Olmstead Blog

Ready to Partner with that Vendor?

Posted by Neal Chansky on Oct 18, 2017 2:15:00 PM

You've looked at your needs, looked at the vendor landscape and you're ready to pull the trigger. Before you do so, take a step back and consider the current and future organizational fit. The solution with the best functional capabilities is not necessarily the right choice for your business.

Sure they need to be able to meet your needs, but it is more important that they partner to make you successful. That means a successful implementation and an ongoing strategy that aligns their product and business model with the future of your firm. Make sure your scorecard reflects the current and future functional needs of your organization, but evaluate the vendor relative to its future capabilities to grow with you as a true partner. Here are 10 questions to help choose the perfect partner in your vendor selection process.
  • Are modes of delivery compatible with your needs?
  • Will the current and future technology roadmap align with yours?
  • Do their product plans align with your future growth needs?
  • How much experience do they have integrating with the applications within your operating environment.?
  • What kind of vendor risk to they represent? (are they an acquisition target, are they financially viable, what presence do they have in your market segment)
  • How easily configurable or customizable are they and how does this align with your needs?
  • What is their reputation in the market?
  • Where do you fit relative to their other clients? Are you a small fish in a big pond, a big fish in a small pond and how strategic are to the vendor?
  • What kind of support models do they have and does it meet your needs?
  • Is their culture aligned with yours? 

Tags: Investment Operations

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