FinTech

First-Time Engagement with Custom Tech Providers: 15 Essential Insights

Published July 4, 2024

Navigating the world of custom technology solutions can be challenging, especially for those who are working with a custom tech provider for the first time. Engaging with a custom tech provider means more than just choosing any vendor; it involves forming a strategic partnership that will impact the future of your business. Here are 15 things to keep in mind when you embark on this journey.

Understand Your Requirements

First and foremost, it is crucial to have a clear understanding of your business needs and how the custom tech solution will address them. Take the time to define your requirements and communicate them effectively to ensure that the provider can deliver a solution that meets your expectations.

Assess Provider Expertise

Look into the provider's background, past projects, and areas of expertise. Verify that they have experience in your industry or with similar projects. Providers with relevant experience are more likely to understand your challenges and offer effective solutions.

Look for Scalability

As your business grows, your tech needs will evolve. Ensure that the provider can offer scalable solutions that can adapt to your changing needs.

Consider the Total Cost of Ownership

When evaluating costs, think beyond the initial investment. Consider the total cost of ownership which includes maintenance, updates, and potential scaling. A lower upfront cost might lead to higher expenses in the long run.

Discuss Development Timelines

Establish a clear timeline for deliverables. This should align with your business goals and give room for testing and iterations. Timely delivery is essential, but not at the expense of quality.

Focus on User Experience

The success of your tech solution largely depends on its user experience. Design should be intuitive, accessible, and user-friendly to ensure adoption and effectiveness.

Assess Communication and Support

Good communication is key to any partnership. Your provider should be responsive and offer reliable support during and after the development process.

Consider Privacy and Data Security

In the digital age, data security and privacy are paramount. Make sure your provider adheres to the best practices and regulatory compliance standards in handling sensitive data.

Contemplate Intellectual Property Rights

Clarify ownership of the custom software. Typically, the developing company owns the intellectual property, but agreements can be made to transfer rights to the client.

Look for Flexibility and Adaptability

The technology landscape is always changing. Your provider should be flexible and able to adapt to new trends and technologies as they arise.

Check for Post-Deployment Support

After your solution is deployed, you may need ongoing support. Confirm that the provider offers post-deployment services to help resolve any potential issues quickly.

Understand the Maintenance Requirements

Regular maintenance ensures the longevity and reliability of your tech solution. Understand what is required to keep your system running smoothly over time.

Inspect the Provider's Project Management Methodologies

A provider's approach to project management can greatly impact the outcome of your project. Assess whether their methodologies align with your business process and communication style.

Ask for References and Case Studies

References and case studies from past clients provide valuable insights into the provider's ability to deliver on its promises. Don't hesitate to ask for them.

Plan for Change Management

Implementing new technology can be disruptive. Prepare a change management plan to ease the transition for your team and stakeholders.

investment, technology, partnership