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How to realize when it’s time to seek a new IT provider?

In this article, we'll discuss the benefits of recognizing potential shortcomings early on and fully embracing a more solid and promising future.

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In today’s digital world, companies rely on technology to drive innovation and remain competitive. Choosing the right IT provider can significantly impact a company’s success in meeting the demands of this digital landscape.

But what happens when a company realizes that its current IT provider no longer meets its needs? Is it worth making a change?

Identifying the need for a new technology provider

Technology is constantly evolving, and companies must stay updated with the latest advancements to avoid falling behind competitors.

By seeking new IT providers, companies can benefit from partners who are at the forefront of their field, offering tailored solutions, enhancing security measures, and improving operational efficiency.

When companies feel limited by their current technology partner, they often hesitate to explore new options. It’s not uncommon for decision-makers to feel some reluctance about embracing change.

However, by partnering with a new IT provider, they are addressing any potential deficiencies they may be experiencing and improving their service for the end consumer.

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Minimizing barriers and unleashing innovation potential

We all worry about acknowledging that our previous choice was not optimal. Therefore, demonstrating the necessary strength to admit it shows a responsiveness above average. Recognizing areas for improvement and opportunities for growth are highly valued qualities by innovation departments.

These are proactive profiles that propose constant improvements, and undoubtedly, these are the qualities that lead a company to be the preferred choice of users.

Moreover, it’s essential to understand that switching technology providers doesn’t mean starting from scratch. Companies can leverage their previous investments and infrastructure, ensuring a smooth transition. By identifying elements that can be integrated into the new system, companies minimize disruptions and maximize the value of their assets.

From a cost perspective, seeking a new technology provider in a timely manner can lead to significant savings in the medium and long term. Failing to make necessary adjustments promptly can result in ongoing financial losses for a company.

A new partner in this field can provide tailored solutions, optimize resource allocation, and ultimately, streamline operations.

5 Steps for a successful transition in the innovation department

1. Assess your current technological developments

Before initiating any potential changes, conduct a comprehensive assessment of your IT landscape. Identify pain points, areas for improvement, and desired outcomes that haven’t been achieved. This evaluation will serve as the foundation for selecting the right partner aligned with your company’s goals.

2. Research and gather information for decision-making

Choosing the right IT provider requires thorough research to gather data on potential companies for consideration. Factors such as experience, reputation, and previous projects should be taken into account. Look for a provider offering innovative solutions and excellent customer service. Engage in conversations, ask questions, and set goals to ensure the best fit between your company and the potential provider.

3. Plan collaborative implementation

Once a decision is made, the selected collaborator will work closely with your company to develop a detailed plan outlining transition steps, timelines, and milestones. Effective communication and coordination between both parties are crucial, so hold regular meetings to monitor project progress and give them feedback.

4. Knowledge transfer and training

The new IT provider should have a comprehensive understanding of existing systems, processes, and workflows. Collaborate to create a complete knowledge transfer plan to minimize disruptions for your employees. Offer training sessions and necessary resources to help the new partner to adapt to the environment and deliver the best possible solutions.

5. Continuous evaluation and improvement for excellence

In the process of changing technology providers, establish dates to assess performance and goal achievement. Implement a continuous process where your new partner goes along with your company and anticipates market requirements. This ensures that your collaboration continues to meet evolving needs and maintains excellence.

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Not interested in changing? Two is always better than one

Fintech companies are characterized by their collaborative and flexible approach, which allows them to establish alliances with existing providers.

To maximize efficiency, services and products can be complemented with solutions adapted to each need. This may imply that one fintech is in charge of categorizing and enriching the data, while another offers the insights derived from this data.

Another option is to deploy two categorizers simultaneously for a trial period, then evaluating which of them is more valuable in terms of accuracy and performance.

This approach maximizes value for customers and minimizes changes in the IT infrastructure. Of course, you must work closely with the bank’s technical team to successfully integrate any new tool.

What do you think?

Without a doubt, changing your technology provider is a strategic decision that can lead you to unlock the power of innovation, boost growth and position your company as a leader in its sector.

By overcoming aversion to change, we take advantage of previous investments and focus on the opportunities ahead. Discover the full potential of your business!

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