Digital Asset Management Requirements Builder
Customers can save hundreds of man-hours by using the Digital Asset Management Requirements Builder and receive good quality, vendor-approved information. Filling out a single form returns information on 36 vendors ensuring that you only talk to suitable vendors from the get-go and drastically increase your chances of finding a vendor who’s the right match. Vendors can also save hundreds of man-hours by not having to fill out multiple RFIs that share a large number of requirements. Customers that begin conversations with them will be those that have a much higher likelihood of signing a contract. Both customers and vendors will benefit from maintaining up to date information and as requirements are added to the database, the information will become increasingly valuable and continue to save everyone time and effort.
What is it
- Database of knowledge
- Replacement for RFIs
- Calculation of a vendor’s suitability
- Compare and contrast tool
How does it work
- User enters details into an online form
- Formulae used to match up your ‘wants’ and ‘needs’ to return a percentage score on applicable vendors
- Industry knowledge and experience to ask appropriate questions
- Questions answered and fact-checked by vendors
- 36 vendors + compared side by side on functionality / capabilities
- Time saved for you
- Time saved for vendors
- Good quality, relevant info for users
- Good quality, relevant leads for vendor
- Will improve with time + more data
The User / Admin Requirements Builder from the Codified DAM Consultant ™ is a new database of knowledge on vendor capabilities. The Requirements builder can be used to calculate a vendor’s suitability to your specific needs. It is tool designed to be an alternative to RFIs (request for information) or a tool to build better and more concise RFIs. Anybody who has been through the RFI process knows that it can be challenging from both a vendor’s and a customer’s perspective.
For the customer, it can be a lengthy and painstaking process: one must first interrogate all the stakeholders on their wants and needs from the DAM system; compile a list of requirements which is made doubly hard for an individual with limited experience of RFIs or DAM; research the marketplace to find suitable vendors; open up communication with the vendors and potentially organise and sit through several product demos; send out your RFIs and hope that all of the vendors you’ve selected respond to the request; go through the ‘bake off’ process where shortlisted vendors demonstrate your requirements and typical workflows with your own assets to an audience of stakeholders; and finally decide on your vendor after consultation with your stakeholders.
It has been well documented that RFIs are not well liked by vendors either. Problems include: lengthy requirements documents, with overly complex and sometimes unnecessary terminology, red tape and hoops to jump through; customers who overestimate what is possible from DAM as a whole or at their given price point; overly specific architectural, workflow or integration requirements, where customers haven’t considered an alternative method for achieving a certain goal; unrealistic time limits for completion of the form; unrealistic time limits for completion of the implementation; and most of all, the fact that for the huge amount of time and effort they have to put in, vendors may only have a slim chance of landing the contract. Faced by some of the issues listed above, vendors may drop out of an RFI process when they are actually the best match for a certain customer.
The requirements builder was built to alleviate some of these headaches, take out some of the legwork and encourage the conversations that customers and vendors should be having. The Requirements Builder first and foremost is a database of information, covering a wide range of requirements and functionality, that as consultants we commonly see on RFIs. The information is corroborated by the vendor, updated on a regular basis and therefore serves as an accurate way to compare and contrast vendors’ capabilities. In terms of research, a lot of the work is done for you, this benefits the customer but also the vendor, in that they are only having conversations with customers who are a good fit for them.
On the issue of finding appropriate vendors, the Codified Consultant ™ is built by industry experts, consultants, analysts and thought leaders. Individuals who sit through hundreds of product demos a year and keep abreast of industry innovation. We have worked through countless RFIs and implementations, consulting on a wide range of projects with a similarly wide range of companies, verticals and use cases. In addition, the Requirements Builder only includes 10 Core Accredited vendors, meaning that they have been certified as capable of the ‘Core’ functionality required of a Digital Asset Management system. In combination the Requirements Builder and 10 Core Characteristics accreditation let you know that the vendor operates a fully functioning DAM system and gives you a good rundown of what the DAM system is capable of beyond ‘Core’ functionality.
Customers access the information from the Requirements builder via a form. Customer enter ‘Must Have’, ‘Nice to Have’, ‘Unsure’ or ‘Not Needed’ against a range of requirements that are commonly found on RFIs. The requirements are split out into different categories such as User Interface, Integrations and Asset Handling. The customer responses and the data held on vendor capabilities are then used to calculate percentage scores of how well matched the customers requirements are to the vendors’ capabilities in different areas. The scores can then be supplemented by price range, specific architectural components or integrations and 10 Core scores. Scores are calculated by the customer’s specific responses meaning they can be as granular or agranular as they want and receive a personalised report on 36+ vendors’ suitability for their needs.