| Microsoft
has finalized the code for its next release of Microsoft
Office 2007. Larger corporate customers will be able
to get their hands on a download of Office Small Business
2007 in December. However, smaller businesses and
individual users will have to wait until early in
2007 to buy a boxed version of Word, Excel, PowerPoint,
Outlook and the other members of the Office 2007 family.
The consumer editions of Microsoft Office 2007 are
expected to hit stores in spring, in step with the
Microsoft's new Vista operating system.
You'll be paying. Not only
will Office 2007 take a lot of time to get used to,
it will cost you money. There will be eight levels
of release, each at a different price level. The Interface
(the way you use and move around the various programs)
will be dramatically changed. Gone are the toolbars,
drop-down menus, side-of-the-window Task Panes and
the customization features you've been accustomed
to using regularly. The features are still there,
merely rearranged. You will need to re-learn tasks,
and may want to attend a new training program –
offered by Microsoft as well as third party vendors.
Your total cost may range from $4,284 for a solo practitioner
to $45,840 for a 15 employee firm. (see chart )
First Look. We've examined the final
production version of Office 2007, released to software
developers and computer manufacturers who bundle their
new models with Microsoft software. For more than
a year, we've been following the development, with
pre-release reviews by industry publications, and
slide shows from Microsoft. We have also tested rough-draft
versions of Word, Excel, PowerPoint and Outlook. In
fact, this article was edited in Word 2007, but we
must save it in Word 2003 format to be compatible
with editors and printers.
Installation. Placing the new Office
2007 Suite onto each system took us about 10 minutes
on a fast Windows XP computer. You're allowed to install
Office 2007 software on two computers for your personal
use. The user license agreement makes you agree that
you will download updates whenever Microsoft deems
necessary. Also at any time, Microsoft may now verify
your license key to make sure that you're not using
pirated software.
Don't steal from Mr. Bill!
The updating of the new programs is important because
each prior round of Microsoft Office versions has
experienced more post-installation development needs
– otherwise known as "bug fixes."
You can expect frequent messages as you open up your
computer to install new updates.
Space Required – Yes, the new
version of Office 2007 will require more hard drive
space. But not so much as to be likely to cause a
problem for you. Before conducting the installation
Microsoft says it will check the hard drive and verify
that adequate space is available.
A New Appearance. Once you open each
new Office 2007 application, you'll be greeted by
a dramatically different new interface. Office 2007's
major programs each organize features into a Tab or
"Ribbon" structure, rather than the familiar
drop-down menus and dialog boxes. The fresh face of
Office takes some time to get used to, but it also
surfaces some useful tools that have been long buried
within the dialog boxes.
All the internal menus will change and familiar icons
will be will be replaced by a "ribbon"
bar that goes across the top of each program, containing
various smaller icons – replacing the tool bars.
What does this mean for you? Your customary way of
creating documents, spreadsheets and presentations
will be gone. You'll have to re-learn how to
do those jobs – and for you that means time,
and your time means money.
Revised File Structure. Another big
change to Office is its new XML-based files, which
squeeze more data into fewer kilobytes. However, as
with the release of Office 1997, you won't be able
to open a file in the new format immediately when
using earlier versions of the programs. This could
cause grief if you have the new software but need
to share work with people who haven't upgraded their
computer with Office 2007. It is obvious that one
of Mr. Bill's objectives is to force all the
world's computer users to purchase or upgrade
to legal copies of Office 2007.
The 2007 applications let you save backward-compatible
files, but not by default. Those running, say, Word
2003 that need to open Word 2007 DOC file that you
send to them, will first have to download a one-time
Microsoft Compatibility Pack.
Macro Problems. We're glad that you'll
be able to run all of your familiar Office 2003 programs
side by side with the new Office 2007 apps, with the
exception of Outlook, on the same hard drive. This
would be useful if you want to compare, say, how a
macro was created in 2003. Unfortunately your smoothly
working Office 2003 Macros will have to be reconstructed
in Office 2007. These costs are not included in the
chart I have provided. If you have done a lot with
Word or Excel macros this will be a major time waster
for you. Microsoft says the result will be better
– but initially it will take more of your time.
Outlook 2007 will totally replace
your prior versions – and you will have to adjust
quickly. If you frequently synchronize Outlook with
your PDA, Blackberry or Treo – it may not function
as before, until those developers revise their synchronization
routines.
New Style Sheets. Office 2007's other
notable features include a strong emphasis on style
templates, with the ability to preview on the fly
changes made to fonts and graphics. There are more
options usually offered by top-end desktop publishing
software for dressing up documents with charts, diagrams,
and pictures. Microsoft is becoming a stronger competitor
to other publishing programs.
For instance, new shortcuts for analyzing information
within Excel let you display patterns of data as a
colorful heat map. Will this feature be of benefit
to financial advisors? Not likely. There's new support
for blogging within Word, useful provided you are
a committed Internet blogger. Outlook gets deeper
search and task management abilities in addition to
SMS text messaging. Do you send, receive and store
lots of text messages generated by the cell phones
of your clients or friends?
Improved Security. Microsoft Office
2007 claims that it features easier-to-manage overall
document security. This is important, since every
year their customers face far more SPAM and other
objectionable e-mail plus identity theft intruders.
New Document Format. The way that
documents from all the Microsoft Office programs will
be saved and then re-opened will be changed. You can
expect it will be better, and perhaps safer as Microsoft
promises, but different, and that may still slow down
your usage for a while.
Summary of Changes. If you were just
getting started with Office, you'd definitely
prefer 2007. However, experienced users will find
the learning curve is likely to be time-consuming,
frustrating and steep.
When to Install Office 2007. Unless
you want bragging rights in your personal or business
neighborhood – postpone installation for a while.
There are several reasons: training sessions may be
offered locally on a cost effective basis. Bugs will
be encountered by other users and Microsoft will get
them fixed.
Check with your key vendors. This
especially includes your broker dealer. If they don't
want you to move right away to Office 2007 by all
means don't do so. They may have valuable or
even critical reporting or operational tools that
haven't been updated to work with Office 2007.
Also, any vendors that use Microsoft for documents
(Word) or calculations (Excel) or display (PowerPoint)
will have to alter their programs to accommodate Mr.
Billl's newest version – and that includes
the last minute "bug" fixes.
A New Vista for You
But the most dramatic change will be Microsoft's
new Operating System which is due for release in spring
of 2007. It was first announced in April 2002 as "Longhorn"
that would roll out later that year. As timetables
were extended, the name was changed to Vista and the
scheduled release postponed to 2005. The new operating
system replaces Windows and is called, "Vista."
This new Vista has supposedly been "optimized"
for Office 2007 – and vice versa.
Vista replaces Windows XP and Windows Net.
It requires more hard drive space, really likes a
fast hard drive to load larger programs swiftly, and
it requires more RAM (memory). Most especially it
needs to be running on a fast computer processor,
because it has many more functions – most of
which you'll never see or use.
New Processor Requirements. Microsoft
recommends a minimum level of processor power. But
if you want blazing performance you'll need
a faster system and more memory. Unfortunately this
will mean some of your computer systems have just
now reached their life expectancy – perhaps
much earlier that you had thought they might.
You Can't Upgrade Hardware. Technically
you can upgrade old equipment – swapping motherboards
and installing new processors or more RAM chips –
but it isn't cost effective. You have to pay
retail price for the components, plus labor for the
retro-fit – and you still might not have a system
with maximum performance. Despite the best of intentions
and skill, computer technicians often find new components
aren't truly 100% compatible. So, trying to
have an old unit upgraded can take the system out
of your office for a while – and it may produce
a controversy if the speed improvement doesn't
seem to justify the parts and labor costs.
Michael Dell is Deliriously Happy! The
New Vista operating system is going to force a lot
of businesses to buy new systems. That's because
you need several power components. Many computers
that perform quite adequately now lack them and they
simply will not be effective later in 2007 for heavy
use. For example, in addition to the faster motherboard,
faster CPU and more RAM, you'll need a "Vista-Compliant"
video card. Without one, your screen refresh and mouse
functions will drag. Yes, you can replace the old
video card if you are comfortable "inside"
your desktop – but retrofitting isn't
possible with your old reliable laptop.
Many financial advisors, even those who primarily
practice by themselves, have three or four computers:
Advisor's desktop – where
most of your operating programs reside and a lot of
your files. It must work smoothly because your office
time is at a premium. You need speed and reliability.
Assistant's computer –
critical to production of documents, maintenance of
customer files and storage of historical service data.
Needs a good video display and a very substantial
amount of storage that is easy and swift.
Laptop - this is the unit you take
outside the office for remote presentations, seminars
and large proposal delivery. It must stay compatible
with the two office machines so that it will accurately
reflect what you have already worked hard to develop.
Home Computer - this may be the slowest
of the three, but compatibility of files is essential
– if you are going to get any meaningful work
done after hours. This unit might be where you test
all your backup CDs or tapes.
When to Purchase Vista? Again, our
response is, certainly not right away, if you can
avoid it. By waiting you'll get an operating
system that has first been in use on millions of other
computers – and debugged – before you
start installing it in your firm.
Furthermore, if there is a price spike in new computers
you'll be purchasing faster and cheaper pieces
of equipment the longer you can postpone your new
hardware purchases.
Special Warning. Do not buy any new
computers. – either desktop or laptop that do
not now exceed the minimum requirements of Vista.
You can see on the next page Microsoft's published
minimums.
The visual aspects of Vista have two interfaces, Basic
and Aero. If your hardware is Aero compliant, a minimized
program will subtly animate to a specific location
on the task bar. New task bar thumbnails will reveal
the contents of a window if you pause your cursor
over the window tile. You can also flip open programs
and arrange them in a 3D stack. Do you need this 3D
effect? Maybe not, but the dynamic content display
requires a 1 GB dual-channel processor and a 256 MB
video card from ATI or nVidia.
By all means, consider only the Business Version.
The Ultimate version has some features you may not
need on business systems, but you'll have to
be the judge.
Windows Media Center – linking
your business photos and CDs from your business computer
to your living room system. Do you need this?
Gaming and active entertainment using Microsoft,
XBox 360 and other devices. Do you want these features
on business computers?
Drive Encryption to secure your data from
intruders. Great for drug dealers or Enron
executives, but a complication for backups, and not
really the type of protection you could get with a
physical firewall device.
When You Do Upgrade
Remember to back up very thoroughly.
And retain your back up CDs or tapes long after the
new Vista has been operative. One advantage of all
new hardware – you can save the old computers
as your back-up — ready to go at a moment's
notice.
For More Info see Charts
You can be selective regarding which systems to upgrade
to Vista, but when you move to Office 2007 you probably
need to move all your associates and all your computers
to have file compatibility.
Change is inevitable and technology advances faster
than we might expect or wish. Eventually you will
enjoy the Vista and Office Suite enhancements —
but there is much to be gained by your making a thoughtful
upgrade — later. _
Ed Morrow
is the chairman and chief executive of the IARFC and
he speaks frequently at professional conferences on
topics related to his practice experience and enabling
financial advisors to increase their sales production
and client services, by building their practices through
effective client relationship management. He first
used computers in '70 and he has authored seven
computer programs and 21 operation manuals.
For information on his speaking services e-mail: edm@IARFC.org
or contact
Wendy Kennedy at: 513 424 1656 14
| As you can see,
when PowerPoint, Outlook, Publisher and Access
are added, the price goes up sharply. Most financial
advisors will probably find the Small Business
version to be adequate – at an upgrade cost
of $279 per computer. However, if you want the
Outlook Business Contact Management (BCM) and
Access, you'll need to get the Professional
version – for an extra $50 |
| Office 2007 |
Purchase |
Upgrade |
Word |
Excel |
PPt. |
Out |
Pub |
Acc |
1note |
BCM |
| Basic OEM only |
n/a |
n/a |
√ |
√ |
|
√ |
|
|
|
|
| Home & Student |
149 |
n/a |
√ |
√ |
√ |
|
|
|
√ |
|
| Standard |
399 |
239 |
√ |
√ |
√ |
√ |
|
|
|
|
| Small Business |
449 |
279 |
√ |
√ |
√ |
√ |
√ |
|
|
√ |
| Professional |
499 |
329 |
√ |
√ |
√ |
√ |
√ |
√ |
|
√ |
| Ultimate |
679 |
539 |
√ |
√ |
√ |
√ |
√ |
√ |
√ |
√ |
| Professional Plus |
volume |
n/a |
√ |
√ |
√ |
√ |
√ |
√ |
|
|
| Enterprise |
volume |
n/a |
√ |
√ |
√ |
√ |
√ |
√ |
√ |
|
| |
Solo
Advisor |
Small
Firm |
Larger
Firm |
| Number of
Persons |
1 |
4 |
15 |
| Total Computers
(desktop, laptop, home) |
3 |
10 |
30 |
| Upgrade to
the Small Business version of Office 2007 * |
837 |
2,790 |
8,370** |
| Acclimation
Costs — (5 hours @ $75 an hour/per person) |
375 |
1,500 |
5,626 |
| Vista Upgrade
- (Business version $199) * |
597 |
1,990 |
5,970 |
| Upgrade Installation
- (2 hours @ $75 hour/per PC) |
450 |
1,500 |
4,500 |
| New Hardware
(Average per unit $600) *** |
1,800 |
6,000 |
18,000 |
| Training (no
tuition included) 3 hours @ $75/per person |
225 |
900 |
3,375 |
|
Total Estimated
Costs |
4,284 |
14,680 |
45,840 |
* Costs are for upgrade
of current licensed software. New version costs may
be higher, depending on the hardware "bundle."
** May receive some savings by using an Office 2007
Enterprise version, mixed with some single station
upgrades.
*** New hardware assumes half the systems will need
to be replaced, plus a new Vista-compliant video card
installed for the rest. |
