TowerGroup has launched the TowerGroup Vendor Selection Processor (VSP), a software-based, analytical tool designed to streamline the scoring phase of a vendor selection initiative.
The tool is used to store vendor evaluation criteria, manage scores from those engaged in the selection process, and then analyze and report the results. At the end of the process, the VSP identifies the vendor best-suited to a financial institution’s budgetary and business needs.
“The amount of detail involved in vendor selection can be enormous, particularly when an institution is looking to secure or evaluate a technology partner on a global scale,” says Karen Cone, TowerGroup’s president and CEO. “Managing and getting the most out of vendor selection has been a perennial challenge across institutions of all sizes, and certainly one we’ve seen first-hand on countless occasions of supporting clients through the process. There is a tremendous marketplace need for a tool that helps make vendor evaluations more consistent, more structured and, ultimately, more objective and actionable.”