Vendor Selection

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Selecting the right IT solution is not just about determining which solution has the best functionality and technology platform, but in ensuring that the best-fit solution that maps to the bank’s requirement is brought on board. Cedar team helps banks in evaluating, selecting and on-boarding the right solution partner, using its proprietary C-SCORE framework.

Cedar’s knowledge of suppliers and solutions is deep. Driven by its Core Banking Center of Excellence, the deep understanding of solutions across all kinds of solutions including digital banking players, core banking systems, treasury, trade and transaction banking, risk management, Data Warehousing & Analytics, Payments suppliers and CRM systems, and a whole array of fintech disruptive players is augmented by the insightful inputs drawn from its Fintech research unit, IBS Intelligence with deep analysis of over 250+ global suppliers.

The approach to vendor selection is based on Cedar’s proprietary toolkit for requirement engineering, evaluation methodology based on functional, technical and vendor qualifications, and experience of assisting 100+ system selection engagements for its clients. Cedar’s understanding of supplier performances across global markets is also strongly supplemented by the proprietary SalesVision Tool from IBS Intelligence, that has the profiles of 7,500+ deals signed up by players across the globe, classified by system type and bank categories. This saves more than 30-40% of time in the evaluation process, as most information about suppliers are made readily available.

Cedar team also helps its clients with negotiations of the statement of work and the contractual terms with the shortlisted suppliers, that also helps in determining any hidden costs as the Total Cost of Ownership is calculated. Client savings driven through the negotiation process is over 30% of the TCO, which is truly the impact of a structured selection process. The details of the contracting also helps in ensuring the implementation terms and expectations are well defined, key to any successful implementation.

Click here to read the COVID-19 Special Issue of CedarView Quarterly

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