Our vision is to revolutionize and automate the loan servicing workflow of the global financial community.
Four Things to Consider When Evaluating New Software Vendors
Evaluating and assessing new software vendors is a time-consuming but very important process. Selecting a new vendor is a big commitment. When you select a new software vendor, it needs to be a good fit. You are not only buying the software; you are also buying the vendor. You need a vendor who has the reputation, knowledge, and skills to solve your business challenges. To determine this, you need to conduct a software vendor evaluation and assessment. Here are four things to consider when evaluating new software vendors.
Credentials and Reputation
It is critical to know if a vendor has a solid reputation. You need to research and investigate their history. Ask your colleagues if they are familiar with the vendor. You can also check industry-related groups or forums. What is their reputation in the industry? How long have they been in business? Are they experts in their industry? Do they possess a deep understanding of your business?
Functionality and Features
Before you start your search for a new software vendor, you should identify your business needs. Make a list of your must-have and nice-to-have functionality and features. Salespeople will tell you about the bells and whistles. They will highlight the features of the system and demonstrate what it can do for you. Make sure it contains your must-have features and meets your business needs. Focus on the fundamentals and look for a vendor who is brilliant with the basics.
Customer Service and Support
The vendor’s ability to support your business is a big deal. Be sure to ask questions about the vendor’s support capabilities. You should always request references and get feedback from their customers. Do their customers have positive things to say? How does the vendor treat them? Is the vendor trustworthy? Are they easy to work with? Is the customer service team knowledgeable and responsive? Do they resolve issues in a timely fashion? Are they easy to contact? Do they promptly respond to emails and phone calls? These are important questions to ask during the evaluation process.
Price plays a role when selecting new software, but it is not the most important factor. Make sure you fully understand the pricing model, so there are no surprises later. Is the price based on user licenses? If so, what is the cost of adding additional users in the future? Is the price based on usage? Make sure you understand how they calculate usage. Will the price go up when it is time to renew? Are there annual maintenance fees? What are the fees for support and training? It can be costly to train employees on new technology.
About Shaw Systems
Shaw Systems is a leading provider of modern web-based servicing and collections software. We have been in business for over 50 years, and we are experts in our industry. We have the reputation, knowledge, and skills to solve your business challenges. Contact us at firstname.lastname@example.org.