Best network performance monitoring tools for traders_

Ensuring your network infrastructure is optimised is a necessity for any modern trader. And to steer optimisation, you need active network monitoring. This enables key decision-makers and IT teams to detect, isolate, troubleshoot and resolve network issues efficiently, freeing up time and resources to focus on core business activities. In this article, we explore the need for network monitoring tools, the key benefits and what to consider when choosing the best network performance monitoring tools for your business. 

Network admins need to be more proactive and agile in assessing and monitoring performance – that’s where network performance monitoring tools come in handy. Although individual requirements may vary, a single, comprehensive solution that covers every aspect of a business’ network and makes diagnosing network issues quick and easy can make all the difference, especially in mission-critical industries like Crypto Trading and Finance Services where mere milliseconds can have an impact on business performance. 

Signs your network is not being monitored effectively

From communication disruptions to revenue loss, poor network performance poses a big threat to productivity and output. Here are some problems that arise from inadequate network performance monitoring: 

1. Compromised security

Data protection is paramount, not only from a compliance perspective but for customer satisfaction too. Clients expect traders to protect their data and financial institutions depend on the security of their systems to ensure important information doesn’t get into the wrong hands. A poorly monitored network exposes businesses to security threats, especially as the sophistication of cybercrime continues to increase. And slow response times lead to greater potential for data (and financial) loss.

2. High latency

Increased lag or long delays in network transmissions can be frustrating for anyone as virtual communications become delayed - a specifically challenging problem for real-time trading. Where high latency becomes detrimental though, is where data packets are lost in transmission, meaning requests from your network are not received by other network destinations, and in environments like trading where transactions are continuously being completed, this is particularly concerning.

3. DNS problems

If your business depends on being online, then DNS issues are a major problem. Whether due to internet access being lost, incorrect DNS record configuration or physical connection errors, identifying and remedying DNS problems quickly needs to be a priority for any IT administrator, as being offline for an extended period can have immediate and far-reaching effects.

4. Missed hardware issues

Often, the role of hardware in faulty connections can be difficult to diagnose and by the time you realise the issue lies with the physical device, a considerable amount of downtime may have passed. Having a network monitoring tool that monitors your hardware devices as well as your virtual connections is ideal.

What to expect from the best network performance monitoring tools:

From open source to licensed proprietary software, there are numerous network performance monitoring tools on the market, and around-the-clock monitoring provides significant time savings to IT administrators and supports them in planning resources as well as optimising networks. But the effectiveness of the tool you select is limited by the level of expertise of your IT team and the overall capacity for ongoing network management and maintenance. 

You may want to opt for a fully managed network monitoring solution. But the best network performance monitoring tools should provide you with the following capabilities:

• Network availability monitoring

• Network and device mapping

• Performance analysis and reporting

• Real-time alerting

• Automated device discovery and monitoring

• Bandwidth monitoring

• Server, application, virtual environment and CDN monitoring

• On-premises, cloud or hybrid network monitoring

If you’re looking for cloud storage solutions for your business, check out our checklist for understanding the pros and cons of public, private vs hybrid cloud solutions. 

Benefits of using the best network performance monitoring tools:

Implementing a network performance monitoring tool can have numerous benefits beyond reducing human error and helping to quickly diagnose network problems. The best network monitoring tools provide full network visibility, ensuring all endpoints, nodes and devices are always accounted for when diagnosing and resolving network performance issues, ultimately providing your IT administrators with greater control over your network’s optimisation.

Furthermore, real-time network monitoring allows you to track the root cause of issues and troubleshoot faster, helping to greatly minimise latency issues, while tracking and optimising resource utilisation. On a process and operations level, the best network performance monitoring tools help break down data silos, bringing greater alignment across departments and stakeholders.

What to consider when choosing a network performance monitoring tool:

Whether trading independently or as part of a financial institution, choosing the best network monitoring solution for your needs takes time and careful consideration. Having a powerful yet easy-to-use solution can help improve your networking capabilities by providing enhanced insights into your network’s status on a consistent basis. This will ultimately save time and money, allowing you and your teams to focus on innovating and growing your trading strategies.

Here’s are the key things to consider when choosing between network performance monitoring tools:

• Does the tool automatically discover and inventory your network nodes and devices?

• Are alerts and warnings automatic and configurable?

• Will it detect and monitor all applications and services operating across your unique network?

• Can the solution provide topology-aware mapping, status reports and commands for fixing different issues?

• Is the dashboard customisable?

• Is the solution easy to implement into your existing team environment?

• Does it handle and monitor data encryption and take compliance concerns into account?

• Can the tool work with your geographically dispersed network?

• Can it scale in line with your forecasted growth and subsequent networking needs?

• Will you enjoy a web-based, centralised and easy-to-use management interface?

Get guidance from an experienced network infrastructure provider:

The best network performance monitoring tools for traders allow you to quickly solve networking issues so that you can keep up the pace required to succeed in the trading market. But given the number of variables involved in choosing and deploying network monitoring tools, sourcing the expertise of an experienced network infrastructure provider can be hugely beneficial. Through an extensive understanding of clients’ existing networks, as well as their present and future networking needs, BSO’s team of engineers and architects addresses even the most unique customer challenges in networking, hosting and cloud. 

BSO Plus’ dedicated managed services offer continuous monitoring of your network, freeing up time for you to perfect your trading practice. We can optimise, manage, support and maintain your trading business’ network 24/7, keeping your mission-critical infrastructure accessible and actionable while our low latency cloud connections provide the global reach needed to onboard new exchanges in financial and crypto trading as soon as they become available.