We live in a world where packaging and story-telling takes precedence over substance. In automation projects a vendor can often make or break your automation efforts. A good experience can kickstart other teams to follow your lead and conversely a bad experience can slow or even shut down any innovativeness or eagerness to automate.

Hence it's crucial to look beyond just the features of their software as you're not just buying a tool but entering a long-term partnership that will impact your entire organization in terms of time and money. Most companies evaluate just the product but often left hanging when it comes to durability and credibility of the vendor. Thus the key factors and questions to consider when selecting an automation vendor need to be broken into 2 broad parts:

1. The Technology and Product Itself
  • Functionality and Integration Capabilities: Does it have the necessary features to automate your key manual processes? A standalone automation tool is of limited value. Does it integrate seamlessly with your other accumulated software over the years such as your order management, accounting software, or your partner ecosystems of a Fund accountant or Custodian. Your Vendor should have experience in integrating a host of third party solutions.
  • Customisation: Let’s admit it you will want to adapt the product or solution to suit your needs. The software and the vendor should welcome this and not resist it. While every vendor will says the product is highly configurable there could different shades of understanding here.
  • Ease of Use: How user-friendly is the interface? Will your team be able to adopt it quickly with minimal training, or will there be a steep learning curve?
  • Scalability: Can the solution grow with your business? As your needs become more complex and your business expands, will the platform be able to handle increased volume and new processes without significant re-engineering?
  • Data Security and Compliance: What are the vendor's data security protocols? Is the Vendor ISO 27001:2022 certified?

2. The Vendor as a Partner
  • Experience and Reputation: Does the vendor have a proven track record of success in your industry or with similar-sized companies? Ask for testimonials, and customer references.
  • Implementation and Project management: What does their project planning process look like? How is their documentation?
  • The background of the promoters or senior management: Who owns and drives the company? It helps if the promoters are practitioners with prior industry experience as they will quickly relate to your pain points? How passionate are they about the business? Is this their core?
  • Roadmap and Innovation: What is the vendor's product roadmap? How do they incorporate customer feedback into new features and updates? You want a partner that is continuously innovating and is aware of market trends.
  • Company Financials: While it may seem excessive remember you are going to invest a considerable amount of time and money in automation. You want this to be jeopardized by a company that is struggling to survive.