Simple Thread

BACKGROUND

Introduce your business and what you do there.

I am the COO of Dominion Due Diligence Group. We perform due diligence services for real estate transactions that use Federal Housing Administration-financed loans and mainly focus on multifamily housing.

OPPORTUNITY / CHALLENGE

What challenge were you trying to address with Simple Thread?

We struggled to find a project management software that matched our needs because of the sheer volume of data that we work with. We operate in all 50 states, and we have about 30 terabytes worth of project data. Most of the off-the-shelf project management software packages can't support us. We hired Simple Thread to build a custom project management software for us.

SOLUTION

What was the scope of their involvement?

Simple Thread managed our product from soup to nuts. We identified our pain points, but we had little idea as to what kind of solution would be suitable. Simple Thread conducted a business analysis, defined how our business runs, and determined what type of support we needed in our software. They ultimately designed and developed a Ruby-based solution. Though they built the software several years ago, we still have Simple Thread on a retainer to provide a certain number of support hours each month.

What is the team composition?

The firm’s two partners serve as our project managers and main points of contact. We also work with as many as three developers.

How did you come to work with Simple Thread?

One of our IT systems technicians is well-networked in the Richmond and Central Virginia area, and he initially found Simple Thread through his connections. For large initiatives like this, we typically consider at least three firms. Simple Thread proved to be the best of our finalists.

How much have you invested with them?

The software package was probably about $80,000 by itself. Over the years, we’ve spent around $500,000 in all.

What is the status of this engagement?

The main software development project spanned May 2013–February 2014.

RESULTS & FEEDBACK

What evidence can you share that demonstrates the impact of the engagement?

We received an impressive software package. When we show it to clients, it’s common for them to request contact information for Simple Thread so that they can contact them regarding similar projects. With the new project management system, we’re far more productive than we ever were with off-the-shelf solutions.

How did Simple Thread perform from a project management standpoint?

We’re fortunate to have the firm’s two partners assigned to our project. They are some of the most experienced project managers that I’ve worked with. We have conference calls every other week that range from 15 minutes to an hour. In emergencies, the most we have to wait is an hour or two. The team is very responsive and reliable, and I can’t say that about all of our other vendors.

What did you find most impressive about them?

They’re easy to work with, which is why we’re still working with them. They’ve taken the time to understand our business, and when we give them a new challenge, we don’t have to reiterate why we need it or the risks involved. Simple Thread is thoroughly familiar with our business.

Are there any areas they could improve?

I’m under the impression that Simple Thread has struggled to grow or find quality developers at times. If we were to take on a significant initiative with them where we’d need their support for several months again, it would depend on their ability to find the appropriate resources.

Do you have any advice for potential customers?

I would recommend working with Simple Thread. They’re easy to work with, and they have smart people running the company.

BACKGROUND

Introduce your business and what you do there.

I’m the CTO for Strategic Risk Associates. We provide the financial services and insurance industries with software to track and manage risk in organizations. We also have a consulting side that assists banks and other financial institutions with various projects.

OPPORTUNITY / CHALLENGE

What challenge were you trying to address with Simple Thread?

The risk management software had existed as a prototype idea in Excel spreadsheets. We hired Simple Thread because we didn’t have in-house development resources.

SOLUTION

What was the scope of their involvement?

Simple Thread was responsible for the build’s technical side. The team architected and designed the software. We provided the Excel documents as a substitute for wireframes or mockups. They worked with internal business stakeholders to validate processes and ensure compliance with our vision. Simple Thread then developed the software from scratch using Ruby on Rails and PostgreSQL for the database.

The project is ongoing because the software evolves with our business. Simple Thread implemented the initial version in late 2016 and we now use the second iteration. They host the software on AWS.

What is the team composition?

We work with one of the co-founders and three developers on a regular basis.

How did you come to work with Simple Thread?

Our founder reached out to a developer he had worked with on a past project. However, the developer was busy and recommended Simple Thread because he thought highly of them. We invited Simple Thread to the office and chose them.

How much have you invested with them?

We’ve spent close to $1 million.

What is the status of this engagement?

We started working together in July 2015 and the partnership is ongoing.

RESULTS & FEEDBACK

What evidence can you share that demonstrates the impact of the engagement?

This is the best software development situation I’ve had in 20 years. We’re experiencing continual growth because users love the software. We gain three or four customers every month and have lost only one account when another bank acquired a client. Some users are hard to please, but even those find little to complain about. I’ve never seen such high levels of customer approval and happiness.

How did Simple Thread perform from a project management standpoint?

They handled project management capably before I came on board; I’ve since assumed that responsibility. The team consistently meets our dates within tight, yet realistic, timeframes. We communicate via Slack and weekly in-person meetings at their local office. The arrangement works well for our business stakeholders and product owner.

What did you find most impressive about them?

Since the co-founders are software developers, they know how to onboard the right resources for this project. Each resource has been amazing because Simple Thread does not rush to hire developers; they wait for the right person.

Also, the risk management software has the lowest defect rate I’ve seen in my career. Developers spend only a few hours per week on bug fixes because the build is such high quality. Consequently, our team can focus exclusively on features and functionalities, which maximizes our competitive edge in the market. Our leadership, which has extensive development experience, appreciates Simple Thread’s remarkable performance.

Are there any areas they could improve?

No, the software is functional and the team is a joy to work with. They have minimal turnover and reasonable costs. We have no complaints.

Do you have any advice for potential customers?

Listen to Simple Thread’s suggestions. Clients that are closed-minded do themselves a disservice. The team doesn’t speak up about everything, but pay attention to them when they do.