In an automotive world teeming with new fintech innovators, bold sales pitches and slick product demonstrations, it’s difficult for organisations to make the right vendor and product choices.

Making the wrong choice is a significant risk for typically costly, long-term technology partnership arrangements.

COTS platforms and components promise to deliver what is needed out-of-the-box, standardised, pre-packaged solutions with defined functionality, features, and capabilities to support Automotive Finance companies across key areas of the end-to-end value chain. Crucially they can help accelerate software deployment timescales and deliver power into a user’s hands through configurable workflows, data objects and forms.

At Elevenci, we work with multiple OEMs, Finance, Full-Service Leasing & Emerging Mobility Companies. We support clients with evaluation, decision-making and due diligence guidance when selecting new enterprise-level COTS solutions or improving or replacing restrictive, legacy systems. It’s a critical element of what we do – helping clients make the right decisions regarding new software and technology.

Before moving ahead with a prospective COTS solution, take a few minutes to read our’ top tips’ around essential questions to ask vendors as part of a comprehensive evaluation and selection approach. These are questions that are often missed or shied away from but which are often the difference between project/partnership success and failure.

Questions To Ask To Facilitate A Successful Start To Your Project/Programme

1. Will I work with the vendor ‘A Team’?

Software vendors rarely identify the project team members upfront that will help implement their component or platform solution. It’s often not until automotive companies have confirmed their selection decision and implementation planning has commenced that the vendor may introduce you to the project team delivering the solution – this is too late!

The difference between a software vendor’s project ‘A team’ and its ‘B / C’ team can be substantial in terms of capability and knowledge and can significantly impact the speed of delivery and the quality of the end implementation.

Automotive companies need to establish the skills, experience and track record of the vendor’s proposed team upfront as part of the selection process – are they experienced with the product? have they implemented it before in a similar environment? Are they new resources, and will this be their first project with the vendor?

It pays to be direct and open with your prospective vendor. Ensure you are dealing with the vendor’s ‘A team’ and not an inexperienced team learning about the software product and the automotive industry on your implementation project! It is reasonable to ask the vendor to introduce the project team and ask for their names to review their LinkedIn profiles and ask questions about their individual experience and capabilities.

2. What’s the implementation starting point?

Over the last few years, multiple auto finance software suppliers have recognised the significant benefits in delivering their solutions with an ‘out of the box’ reference set-up or pre-configuration as a starting point for client projects and as a potentially valuable ‘accelerant’ within their overall implementation methodology.

Reference configurations will typically include such elements as local taxation, regulatory and fiscal rules, product and service constructs, payment profiles, organisational role types, process flows, and standard industry workflows. Software suppliers also typically include within pre-configuration standard ‘pre-plumbed’ interfaces that they have developed on previous projects across the broader ecosystem.

The reality of reference set-ups is that they are broad and highly variable in their level of detail, quality and re-usability. Automotive companies need to investigate what the vendor is providing on day one as the starting point for implementation, consider:

• Is this reference configuration relevant and applicable to your specific Target Operating Model and implementation scenario?
• What are the potential real-world re-use opportunities on your implementation project?
• Main dealers
• Will this help accelerate delivery timescales on your project, or is this just a ‘smoke and mirrors’ capability statement from the vendor with no real-world substance?

3. Configuration – Myth or Reality?

A key theme that has developed over the last decade is the need for auto finance software providers to provide intrinsic flexibility, including comprehensive end-user parameterisation, configuration and customisation capabilities, within their software solutions.

Flexibility and agility are broad concepts, so it pays to question and test the usability of a system and its features which help to facilitate rapid organisational change, innovation and autonomy. Consider if the system can allow appropriately trained internal users to rapidly set up and modify vital product elements, pricing, workflow, and even user interface design through ‘end user’ configuration facilities without the supplier’s intervention or complex code development?

End-user configuration capabilities promote ‘self-sufficiency’, limiting the client’s need for additional software development and customisation by the software vendor. This autonomy also brings Total Cost of Ownership (TCO) benefits through reduced post-implementation vendor development costs and reductions in overall software change pipelines and backlogs.

The reality of end-user configuration is that nearly every vendor will claim to provide it within their solution or ‘have it on our product roadmap’, but often the configuration capability provided varies significantly. It is thus critical that automotive companies get ‘under the bonnet’ and establish the true extent and sophistication of end-user configuration, consider:

• What skillsets/training might be required?
• What is the complexity?
• Are there specific tools and templates within the product to support configuration?
• What degree of adoption and ongoing BAU model does the vendor have with previous clients?

Independent, unbiased and experienced, Elevenci’s methodologies, frameworks and tools include best practice business and technical requirements catalogues to help you fast track the evaluation process. Our decision support services cover the entire procurement lifecycle, from requirements gathering to shortlisting and recommending the right solution and vendor for your business. To discover how Elevenci can help with supplier selection and decision support, Get in touch.