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5 Tips for Vetting Technology Vendors
Posted September 30th, 2024 in Articles
In today’s world, vetting technology vendors is more important than ever. Cybersecurity is a persistent concern, and with artificial intelligence (AI) presenting unprecedented commercial opportunities, there are more vendors vying for your company’s business. So, how do you choose?
If you are preparing to go through the process of vetting technology vendors, here are five important tips to consider:
Tip #1: Establish Your Vetting Criteria
Effectively vetting technology vendors is not simply a matter of comparing competing offerings and deciding which one “looks good” for your business. Rather, it is—or should be—a systematic process that involves measurable vetting criteria. These criteria will be different for different businesses and different technology needs. So, before you get started, the first step is to determine what criteria will guide your decision-making.
Tip #2: Weight Your Vetting Criteria
Once you have established your vetting criteria, the next step is to assign each criterion its own weight. Some of your criteria will be more important than others, and ultimately, you will need to make a balanced decision based on a comprehensive assessment of the options that are available and your business’s specific needs. For example, while customer service and cybersecurity may both be highly relevant considerations, you may ultimately need to decide which is more important once you’ve identified a shortlist of final contenders.
Tip #3: Consider Plenty of Options
Speaking of identifying a shortlist, it is important to consider plenty of options when going through the technology procurement process. You really can’t have too many contenders. While you may be able to knock out some contenders fairly quickly, starting with a wide range of options will help ensure that you choose the best option in the end.
Tip #4: Focus on Vendors’ Ability to Meet Your Company’s Specific Needs
While it is important to establish and weigh your vetting criteria, it is also important not to lose sight of the end goal: finding a technology vendor that can meet your company’s specific needs. As you begin considering your options in greater detail, it will be worth taking a step back to ensure that the process is still on track to serve its end goal.
Tip #5: Do Your Due Diligence
Finally, when vetting technology vendors, doing your due diligence is critical as well. This means that you should not be relying solely on information that vendors themselves provide. Rather, you should be doing your own market surveillance, talking to current and past clients, and taking a variety of other steps to ensure that you are making your final decision with a comprehensive and accurate understanding of all pertinent information.
Speak with a Technology Consultant at Mithras Investments
At Mithras Investments, we help businesses make informed and strategic decisions about their investments in new and innovative technologies. If you would like to know more about how we vet technology vendors for our clients, we invite you to get in touch. To schedule an appointment at your convenience, please call 305-517-7911 or contact us online today.
