Vendor Selection Part 1: Start Collections Tech Search the Right Way
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Navigating Vendor Selection and Implementation
Collections teams who are initiating or enhancing digitalization need a digital solution to serve many purposes. The solution must be the right organizational fit, while meeting impending regulatory changes and increased customer expectations from pandemic-driven digital usage.
That’s why Bridgeforce developed a 3-part webinar series to help collections teams navigate the challenging process of selecting the right vendor solution that leads to a successful implementation. There’s no room for error because no organization can afford to sacrifice resources, time and money or hinder long-term success.
In “Start Your Collections Tech Search the Right Way” Shawn Murray and Mike Olsen, our vendor selection experts, shared how to weigh the pros and cons of building vs. buying digital technology and assessing digital readiness.
What We Learned – Poll Questions
Polling Response Shares Concerns of Vendor Selection Process
Question 1: Which of these three has you most concerned from an execution perspective when preparing your organization to implement a digital solution?
- Defining a clear future state business strategy: 20%
- Having a knowledge of functionalities and how to best integrate them: 80%
- Demonstrating proficient Project Management to effectively achieve key milestones on time: 0%
Question 2: If time and resources were not a constraint, would you go down the path today of building your own digital collections solution?
- Yes: 80%
- No: 20%
To Build or to Buy: How to Make an Informed Decision
The push to accelerate digitalization and automation means organizations across the industry are looking at building capabilities internally or selecting a vendor’s product. “Buy” and “Build” decisions each have pros and cons. Your specific needs, timeframes, and budget are key factors when making this choice. Our infographic outlines risk factors to help you assess your next steps.
Download Build Vs. Buy Infographic
Next Up in the Webinar Series…
Part 2, Finding Your Fit when Selecting Collections Tech
Watch the Recording On-Demand
Tried-and-true steps to ensure you select the right solution, with:
- Top considerations to make before requirement building
- Best approach to managing needs from operations and IT
- Tips and tricks that put you in the driver’s seat for vendor demos
- A proven scoring methodology resulting in a fair, measured selection
Part 3, Collections Tech Implementation 101
Watch the Recording On-Demand
Steps we’ve successfully used for implementations that result in immediate ROI. You’ll learn:
- Tangible project management strategies to set up implementation the right way
- 10 blind spots that can waste time and increase cost
- Examples from our experts on how they’ve helped clients overcome the blind spots
