Technology Procurement

Problem Statement

  • Canadian wealth management firm wants to acquire a software platform and needs a playbook to guide them.

  • Client has limited free time and may not have run a technology procurement process.

  • Client is not aware of current market pricing.

  • Client does not have a prioritized list of “must have” and “nice to have” requirements.

  • Software being procured must integrate with other technology.

Mandate

  • Run a procurement process to determine best fit for technology (price, features, support and alignment to vendor technology roadmap).

Approach

Oversee an eight-to-twelve-week process including:

  • Developing a Request for Proposal.

  • Compile a suitable list of vendors to canvass.

  • Develop a scoring framework and evaluation panel.

  • Arrange for comprehensive demo sessions (typically one to two full days).

  • Assess vendor submissions against evaluation criteria.

  • Assist client negotiate commercial terms and agreements.

  • Support management as needed with Executive/Board presentations.

Deliverables

  • Request for Proposal
    Detailed questionnaire and instructions to gather fundamental information about the proponent and technology.

  • RFP Evaluation Matrix
    Scoring table to assess fit based on RFP responses.

  • Pricing Models
    Costing analysis of each solution.

  • Vendor Ranking
    Final rating of vendors based on the evaluation matrix and pricing models.

Benefits

  • Stakeholder alignment on recommended vendor and commercial terms.

  • Business requirements are documented and validated which accelerate implementation.

  • Competitive procurement process to ensure favourable commercial terms.

  • Vendors agree to rigorous implementation timelines which reduces overall cost.

  • Management can demonstrate a fulsome and methodical approach to Executive/Board.