The customer, a large financial services organisation responsible for operating Canadian exchanges, wanted to consolidate its Equities and Derivatives exchanges as well as the Clearing, Settlement, Depository, and Risk businesses.
Previous attempts at selecting a viable set of vendors and products had been unsuccessful, due to a perceived disparity in stakeholder requirements. They retained Citihub Consulting to provide a transparent, neutral, fact-based approach to vendor selection.
How Citihub Consulting Helped
Citihub Consulting used its Strategic Solution Development framework to perform accelerated vendor discovery based on the client’s functional, nonfunctional, commercial and strategic requirements.
Internal stakeholders were engaged to contribute to a consolidated requirements framework, which was then used to downselect from a market space of twelve vendors to identify eight vendors for workshop sessions.
Vendors were provided with relevant materials and preparation to ensure the workshop sessions were focused, timely and relevant to the customer’s requirement.
Workshops were held with the shortlisted vendors covering functional, nonfunctional and commercial aspects, allowing the client’s SMEs and stakeholders to evaluate the relative strengths and weaknesses of the various vendor solutions.
These were then scored by all stakeholders according to an agreed weighting. Scores were collated and normalized and from this normalized scorecard, a number of recommendations for vendor and product solutions were made.
After a twelve-week process, a decision-making pack was presented at board level to adopt the recommendations.