The buying process for technology solutions at major banks and asset managers has changed considerably over the past few decades. Two factors have been instrumental in driving these changes.
The first change we have seen is the implementation of standardised procurement processes that were refined in business processes like Six Sigma. These processes leverage a centralised procurement team and a prescriptive procurement process to support and control how business teams license new technology systems. This transition has forced business managers to learn how to conform their needs to corporate ‘standards’, some of which are diametrically opposed to what the business team is trying to accomplish.
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