Is your vendor’s lack of responsiveness slowing down your business? For asset management firms, vendor responsiveness for is critical for your business success, yet many companies struggle with slow response times, outdated systems, and poor communication. If your vendor isn’t keeping up, you could be losing valuable time and opportunities to competitors.”
The True Cost of Poor Vendor Responsiveness
In trying to deal with a vendor’s lack of responsiveness some asset management firms have had to exercise their own resources to perform “workarounds” or to carry on without the much-needed system changes. This results in increased operational costs, potentially impedes the firm’s strategic objectives and can cede new business opportunities to competitors. Therefore, fast and reliable vendor responsiveness is critical for your business growth strategy.
How a Slow Vendor Can Hurt Your Business Growth
Your business is constantly evolving and your vendor’s system should evolve with it. Your business isn’t the same as it was three to five years ago. Why should you have to make due with a vendor’s system that hasn’t kept up with your business? If your vendor isn’t upgrading their system frequently to meet your changing business needs sooner or later your business will have to increase operational costs and use your own resources to perform the tasks the vendor’s system is no longer capable of doing. In other words, your firm winds up supporting the vendor’s system versus the vendor’s system supporting your business.
What to Do If Your Vendor Is No Longer Supporting You
If struggle with your vendor’s product quality, speed in addressing issues and upgrades, lack of communication and flexibility to address your changing business needs, there’s a good chance you are no longer seen as a priority by your vendor.
Our clients are our number one priority. We prioritize fast, flexible, and reliable vendor support. If your vendor isn’t evolving with your business, it’s time for a change. Shouldn’t you be number one too?
