Managing Vendor Relationships

Most firms operating in the Investment Management sector depend on at least one core IT system provided by a 3rd party vendor.

Not all, however, understand the importance of building an open and honest relationship with their suppliers, the typical view being that the buyer takes all the risk and the vendor takes all the money. It shouldn’t and needn’t be like that – the way to get the most out of your software vendor is to engage in a genuine business partnership.

As with any relationship, there are bound to be ups and downs in your relationships with your vendors. It would be naïve in the extreme to believe that the software you are buying will not have problems. It is important to remember that it is not a lack of problems that will define your relationship, but how those problems are resolved.

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