Independent vendor selection

MDS at Work consultants have a solid reputation as an independent advisory firm for the financial information services industry.

Some typical examples of advisory roles MDS at Work has performed:

  • Evaluation of (financial) proposals from vendors.
  • Identification of alternative products and vendors.
  • Conducting complex and prolonged vendor negotiations.
  • Best market practice analysis.


Our approach

At MDS at Work we operate a proven approach: In the preliminary stages of desk research we check alternatives in the market and those we have seen at similar projects. Having a vendor vendor long list is the logical result of this exercise. We ususally aim at a list no longer than 10 solutions.

The second stage will focus deeper on the stakeolders requirements. Ineveitably these are internal user groups like Treasury, Investments, Risk Management, Middle-office or Back-office.

Combining the stakeholders input and our proprietary requirements data abse we come to a short list of preferably 3, maximum 5

Next stage is to have a Request For Proposal (RFP) document whereby the informed vendor organisations are invited to respond. These documents can be lengthy depending on the level of detail required.

When the RFIs are all returned, the responses are put in a score matrix. Invariably this process leads to many queries that may well need follow up with the vendor first.


Excerpt from RFP


Usually after this stage three vendor solutions are selected and invited to organize workshops with the stakeholders. New scores are generated:




Workshop evaluation


By this time much information about the solutions is known and it is now time to have a team of the same stakeholders make reference visits to financial organizations who already implemented one of the solutions and also find out the reasons why they rejected other solutions.

Finally, the combination of RFP procedure, workshops and reference visits ensure that sufficient quantitative and qualitative elements are taken into consideration during the decision making process.

Last but not least we assist with vendor negotiations and provide consultancy work interfacing external data sources if required.

Typically, the process of selection and implementation of a new application or workflow module may take 12 to 24 months.

We look forward to discuss vendor selection with you.