
Employing your ‘sixth sense’ in systems selection
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Survey Summary
The Survey Summary provides a download of the vendor profile, solution profile and the VendorMatch Discovery survey vendor responses used to power the directory. All responses are provided by the vendor online.
Note that this report is a high level summary of the vendor's credentials and a solution's capabilities designed to assist with solution short-listing. The RFX report is the more comprehensive Request For Information report designed to support evaluation and selection, this will only show where the vendor has completed the "RFX" RFI.
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To protect vendor data only financial institutions and recognized advisors can subscribe to VendorMatch Premium. Please click here for more information on Premium features or contact us.
RFX Report
The RFX report is an XLS download of the Vendors response to the “RFX” Request for Information for this solution.
The RFX is a centralized golden copy of a RFI authored by our analysts based on their expertise in running real-life system evaluation and selection projects and completed by the vendor online.
Note to protect vendor that only Financial Institutions and recognized Advisor can subscribe to this feature.
In each instance the first time the link is used the user requests permission to access the RFX report and it is the vendor who is required to authorizes access. You will be alerted when the vendor has reviewed your request and granted permission.
HOW TO SUBSCRIBE
Please click here for more information on Premium features or contact us.
To learn more about subscribing to our service options, please contact us here
This feature is upgradeable
For End Users
You can activate this feature and other links for ALL VENDORS with a VendorMatch Premium subscription. Additionally you can gain access to an increased depth of data, summary reports, RFX reports (detailed completed RFIs - available to financial institutions only) and comparison grids. Please click here for more information.
For Vendors
Vendors can activate their links and gain access to analytics by upgrading to VendorMatch PRO. Please click here for more information.
Speak with an analyst
Financial institutions and their advisors can subscribe to our Analyst Access* service. Effectively phone or (email) a friend you can have on tap advice and support provided by our analysts on this vendor, solution or solution category.
HOW TO SUBSCRIBE
To protect vendor data only financial institutions and recognized advisors can subscribe to VendorMatch Premium. Please click here for more information.
or contact us to discuss a subscription.
Subject to reasonable use.
Survey Summary
The Survey Summary provides a download of the vendor profile, solution profile and the VendorMatch Discovery survey vendor responses used to power the directory. All responses are provided by the vendor online.
Note that this report is a high level summary of the vendor's credentials and a solution's capabilities designed to assist with solution short-listing. The RFX report is the more comprehensive Request For Information report designed to support evaluation and selection, this will only show where the vendor has completed the "RFX" RFI.
HOW TO SUBSCRIBE
To protect vendor data only financial institutions and recognized advisors can subscribe to VendorMatch Premium. Please click here for more information on Premium features or contact us.
RFX Report
The RFX report is an XLS download of the Vendors response to the “RFX” Request for Information for this solution.
The RFX is a centralized golden copy of a RFI authored by our analysts based on their expertise in running real-life system evaluation and selection projects and completed by the vendor online.
Note to protect vendor that only Financial Institutions and recognized Advisor can subscribe to this feature.
In each instance the first time the link is used the user requests permission to access the RFX report and it is the vendor who is required to authorizes access. You will be alerted when the vendor has reviewed your request and granted permission.
HOW TO SUBSCRIBE
Please click here for more information on Premium features or contact us.
To learn more about subscribing to our service options, please contact us here
In the asset management world, there are many factors involved in the systems selection process and most of these have been well documented by procurement experts around the globe. At a basic level, the decision between an enterprise or best-of breed approach to technology needs to be addressed, followed by a review of the functionality on offer from the various relevant vendors.
Some considerations, however, transcend all approaches and these are often overlooked by firms reviewing their businesses models. Firstly, the ability to implement the system in a reasonable and predictable time frame and to a set budget is critical. Implementation becomes more challenging when firms are looking to deploy across regions. Here, the experience and track record of the vendor is crucial.
The second key area is the ability to integrate. A fundamental compromise to ongoing agility is the capacity to quickly, accurately and simply assimilate new systems and services. This is almost always underpinned by a technical integration; systems need to be open and able to share and receive information in a transparent and simple manner. The ability to integrate is often an interesting indicator as to the true age of the system (or certain areas of the system), although it is sometimes exacerbated by the vendor’s defensive culture. This defensiveness can be manifest if the vendor is concerned that other vendors are trying to ‘muscle in’ on their domain.
What is less often discussed, however, are the ‘soft skills’ that will be decisive in the project’s eventual success, long after the selection process is complete. The importance of the personal touch should never be overlooked or underestimated when assessing and selecting a vendor. Any personal chemistry between an asset manager and the vendor under consideration is important and should be a factor. There needs to be a cultural alignment between the two parties, involving an openness and a compatibility.
The default ‘master-servant’ relationship between the asset manager and a vendor is one that will often result in missed opportunities or an ineffective project. Keeping vendors at arms length, not involving them in the strategic discussions concerning the asset manager’s business model and withholding vital information from the project team will not only restrict the capacity of the vendor to deliver but will also demotivate the entire team. There is palpable value in engendering trust and pulling your carefully selected vendor-partner into your sphere of confidence. For example, involving a vendor in the process of setting the new Target Operating Model is a big step for most asset managers to take, but the payback for such a bold move will be enjoyed long after the deployment is complete.
Where firms can share concerns early and have a transparent and trusted relationship with their vendor, based upon regular, ongoing and multi-level dialogue, the chances of success are very significantly enhanced. If, as sadly many relationships do, a culture develops whereby at the earliest challenge the interaction rapidly descends into a ‘blame game’, the project will struggle to recover and the association will probably never evolve to the optimum partnership.
In order to mitigate this risk, asset managers should select their suppliers carefully, ensuring a strong cultural fit. Both parties need to develop an open, honest relationship and strive for a true partnership (something that is often quoted, but rarely delivered).
The benefits of this kind of open relationship between asset managers and their vendors are numerous. Aside from increasing the likelihood of the project being completed on time and to budget, the transferral of knowledge from the vendor to the asset manager will be improved. The vendor will have a deeper understanding of the asset manager’s business strategy and therefore be in a better position to adapt and flex the implementation plan if the business strategy needs to evolve.
Of course, one of the growing challenges is the number of vendors to choose from. The lack of a competitive landscape in many areas of investment management technology (often due to vendor consolidation) means that it can be difficult to create real choice. Great solutions are always stimulated by strong competition; vendors with a dominant position tend to become complacent and focus on internal or client issues, with less regard for the moving market requirements.
In our experience, US asset managers are sometimes more open and direct in their dealings with vendors than their cousins across the Pond. This may simply be a cultural phenomenon, but I believe there is a lesson to learned here: employing your ‘sixth sense’ during systems selection will reap tangible benefits.
Abbey Shasore, CEO, Factbook
@FactbookCompany
www.factbook.co.uk