Functionalisation, aka “Factories”
Foreword
Introduction
Part 1: What the Infrastructure Needs to do
Trades and Products
Where do Trades Come From?
The Purpose of the Infrastructure
Typical Infrastructure
Part 2: The Problems with Trade Processing Infrastructure
The Problems
The Evolution of Technical Complexity
The Regulatory Challenges
The Complexity Cycle
Part 3: Historic Approaches to Transformation
BAU/Incremental Change
Front-to-back Re-engineering
Functionalisation, aka “Factories”
Front-to-back Systems
The Golden Middle
Simplification
Part 4: New Approaches to Infrastructure
Digital
Cloud and Utilities
Artificial Intelligence and Robotics
Big Data and Analytics
Blockchain/Distributed Ledger Technology
Distributed Ledger Technology: Hybrid Approach
Nirvana?
One man draws out the wire; another straights it; a third cuts it; a fourth points it; a fifth grinds it at the top for receiving the head; to make the head requires two or three distinct operations; to put it on is a peculiar business; to whiten the pins is another; it is even a trade by itself to put them into the paper; and the important business of making a pin is, in this manner, divided into about eighteen distinct operations, which, in some manufactories, are all performed by distinct hands, though in others the same man will sometimes perform two or three of them.
– Adam Smith, The Wealth of Nations
The idea of taking a disparate set of activities and systems and re-organising them as “functionally aligned” factories has been a very powerful idea in capital markets IT, one that has waxed and waned since the 1990s. The idea of functional alignment means that all the systems doing the same activity should be combined into a single system, a “factory” as some people call it.
This chapter will explain how this idea has been implemented, its potential benefits and why it has seldom worked as well as the architects, and in many cases the senior management in support
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Copyright Infopro Digital Limited. All rights reserved.
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