PMS replacements are large projects, affecting many areas of the business. They involve taking out and replacing the backbone of the firm’s operation and they bring with them changes in the way processes are executed and information is presented. We believe that it is important to undertake a
product selection process which is through, without being overly bureaucratic. The purpose of the selection process, in our view, is not only to enable the firm to make a robust and justifiable decision about which product to purchase, but also to avoid nasty surprises in the course of the implementation project, by ensuring that all the relevant questions have been asked, and the answers scrutinised, before a decision is made. Ultimately in a partnership this is a decision about a substantial expenditure of the partners’ money, and it is important to be able to demonstrate that decisions were taken after proper due diligence.
Many firms find that they do not have the internal capacity or the up to date market knowledge to conduct such due diligence. Key players in Finance and IT will have demanding day jobs and may not be able to give the product evaluation and selection the attention it needs. 3Kites is able to provide valuable assistance to firms in this process, because:
1. We have developed processes and templates which facilitate:
The gathering of key current and foreseeable requirements in a manner which takes up the minimum amount of internal time, whilst being sufficiently broad ranging,
A tender process which gathers detailed information about each of the products under consideration in a format which the firm can easily compare,
Dealing with the suppliers robustly, probing into responses where they may be woolly or incomplete and bringing to bear experience from other firms, and
Preparing the firm for the implementation stage, so that the right decisions can be made and unnecessary costs avoided.
2. Our unique combination of lawyer, IT and supplier experience puts us in an ideal position to understand the requirements and the most practical ways of meeting them with the tools available. We are well placed to engage with the business and, if appropriate, its clients, to understand current issues and likely future requirements.
3. Our up to date experience in the market with firms who have been through the selection process recently and are now implementing or have recently implemented a new PMS means that we know when to push the suppliers harder and we can alert our clients to potential limitations and pitfalls. Whilst we are [robustly] independent of any commercial ties to suppliers, we have good relationships with the suppliers in this area so that we are up to date with their offerings and approaches. We take pains to share this knowledge across our team.
4. We can provide the capacity and momentum to see the process through, so that it does not get delayed as a result of day to day pressures.
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