DEBT TECHNOLOGY
04
SOLUTION SELECTION
Our “Solution Selection” service is designed to assist organizations in making informed decisions about whether to build their own debt collection software or to purchase a solution from the market. This service involves a comprehensive evaluation process of potential solutions and vendors, considering a wide range of factors to ensure the best fit for the organization’s needs.
Why is the Solution Selection Service Useful?
1. Informed Decision-Making: Provides a structured approach to evaluating the pros and cons of building vs. buying a solution.
2. Comprehensive Evaluation: Ensures all relevant factors are considered, from business requirements and IT integration to long-term support.
3. Risk Mitigation: Reduces the risk of selecting an inadequate solution by thoroughly assessing all options.
4. Resource Optimization: Helps allocate resources efficiently by selecting the most suitable and cost-effective solution.
Aspects to Consider
1. Build vs. Buy Decision:
• Internal Development (Build): Evaluate the feasibility, costs, and time required for developing a custom solution in-house.
• Market Solutions (Buy): Assess the availability, functionality, and suitability of existing solutions in the market.
2. Evaluation Criteria:
• Business Requirements: Ensure the solution meets all specified business needs and processes.
• IT Integration: Consider compatibility with existing systems, ease of integration, and technical requirements.
• License Policy: Review licensing models, costs, and terms offered by potential vendors.
• Implementation Project: Evaluate the vendor’s implementation approach, timelines, and resource requirements.
• Training and Testing: Assess the availability and quality of training and testing support provided by the vendor.
• Support and Maintenance: Consider the long-term support and maintenance conditions, including service level agreements (SLAs) and response times.
3. Evaluation Process:
• Informal Process: For smaller projects or early-stage evaluations, use an informal approach to gather information and assess options.
• RFI (Request for Information): Collect detailed information from potential vendors about their solutions and capabilities.
• RFP (Request for Proposal): Solicit formal proposals from shortlisted vendors, including detailed plans, costs, and commitments.
• Presentations and Demo Sessions: Organize vendor presentations and product demonstrations to assess the functionality and usability of the solutions.
Key Activities
1. Needs Assessment:
• Conduct a thorough assessment of business and technical requirements.
• Engage with stakeholders to gather input and ensure alignment with organizational goals.
2. Market Research:
• Identify potential solutions and vendors in the market.
• Conduct initial research to gather information about available options.
3. Build vs. Buy Analysis:
• Perform a detailed analysis of the feasibility, costs, and benefits of building a custom solution vs. purchasing an existing one.
• Consider factors such as development time, internal expertise, and long-term maintenance.
4. Request for Information (RFI):
• Develop and distribute an RFI document to gather detailed information from potential vendors.
• Analyze responses to shortlist vendors for the next evaluation stage.
5. Request for Proposal (RFP):
• Create and issue an RFP document to solicit formal proposals from shortlisted vendors.
• Evaluate proposals based on predefined criteria, including functionality, costs, and implementation plans.
6. Vendor Evaluation:
• Organize presentations and demo sessions with vendors to assess their solutions in action.
• Use evaluation matrices to score and compare vendors based on various factors.
7. Decision Making:
• Summarize findings and recommendations in a comprehensive report.
• Facilitate stakeholder discussions to make the final selection decision.
Key Deliverables
1. Needs Assessment Report:
• A detailed report outlining the business and technical requirements for the debt collection software.
2. Market Research Summary:
• A summary of potential solutions and vendors identified during the market research phase.
3. Build vs. Buy Analysis Report:
• An analysis comparing the feasibility, costs, and benefits of building vs. buying a solution.
4. RFI Document and Responses:
• The RFI document sent to vendors and a summary of their responses.
5. RFP Document and Responses:
• The RFP document sent to shortlisted vendors and a detailed evaluation of their proposals.
6. Evaluation Matrices:
• Matrices used to score and compare vendors based on various criteria.
7. Vendor Presentations and Demo Summaries:
• Summaries and evaluations of vendor presentations and demo sessions.
8. Final Recommendation Report:
• A comprehensive report with findings, recommendations, and the final decision.
Key Benefits for the Organization
1. Structured Decision-Making: Provides a clear, structured process for making the build vs. buy decision and selecting the best solution.
2. Comprehensive Evaluation: Ensures all relevant factors are thoroughly considered, reducing the risk of selecting an inadequate solution.
3. Resource Optimization: Helps allocate resources efficiently by choosing the most suitable and cost-effective solution.
4. Reduced Risk: Mitigates the risk of project failure by ensuring a well-informed and thoroughly evaluated decision.
5. Stakeholder Alignment: Ensures all stakeholders are involved and aligned with the decision-making process, fostering collaboration and buy-in.
In summary, our “Solution Selection” service is essential for organizations seeking to choose the best debt collection software solution. It provides a structured approach to evaluating the build vs. buy decision and thoroughly assesses potential solutions and vendors to ensure the selected solution meets all business and technical requirements.