This is the 4th in a 5 part series (published weekly) written by guest author Amber Sutherland a banker who understands technology who currently works for Silent Eight an AI-based name, entity and transaction adjudication solution provider to financial institutions. Click here for Index and Part 1.
Better can mean different things to different organizations and individuals. It’s typically tied into the problems you’re experiencing now, and what your organization’s strategic focus and priorities are. When I ask clients and prospects what they mean by ‘better’ the answers I hear most commonly are:
- Is it more accurate?
- Is it faster?
- Will it give me greater standardization?
- Will it enable me to identify more risk?
- Will it enable me to federate by jurisdiction?
- Will it lead to greater efficiencies?
- Is it more cost-effective?
- Does it increase my visibility? Ie. is it transparent?
Once you’ve defined what ‘better’ means to you and your organization, you need to find out from your prospective vendors if and how ‘better’ can be tested quantifiably.
Stay tuned next week for Part 5. Does it have more than one purpose? What is the roadmap?
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