Venkat Devraj, CEOIT vendor selection and sourcing has been a cause of concern for many businesses. The misalignment between IT and business end-users have resulted in procurement of technology assets that ultimately under-perform. Shadow IT is further causing technology to be directly adopted by end-users at an alarming rate, while distancing the IT department from its traditional role of centralized enablement and governance. With hundreds of new vendors emerging annually in every major software market, the need for IT oversight in selecting the right vendor cannot be overstated. Yet, given the speed at which business users want to make decisions (often armed with partial data and superficial recommendations), most mid-market and larger enterprises end up with copious amounts of seemingly redundant and unvetted technology solutions. These solutions span across disparate users and departments and the IT department ends up as a reactive witness to flippant decisions and their aftermath of security gaps, architectural incompatibility issues, and overall compliance woes.
Having witnessed these scenarios first hand, Venkat Devraj, co-founder of SelectHub, came up with an elegant solution for IT to work hand-in-glove with business stakeholders throughout the technology vendor selection process. Today, SelectHub is viewed as a pioneer in the $4.6 billion technology selection management market by enabling CIOs to offer “technology selection as a service” across their organization via their prescriptive software platform layered with context-driven market intelligence to make technology, especially software selection, a collaborative and agile process with measurable results.
With SelectHub, vendor assessment can be done by business end-users in self-service mode, without waiting on resources from the IT and Procurement departments, yet these latter groups have complete visibility and can step in as and when necessary. End users can define requirements and short-list vendors by creating new projects and collaborating with other stakeholders. IT’s requirements related to security and compliance can be templatized and added in automatically. “With role-based access, relevant stakeholders can view product demos, obtain pricing, issue an RFI or RFP, initiate a software trial or proof-of-concept based on specific use-cases and success criteria to identify the finalist vendors via a comprehensive score card,” points Devraj.
SelectHub is modular with product integrations available for popular e-procurement tools such as Ariba and Coupa
Procurement staff can oversee the RFI, RFP, or proof-of-concept while negotiating contract terms with the vendor finalist. The SelectHub platform consolidates efforts across departments and operates at scale while making IT and Procurement more responsive.
Additionally, by providing content and context, various departments in an enterprise gain insights into the requirements voiced by their peers. “The end result is that vendor selections are made in days and weeks rather than months, with a full audit-trail of the entire process,” asserts Devraj.
SelectHub further helps clients by offering guided selection services, both in-house and via third-party subject matter experts, on a per-project or per- RFP basis. These services focus on vendor/product shortlisting based on requirements gathered from various stakeholders. These services include a Requirements Compilation Package, Express Scorecard Package and a Guided RFP Package helping clients jumpstart their technology selection process.
“SelectHub is modular with product integrations available for popular e-procurement tools such as Ariba and Coupa,” says Devraj. With such integration, customers gain pre-packaged requirements templates for IT-related RFPs, relevant vendor shortlisting capabilities, end-user software trials, proof-of-concept and pre-RFP vendor scorecards within SelectHub, while being able to perform the subsequent RFP and contract management functions in their existing tools.
SelectHub is industry-agnostic with both large and small customers including Hunter Douglas, Hanover Insurance, State of Colorado and QEP Resources.