It can be overwhelming when thinking of making the switch to a new tech vendor. Therefore, North Shore Systems has taken the time to write down four key aspects you should consider when choosing a tech vendor.
1. Efficiency
Efficiency and automation often go hand in hand when choosing a tech vendor. A more automated technology will often result in an increase in efficiency and the ability to do more for your customers. Choosing a software that automates a lot of the petty aspects of the process allows users to spend more time overall on their clients. Eliminating paper processes and automating everything on one digital platform will significantly reduce time spent on each individual project. Likewise, an efficient automated system reduces manual errors caused during data handoffs. When looking for an efficient system, consider the competency and speed of the tech team as well. What does their productivity and timeline look like and how will that increase your overall productivity? Choose a tech vendor who can effectively increase your accountability and decrease loan cycle times.
2. Cost
Just because a product has a higher price does not necessarily mean it is the best fit for your needs. Rather than investing in the tech software with the most features, it is advisable to purchase a tech system that only has the actual features you and your team will end up using. It is not resourceful to pay for excess features that you are not reaping the benefits of. Thus, it is important to consider how many of those fancy features you would actually use. If you purchased the most expensive system, would you end up using all the features that it comes with? It isn’t always best to get the fanciest or highest-end product if you aren’t going to take advantage of a good portion of the features. Therefore, it is important to invest in something that you’ll get your money’s worth out of.
When thinking about the features of the product, don’t just regard the tangible features that come in the product but also the intangible features that come with the product such as tech support. When buying a tech system you aren’t only paying for the features in the system but also the support that the employees will be able to provide you as your team transitions to a new software and throughout your usage of the software. Consider how involved and available the tech support will be.
When deciding to purchase from a tech vendor, ensure that you examine the entire cost. There can be many additional fees such as the cost of add-on features, the initial setup, and various maintenance fees that can cause the overall price to increase. Make sure all of these additional costs are accounted for when comparing tech vendors’ price points.
3. Implementation Process
How long and intensive the implementation process will be is often a major concern when choosing a new software. There are lots of questions surrounding the implementation process that should be answered before committing to a new tech company. Some of those hard pressing questions include:
What does the customer support team look like at the tech vendor company and how involved are they in the implementation process?
How big is the learning curve?
What type of training do your employees need to go through and how long will that training be?
What types of additional training resources are available outside of the tech support team?
4. Adaptability
As the industry continues to evolve it is important to invest in tech software that will continue to adapt as well. Be sure to ask the vendors how often new updates come out for their software. Additionally, you should consider how customizable the software is. Specifically, how willing is the tech vendor to work with you and tailor the software to your unique needs? Choosing a vendor that can grow and adapt both themselves and their product to the ever-changing industry is crucial.
