Financial services consultant TowerGroup has
launched a new analytical tool to help companies choose their IT
suppliers.
The TowerGroup Vendor Selection Processor (VSP) is a
software-based, analytical tool designed to streamline the scoring
phase of a supplier selection initiative.
The tool is used to store supplier evaluation criteria, manage
scores from those engaged in the
selection process, and then analyse and report the results.
At the end of the process, the VSP identifies the
supplier best-suited to a financial institution's budgetary and
business needs. Using an automated tool to manage this process
makes it easier to evaluate a new supplier or benchmark an existing
supplier against industry best practices, said TowerGroup.
"The amount of detail involved in supplier selection can be
enormous, particularly when an institution is looking to secure or
evaluate a technology partner on a global scale," said Karen Cone,
president and CEO of TowerGroup.
"Managing and getting the most out of vendor selection has been
a perennial challenge across institutions of all sizes, and
certainly one we've seen first-hand on countless occasions of
supporting clients through the process," she said.
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