Defining a ‘Development Factory’ framework for an industry utility

Key services on a technological knife-edge

Industry utilities offer a range of vital, common services within financial markets globally, centralizing core functions to increase liquidity, reduce costs, and improve transparency. For a utility to execute its functions faithfully, it is crucial that it maintains clear guidelines for interaction and partnerships with third-party technology vendors. This ensures that it can effectively perform its intended market role in the long term while maintaining its independence.

Establishing protocols for procurement

Lab49 partnered with a large industry utility to create a ‘Development Factory’ framework to guide how all vendors should work with the firm. After reviewing the utility’s existing processes and potential initiatives based on current capacity, future demand, and priority, the team developed a detailed milestone plan to define the key objectives for technology procurement. We subsequently helped to ensure that these were enacted throughout the organization and measure the performance of newly deployed software.

A clear and lasting technology strategy

The delivery of the plan set the course for the development of the utility’s technology strategy over the next two years, embedding a robust set of protocols outlining how the firm should engage with all technology providers.