Overview
With extensive experience managing vendor evaluations and capabilities comparisons, we can drive efficiencies and help clients make well informed, strategic decisions. Our comprehensive approach aligns clients with vendors able to meet their business requirements and not waste time with those that can’t. We support complex capability comparisons on vendor products and services to allow clients to have deep, contextual information when making critical decisions.
Common Vendor Evaluation & Selection Challenges:
- Ability to solve issues with incumbent or severe enough to convert
- Prioritizing large upcoming renewals with staggered expiration dates and goals (core platform, card processing, digital banking)
- Feature and functionality requirements of client
- Integration to major tech stack partners and required level of integration to effectively compete
- Vendor tech upgrades or sunsetting of platforms
- Assessing vendors ability to meet road map items and evolve in the future
- New product launch or strategy requiring technology enhancements
- Mapping products and services to an apples-to-apples state
- Budget restraints to make changes or improvements
- Lack of accountability with vendor partners
How Our Vendor Evaluation & Selection Experts Can Help:
- Vendor Evaluations / RFPs
- Deep understanding of vendor ecosystem across payments, technology, and operations
- Balance and address strategic and operational considerations
- Identify partnership necessities and vendor business requirements
- Support creation of intelligent decision framework, scoring methodology and tools to assess
- Down select participants to viable partnership candidates
- Administer vendor presentations and demonstrations with customized agendas
- RFP development
- Capability and platform comparisons based on unique needs
- Financial analysis and modeling assessing market competitiveness
- Premium deliverables guiding client through process through final decision
“SRM helps institutions in the process of M&A evaluate their existing contracts and their co-dependencies, to allow the new entity to start off on the right path operationally. Our work yields updated terms and pricing for the new entity, and we can assist with conversion strategy and implementation when new vendors and solutions are chosen.”
– Kelley Ferguson, Chief Administration Officer of Numerica Credit Union
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