What About the Cost of Procuring CTRM?

One of the takeaways from the CTRM Conference was the need to obtain value from every dollar (or Euro) of spend on software and technology. A lot of the discussion revolved around the economic environment, reduced trading profits, lower commodity prices and lower volatility and increasing costs, including the cost of compliance. There was also discussion of how to get a better TCO for a CTRM solution including delivering in the cloud, something that is gaining in popularity. We also looked at improving implementation and getting enhanced value from IT services. In all of these cost and value-centered discussions though, there was nothing about the cost of sale/purchase. For both vendors and buyers, the cost of sale/purchase for a CTRM solution can be very high. The traditional RFI and RFP process, often involving an outside consultancy, is more often than, not a six-figure endeavor for the buyer and I have heard from a lot of vendors recently about how much it costs them to respond adequately to these procurement processes. It is plainly an area where costs can and should come down too. I raised this issue last week in a catch up call with Ivan O’Toole of JustCommodity and, … continue reading

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