Finding a vendor to solve a business need is often treated as an analytical task – pick one that checks the most boxes and provides the biggest “bang for the buck.” However, several other factors should feed this decision. Vendor selection is not only about choosing the right platform, but also about picking the right partner who closely fits the firm’s culture and offers complementary services. Often, organizations find themselves in a precarious situation when extensive analyses conducted over several months do not yield decisive outcomes. Here are three ways to accelerate the process and reach a viable option.
by Christine (Tina) M. Madel, CFA, Principal