A financial architecture project is like a puzzle with many pieces. The pieces come in various shapes and sizes, but one thing is certain: They’re all essential to the success of the project.
Just like a puzzle, even a single missing piece is noticeable when looking at the final product. One of the seemingly small and often overlooked pieces of a financial project is vendor coordination. And when it's mishandled, inefficiencies tend to show up in the final product.
What is Vendor Coordination?
Vendor coordination is a complex process involving vendor selection and management. Selecting and working with the vendors who can provide the products and services needed for a project requires plenty of time and resources. It typically includes researching and sourcing vendors, requesting and evaluating quotes, assessing capabilities, negotiating contracts, making payments and ensuring everything is completed properly.
It’s More than Pricing
While many assume vendor coordination is about negotiating the best prices, that’s only a small part of the process. Effective vendor coordination is about increasing overall efficiencies throughout a project.
- Merchandising displays
- And more
Basically, every product that will go into your building, and the services to support those products, requires vendor coordination.
Vendor Relationships Have Impact
If you’ve read a few of our other posts, you’ve likely heard about the importance of relationships in banking, but that’s not the only place where relationships matter. A vendor relationship is a form of a business partnership, and when a business partnership is well-established and longstanding, it tends to get better.
We’ve Got You Covered
Here at HTG, we’ve been working (and networking) with vendors that specifically cater to the financial industry for decades. These relationships mean we already have contacts and know how to work together on a project-by-project basis. The fruits of our vendor relationships become real, tangible benefits that we’re able to pass onto our clients. Overall, it is usually best to select a vendor or product based on qualifications and quality, inside of price.
The Value of Vendors
At the end of the day, vendors are there to add value, but the reality of managing all the components that go into working with vendors doesn’t fit nicely on top of an already full plate. I’m certain that those of you in the C-suite would have no trouble listing initiatives that are more deserving of your time and strategic energy.
Working with an architecture firm that handles vendor coordination as part of their services leaves you in the decision-making seat while handling all the necessary to-do list items.