Get Pricing For SunView Solutions

Review platform features & packaging to decide what best meets your needs.

IT Service Management

ChangeGear is an industry-leading ITSM platform that helps organizations to better track, manage, and deliver critical services.
Get Pricing

IT Operations Management

LivePulse offers out-of-the-box system and application monitoring essentials in the cloud.

Get Pricing

Huge Losses Due to Faulty Software

08/08/2012 by: The SunView Team

 

Knight Capital still in the news: www.Bloomberg.com

"This is really a wake-up call," David Whitcomb, founder of Automated Trading Desk LLC, a Knight rival bought by Citigroup Inc. for $680 million in 2007, said in a telephone interview. "They made one obviously terrible mistake in bringing online a new program that they evidently didn't test properly and that evidently blew up in their face."

Last week the Wall Street firm of Knight Capital lost $440 million in 45 minutes resulting in a 50% share drop and the company's potential bankruptcy. Even after an influx of capital, the shares continue to fall. How did this professional company manage to achieve this unimaginable feat? The company blames the trading glitch on the installation of new trading software.

What could they have done to prevent this big costly glitch? ITSM best practices to seamlessly manage software implementation can be found in ITIL. If your IT management team has not implemented an ITIL-based solution, you should explore the options today.

50 Questions for Building ITSM Requirements

When I see events like the o ne at Knight Capital, it makes me think about the importance of having mature change control processes. Change Management Software helps organizations understand the overall business risks associated with introducing change into a stable environment and ensures that the appropriate stakeholders are involved in the decision. Usually when systems or networks fail following a software implementation, it is due to unknown, undocumented or unauthorized changes.
Preplanning and proper implementation processes will insure that your company does not find out the hard way that ITSM is important like Knight Capital with their drastically devalued share price likely did.

|