Steve Young Blogs on Vendor Management

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.