Vendor Selection Part 3
Extracting Gold: Choosing the Right Vendor
Nicole Burgess
The selection of a new vendor platform, like the search for gold, is a complex process involving dedicated time, effort, and money. It’s no small task to pivot from an existing technology system or start anew. The selection process can tie up resources in the form of product owners, IT, procurement, finance, leadership, SMEs (Subject Matter Experts), and users from various departments. Once the vendor is chosen and the contract is signed, migration and implementation require a new set of resources. Deciding which vendor will support your company’s needs is not a trivial matter.
The aim of this blog series is to provide insight into what it takes to get started and show the high-level process. In part 1, we got clear on the goals for starting the vendor selection process. Part 2 details the steps of the RFP (Request for Proposal) process. In this, our third part of the series, we look at the nuances and questions that jam your gold mining sluice, so let’s take another look at the process and answer questions that have come up for clients.
The Most Common Ask
One of the most common questions I get asked as a DAM consultant is, “Which DAM platform is the best?” If that answer existed, there would be a clearer monopoly in the marketplace and less of a need for the hard work required to determine the needs of your users and decipher the capabilities of vendors.
This question comes from a fanciful plan for a flash in the pan; the juicy gossip that will save them from the headache and time spent figuring out which system will support their business today and not leave them wanting, tomorrow. But there is no secret intel kept hidden from the sales floor. The inconvenient truth is that the details of your intentions with the system are important in selecting a platform that will pay dividends. Every company’s needs are going to be different than the next, even amongst competitors in the same industry.
My answer is not a name, but a volley back to the inquirer – “What do you need it do?” Anticipatory smiles usually fade, and the shoulders lean away because I don’t have a direct response for that question, only more questions. That’s when spending time adequately determining needs and goals for a DAM comes in.
Other Common Questions
Q: How do I know which vendors to engage with and add to my short list?
You won’t. Not at first. Talk to experts, colleagues, and professional contacts. Learn from their experiences with vendors. Attend a conference. Do your research. One way of getting names for your shortlist is to identify vendors that serve your particular industry. For example, there are DAM vendors that serve the construction sector, DAM vendors with many CPG customers, and DAM vendors that play well in regulated specialties. This can be a great place to start but don’t limit your search to just those vendors that have secured a hold in your industry. Remember that your business has unique needs, even within your sector. Just because a vendor has customers in your industry, does not automatically mean that they will be able to meet your functional requirements.
In your vendor research, look for answers to your non-negotiable requirements either on their websites or through talking to them. Does your IT department require Azure over AWS? Is it imperative that your creative teams have workflow natively in the system? Is there an unusual file type that you need to store? Using what you know of your user and business needs, disregard any vendor that explicitly claims to not meet that requirement.
Q: I have 20 vendors on my short list. Do I have to remove 5 to get down to your recommended 15?
No. The ballpark suggestion is 15 because each RFI (Request for Information) response is more data for you to sift through and analyze. The exact number in your short list is up to you.
Q: I have a list. Now what?
Send the RFI to your shortlisted candidates.
Tip: Remember to set a deadline for responses.
Q: My highest scoring vendor in the RFI doesn’t support 5 of the must-haves on my list.
Get out your shovel, we’ll need to dig deep on this one. Take a moment to reflect on the following:
Have you overvalued your must-haves?
Are you asking for something that should be accomplished with another tool?
Did you miss a vendor for your shortlist that might have satisfied those items?
The first question can be the messiest to answer if you have a lot of stakeholders advocating for their blue-sky ideals. There is no perfect system; some asks won’t be realized in the final tool. Think critically about what is really necessary and what can be compromised. In that same vein, perhaps the function you are looking for is best accomplished in a separate tool. Integrations give you the option of selecting best of breed technologies that fit your specialized use cases. For example, while it may be great to have portal pages in your new DAM, if your highest scoring vendors don’t provide that, it might be time to consider how much of a priority that feature is and what could be used instead.
It is also possible that a well-suited platform did not make it onto your initial list and that is why you have several must-have line items unfulfilled. I’ve found this to be a rare occurrence, so before you go back to the drawing board, make sure you are clear on your goals and what qualifies as a must-have functionality. Doubt is a dream killer. Take your concerns to a qualified DAM consultant and have them validate your selection or point you toward new prospecting grounds.
Q: Who is involved in a vendor selection?
Your core team will be made up of one or a few representatives from multiple departments. The DAM product owner is going to lead the charge. You’ll also want the involvement of the Executive Sponsor of the DAM program, as they typically wield the decision-making power and will be your voice at the leadership level. From a business standpoint, you’ll need an IT Architect or MarTech owner to validate security requirements and a procurement or finance lead for the contractual elements.
In the core team, it’s advisable to include stakeholder representatives. They may not or may or may not participate in the routine core team meetings, but they provide great insight during the demos and serve as a communication channel for their respective teams. Too many attendees in a demo can be cumbersome to manage, so it would be best to limit the stakeholders to one or two from each team/department/brand; ideally less than a dozen in total.
Q: What if the scores after the demos are close?
When two vendors (or three) pan out with very close scores, validating the final selection can feel like a toss-up. You could go with whichever score is higher, even if separated by a single point difference, but you’d be putting a lot of faith into your weighting system. At the end of the day, there are going to be factors to mull over in your mind that wasn’t on your original RFI.
What to take into consideration as tie breakers:
The UI/UX – how easy will it be to train your users to use the system?
What were the unquantifiable comments from your stakeholders after the demos?
Did anything knock your socks off (that your teams would actually use)?
What do you know of the vendor and its trajectory in the market?
What did the customer references say about the vendor and its customer service?
An additional step you can add to your selection process is a proof of concept – ask the vendor candidate for a sandbox environment to trial a mock build before you sign a contract with them.
Keep in mind
Vendors are trying to sell you a product – their product. Often, you’re going to be told something is unique or revolutionary, when it may be commonplace in the market space or not a functionality that is important to you. Don’t be led astray by fool’s gold.
Vendor Selection Bonanza
I sincerely wish I could tell you that the vendor selection process was simple and straightforward; that you could walk up to the edge of the streambed and reach in to find the perfect gold nugget of technology to fulfill your company’s needs. Unfortunately, it’s not usually that simple. Finding the right nugget of gold in a vendor selection is challenging.
The effort, while demanding, is worth it for the yield. I have no doubt that your search for the best fit platform will pan out for you fortune seekers. When questions inevitably arise, you can always reach out to our team at Salt Flats for support and resourcing.
Happy panning!
What’s Next
Make sure to come back for Part 3 – Extracting: Choosing the Right Vendor. Missed our DAM Drinks event June 14th? Stay tuned for future events to come. Reach out to us here to start your DAM journey.