HOW WE SUPPORT IN THE VENDOR SELECTION PROCESS
The vendor selection process includes a series of procurement steps to determine the product or service requirements of a company and match them with the vendor’s offering and capabilities. This process requires an extensive amount of resources, time, and personnel. Therefore, a clear strategy and competency in the selection process can create significant savings for a company. The following will discuss why the vendor selection seems challenging for companies, what the vendor selection process involves, and how OMMAX can support streamlining the selection process.
Choosing a vendor out of a growing range
Sitecore, Optimizely, HubSpot, Salesforce, Woo Commerce, Shopify: The range of software and IT solutions available on the market for topics such as Digital Experience, Commerce, Performance Marketing or Customer Relationship Management is constantly growing. There are countless vendors with different solutions, strengths and weaknesses, and pricing. The image on the right only shows a snapshot of the various vendors on the market. As a result, making the right decision among the solutions available in the market often seems challenging for companies. To choose an appropriate vendor, we help develop use cases and evaluation criteria for each company's business needs. The use cases are designed in a joint workshop and prioritized to derive the sequence of the implementation.
CHALLENGES IN THE VENDOR SELECTION
The it and software solution market is complex and rapidly changing. More and more vendors are entering the market and constantly developing their offerings with new and additional innovative functionalities. Besides this, new solutions require resources to set up, implement, and manage. A lack of appropriate resources and training can hinder successful implementation.
It is also a risky monetary investment for the company as implementing new solutions often fails. Moreover, high data protection standards are necessary, and overall data security must be considered when choosing a vendor.
The Process of Vendor selection IS HIGHLY INDIVIDUAL
Whether and which IT and software providers are suitable for a company is highly dependent on individual criteria. In terms of choosing the right vendor, there are several important points to consider, such as:
- Service
- Pricing
- Privacy and Security
- Marketplace
- Educational offerings
The current situation of the company and the overall company strategy are crucial factors. Further, which functions are necessary should be clarified, and what the internal requirements and prerequisites are. Consequently, prioritizing and assessing whether certain individual factors, based on the vendor or the solution itself, are relevant for one's own company is essential.
HOW WE DEVELOP USE CASES FOR YOUR BUSINESS:
- To choose a suitable vendor, we assist in developing use cases on business needs for each individual company
- The use cases are developed in a joint workshop and prioritized to be able to derive the sequence of the implementation
- Therefore, we analyze which solutions are easy to implement, either with high or low priority for the company
- We also analyze based on use cases which functions generate immense value but require substantial effort at the same time
- Besides this, we provide an overview of actions that should not be prioritized in the short term
THE 4 STEPS of Vendor Selection
The process of choosing a suitable vendor is very complex and consists of four essential steps:
- As-is Analysis: Development of a detailed questionnaire on the own business model as well as the definition of use cases. Within the scope of the as-is analysis, the business model, technical conditions, everyday use in the field of the certain topic, current characteristic values, and general conditions for a future solution are collected.
- Use Cases: The use cases are developed in a joint workshop and prioritized to be able to derive the sequence of the implementation.
- Criteria & Categories: As part of the selection process, vendors are also considered based on the criteria and categories that are most relevant to the company's objectives.
- Evaluation: Finally, these criteria for vendor selection must be evaluated based on the individual prerequisites and requirements of the company.
