Target Short List of Vendors for Enterprise Analytics
Global asset manager with investment offices in major trading centers worldwide.
The company was struggling with how to unify its analytics approach, while remaining compliant with financial industry standards. With different departments gathering information in disparate ways, the existing model was not sustainable. It was imperative to identify common use cases, target a short list of vendors whose capabilities matched the use cases, and navigate the RFP and demo processes.
Ironside was called in, and made it clear from the outset that system selection is about people, not just technology. The approach consisted of four steps:
Make Analytics Human
Start by focusing on people, rather than platform features
Conduct interviews to identify the questions, goals, and pain points that stakeholders need to address via analytics
Classify 92 distinct use cases by tying them into analytics technical capabilities
Narrow the Focus
Match key criteria with vendor prospects based on Ironside’s 20 years of experience and research from Gartner, Forrester, Nucleus, Ovum and BBT
Build a short list of five vendors and send out Requests for Proposal (RFPs)
Develop a data set and demo scenario that measures how each platform meets company’s data needs
Process survey responses from stakeholders after each demo to get their assessments of vendor performance against scoring criteria
Make the Choice
Generate scores of which vendors best meet company needs, based on stakeholder survey responses, capability requirements, and financial services industry standards
Choose the best fit based on the vendor’s balance between enterprise BI and data discovery, security options, MS Office Integration, and on-premises installation
KEYS TO SUCCESS
The vendor selection process enabled the client to:
Use in-depth interviews to discover user priorities and tailor decisions on analytics
Generate concrete artifacts that connected needs to analytic capabilities
Open the lines of communication between business and IT
Develop a unified, extensible and flexible analytics strategy that freed data from silos
Ironside helps companies translate business goals and challenges into technology solutions that enable insightful analysis, data-driven decision making and continued success. We help you structure, integrate and augment your data, while transforming your analytic environment and improving governance.