Software points banks towards the right supplier

Financial services consultant TowerGroup has launched a new analytical tool for use by procurement departments and supplier selection process leaders in financial institutions.

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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