Vendor changes

Most organizations end up using a particular vendor for a long period of time. In some instances, it is the bank's transactional data system, in others the CRM tool or data mining software. In all of these cases, there is dependency on a vendor. Most vendors would like to develop a relationship with their client and grow alongside them, where contracts would be re-negotiated but with greater functionality and scalable software provided. There are times, however, when a client and a vendor decide to part ways. Be mindful that this can be a painful exercise and a lot of things can go wrong. Such a transition might lead to temporary or long-term breaks in data; some systems may be switched off and the new system replacing it might not be able to capture data in the same manner. A vendor who supplied customer leads or risk ratings may no longer be contracted and data quality may even suffer from a new vendor. Businesses and modelers need to be aware of these challenges.