Industry News

Steve Young Blogs on Vendor Management

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Citisoft's Steve Young recently wrote an article on vendor management for FTSE Global Markets discussing best practices and common pitfalls for asset managers' relationships with service providers and software vendors.

A frequent mistake, Steve says, is managing vendors through Procurement and pushing for the "best deal" with the end of short-term price cuts: "The truth is that if asset managers treat their vendors fairly, taking a long-term view and ensuring that the vendor can make a reasonable profit from the initial sale, implementation and ongoing development, then the payback to the asset manager will far outweigh any 'savings' made by a zealous Procurement Officer."

For Steve's thoughts on why a short-term vendor strategy can backfire and how to build relationships that are mutually beneficial to both asset managers and the vendors that serve them, read the full article.

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