Vendor Selection Part 1: Start Collections Tech Search the Right Way

Navigating Vendor Selection and Implementation

Collections teams who are initiating or enhancing digitalization need a digital solution to serve many purposes. The solution must be the right organizational fit, while meeting impending regulatory changes and increased customer expectations from pandemic-driven digital usage.

That’s why Bridgeforce developed a 3-part webinar series to help collections teams navigate the challenging process of selecting the right vendor solution that leads to a successful implementation. There’s no room for error because no organization can afford to sacrifice resources, time and money or hinder long-term success.

In “Start Your Collections Tech Search the Right Way” Mike Olsen and previous Bridgeforce colleague, Shawn Murray shared how to weigh the pros and cons of building vs. buying digital technology and assessing digital readiness.

What We Learned – Poll Questions

Polling Response Shares Concerns of Vendor Selection Process

Question 1: Which of these three has you most concerned from an execution perspective when preparing your organization to implement a digital solution?

Defining a clear future state business strategy: 20%
Having a knowledge of functionalities and how to best integrate them: 80%
Demonstrating proficient Project Management to effectively achieve key milestones on time: 0%

Question 2: If time and resources were not a constraint, would you go down the path today of building your own digital collections solution?

Yes: 80%
No: 20%

To Build or to Buy: How to Make an Informed Decision

The push to accelerate digitalization and automation means organizations across the industry are looking at building capabilities internally or selecting a vendor’s product. “Buy” and “Build” decisions each have pros and cons. Your specific needs, timeframes, and budget are key factors when making this choice. Our infographic outlines risk factors to help you assess your next steps.

Download Build Vs. Buy Infographic

Next Up in the Webinar Series…

Part 2, Finding Your Fit when Selecting Collections Tech

Watch the Recording On-Demand

Tried-and-true steps to ensure you select the right solution, with:

Top considerations to make before requirement building
Best approach to managing needs from operations and IT
Tips and tricks that put you in the driver’s seat for vendor demos
A proven scoring methodology resulting in a fair, measured selection

Part 3, Collections Tech Implementation 101