates from Ukrainian leading higher educational establishments joined the team. By the way, typical requirements to a candidate for a position are the following:

●      Masters Degrees in Computer Science, Mechanics, Mathematics or Economic Cybernetics

●      Skills and interest in the development of financial software

●      Programming experience in different languages

●      Advanced English

 Currently, one-third of the entire development and more than half of the work on testing the platform is carried out in Kyiv’, Julia Stupak, Head of SimCorp’s Human Capital underlines.

According to Ms. Stupak, SimCorp Dimension is produced in Denmark, Ukraine, Australia, Germany, and Great Britain. Nevertheless, clients can easily buy the software for managing workflows in America and the Pacific Region, Europe with Scandinavian countries, Asia and Australia. A clear picture of the geography of the company gives also a clear understanding of the demand for SimCorp Dimension. It impresses!

Such investment giants and asset managers as BNP Paribas, MN Services, Aegon, Achmea, Swiss Life Asset Managers, Swedbank Robur, Groupama, Caceis, Bank of Thailand, PenSam and many others say that their growing incomes and non-stop development became possible with SimCorp’s unique software and solutions.

Sergii Oliinyk

?? SimCorp Dimension Business Analyst & Project Manager