Selecting the right Supplier Information Management and Supplier Diversity software vendor is crucial for success. To help you make an informed decision, we have compiled 293 essential questions you should ask prospective vendors before purchasing. These questions cover various aspects such as risk assessment, information technology requirements, implementation guidelines, maintenance support, and fee structures.
Here are a few of the questions and categories…
- Risk Assessment:
- Does your company have a policy and/or program to identify, assess, monitor, escalate, and require remediation or acceptance of Operational Risks?
- Does your company have the appropriate licensing or certifications required to perform the services provided, and do you have a process to ensure you maintain them?
- Have there been any substantiated negative news stories about your company from major media outlets in the past three years?
- Information Technology Requirements:
- Is an Administrator Guide available upon request?
- Can System and/or Logical Architecture Diagrams be provided upon request?
- Does your solution provide transparency into missing or outdated data?
- Implementation:
- What are your suggestions for the composition of the Bank’s team to support this project?
- Describe the implementation/conversion plan process.
- Please provide a sample training plan for the Bank’s employees.
- Maintenance Support:
- Please describe your process for evaluating and developing enhancement requests from your customers.
- Do you have an offshore team for your solution?
- Do you have a knowledge base for your solution available to customers?
By asking the right questions, you can thoroughly evaluate your potential vendors and select the right Supplier Information Management and Supplier Diversity software that aligns with your organization’s needs and goals.
This proactive approach will help you streamline your procurement process, drive efficiency in vendor management, and ultimately lead to successful partnerships that benefit your financial services organization.
Remember, informed decisions lead to successful outcomes.
If you are getting ready to write an RFP, request a copy of our “Ultimate Vendor/Supplier Management RFP Template.” Don’t miss out on this opportunity to elevate your procurement processes and drive success for your organization.
