Vendor RFP Process
Jordan & Jordan works with a broad array of market participants who are seeking the optimal vendor solution. At Jordan & Jordan there is no one-size-fits-all approach, as we carefully consider each of our clients’ diverse needs based on their business models, organizational structures, technology architectures, client base, and volumes.
We begin any Vendor Selection project with a thorough understanding of the business, functional and technical requirements, and given our familiarity with the financial information and technology solutions available, we can expedite the project by quickly identifying the most likely candidates for consideration. Having seen numerous vendor software installations and services operating in a variety of environments, Jordan & Jordan enjoys a unique vantage point to understand the pros and cons of various products deployed in a variety of configurations and under different circumstances. That exposure and the opportunity to speak with current users first-hand makes Jordan & Jordan’s approach to Vendor Selection unique and valuable.
In combination with our practical, real-world assessments of current deployments, we can also take a disciplined approach to vendor selection with a formal Request for Proposal (RFP) process. We evaluate vendor alternatives using objective criteria to provide a fair and impartial recommendation. Our comprehensive RFP management services include:
- Development of a Requirements Matrix
- Vendor Qualification (may include interviews with current users)
- Development and distribution of RFI/RFPs
- Review and scoring of responses using the Requirements Matrix
- Analysis of functional and non-functional criteria (e.g. cost, existing technology strategy) based on the Requirements Matrix and agreed priorities / weightings.
- For a top index provider and news service, managed Request for Information (RFI) process for replacement of ticker plant technology. In this engagement, Jordan & Jordan documented current and anticipated functional and non-functional requirements, drafted the formal vendor RFI, solicited vendor responses, scored and analyzed responses, spoke with users of the solutions that made the “short list”, and presented recommendations based on the complete analysis.
- For an international derivatives exchange, developed high level requirements and managed the overall RFP process for a replacement price dissemination system.
- For the National Market System, J&J managed three RFP processes for outsourced administrative and processing services. J&J’s role included development of requirements, solicitation of bidders, development of evaluation methodology, assessment of the bids and communications between the Participant Exchanges and the bidders throughout the process.