Ventiv Technology

Some vendors have put a more user-friendly interface to make things easier for clients. Compared to newer systems on neutral, advanced platforms such as Microsoft, Amazon Web Services, or Force.com, they fall short. As the workforce becomes younger, there is a greater demand for modern technology. The newer systems are far more able to link into other critical systems via APIs and similar interfaces. Suppliers with older technologies sometimes must make higher investments, which is unreasonable in terms of cost. We have seen the dilemma of proprietary systems supported locally, and this kind of support has become more complex. 3. The vendor has issues. This is the most frequent reason for a client switching systems. The "issues" are typically poor service or vendor ownership stability. Sometimes, these two items are linked. When ownership changes through acquisition, there is a time when some service disruption is to be expected. It should normalize after some time. If it does not, a change or a serious negotiation with the existing vendor is probably in order. Sometimes a vendor doesn't have enough resources to help a customer. There are frequent personnel changes that disrupt the client's workflow. System problems remain unfixed. This fact may be the red flag that prompts a system venue change. Next Steps: Deciding on how the change should be implemented. The change can be conducted in the following ways: • Procurement/RFP • Selected system procurement through RFI • Direct negotiation with a preferred vendor The client must also decide how they inform the current vendor that they are making a change. When to do it? How to secure their data without an excessive charge to get it? What are the legal implications? These are essential questions that must be considered as part of the change process. Redhand Advisors is committed to helping clients achieve maximum success and return with their chosen risk tech solution. 95 ©2022 Redhand Advisors. All rights reserved.

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