August 20, 2024
Purchase request processes in financial institutions are typically complex. Identifying areas of need, soliciting responses from solution providers, aligning key stakeholders, and determining the right course of action for your organization is no easy task.
You may evaluate hundreds of potential tech solutions over the course of a calendar year, so a seamless solution identification and adoption process is crucial. With Entrio, you'll have real-time insights into your current and potential tech solutions, keeping you well-informed and in control (and even more competitive).
By leveraging Entrio’s Live Solutions Catalog and its expansive capabilities, your organization can responsibly select solutions that improve your tech stack up to 35% faster.
Before financial institutions invite responses from vendors, there’s a lot of upfront work to ensure a successful process, including:
Without an accurate understanding of your current tech solutions, including how they might be impacted by any changes, it’s hard to guarantee a good outcome.
Financial services organizations have been undergoing a decades-long digital transformation process that has culminated in a tech stack thousands of solutions deep. This includes everything from legacy systems to modern, AI-driven platforms. There are many moving pieces, and any new purchase should result in a solution that adds to your tech stack rather than causing inefficiencies or duplicating functionality.
It's best to analyze your current solutions before issuing a purchase request.
Entrio’s Live Solutions Catalog is a responsive, self-updating data lake of tech solutions—yours, your peers', and those available on the market. Your entire organization can easily use the catalog to understand what you have and identify new solutions to purchase.
Let’s say you’ve leveraged Entrio to gain unparalleled visibility into your tech stack, and you have identified an area of need. It’s easier than ever to evaluate potential solutions so you can make quick and effective decisions.
Entrio’s Google-like search enables you to type in a vendor, solution, domain, or even a feature. Or you can use our proprietary taxonomy to sort by bank/insurance processes, shared business functions, or technology. Trending solutions can reveal potential new vendors or technology to be aware of and explore.
As you’re exploring, Entrio identifies and showcases solutions in your existing tech stack that fit the search criteria. Entrio can mark existing solutions as a top vendor in your organization, as a critical / important function, and show engagement details like department or status. This ensures everyone in the organization is on the same page about what you have and what you need. When another solution is needed, possibly to add resiliency or replace something that will be decommissioned, you can easily view and compare alternatives against the existing solution.
Entrio also allows you to see what your peers are using as you’re browsing individual vendors, solutions or domains. Our platform will also indicate if a particular solution is highly used across your industry. If you see a vendor that your peers favor, it may be worth placing it on the top of your list of contenders.
Once you’re ready to evaluate multiple solutions, you can select 2-10 profiles in seconds and compare them side-by-side with Entrio. Each profile provides detailed information about a particular solution’s capabilities, making the evaluation process easier than ever. Flag feature discrepancies, key integrations, and deployment options, for example. When you’ve narrowed it down, you can:
When you’re ready, trigger a permit-to-buy request.
Entrio can connect to your permit-to-buy workflows, automatically filling out most of the form with accurate, clean information. Your team doesn’t need to spend time chasing down vendor and solution information or manually classifying solutions. By leveraging Entrio’s data points and taxonomy, we can take this tedious task off your plate. Plus, the solution is automatically added to your tech catalog.
Your organization doesn’t have to get bogged down in manual research and information gathering anymore. The era of tedious, resource-intensive tech adoption is over.
With Entrio, you can make technology purchasing decisions 35% faster and save millions. Plus, you gain complete oversight of your tech stack and only integrate solutions that actually improve your operations. Sound good? Learn more about how Entrio can help you discover and compare tech solutions.
