It's Not Perfect, But It's Proof
Proofs of concept still rule when it comes to vendor selection

Vendor selection is a bewildering process.
You know to take vendor marketing material with more than a pinch of salt. You know the excellent think-piece you have just read on this data management problem or that confusing regulation was produced by one of these vendors, who might have the best and most altruistic of intentions in writing it, but ultimately also has skin in the game.
You know that this service provider may genuinely believe their own marketing, may even be best of breed, but you still don't know if their product is right for your business requirements.
You know that all businesses are unique and have unique needs and you know that the only way of really making certain a product or solution or service is right for you is to run a proof of concept (PoC).
But you can't get to that stage without a lot of work defining your requirements and trying to understand who or what best suits those; and PoCs in themselves are time-consuming and not always indicative of how well the product will integrate with your systems. Also, once you've gone that far, you're in the grip of vendor sales teams who seem to know something you don't and are masters in the art of persuasion.
So you turn to analysts and consultants like Gartner, whose Magic Quadrant has been generally highly regarded for years as a source of independent, well-researched evaluations of vendor offerings. But you also know that the Magic Quadrant is considered by some to be increasingly outdated; and you know that others have sued Gartner over what they have claimed is its "pay-to-play" model, allegedly choosing vendors who spend money with them on their consulting services to land a coveted place in that top-right corner. Were these just sour grapes from vendors who didn't make it, or do they have a point? It's hard to tell, and everything seems to be marketing and obfuscation and jargon.
And perhaps you yourself know that it is easier sometimes to just go with what Gartner says is good, because if it fails you can say, "Wasn't me, I bought from the top-right corner so I thought I was getting the best." But this is box-ticking and covering your back; it's not really making your life easier in the end, or helping your organization.
No-one really knows what is best for you but you, though it helps to take on other opinions. And I think it is important to remember that, as Gartner itself has said, the Magic Quadrant is not advertising—it is an opinion. It may be not be perfect, but the only way to know if a vendor is a good fit is good old-fashioned PoC.
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@waterstechnology.com or view our subscription options here: http://subscriptions.waterstechnology.com/subscribe
You are currently unable to print this content. Please contact info@waterstechnology.com to find out more.
You are currently unable to copy this content. Please contact info@waterstechnology.com to find out more.
Copyright Infopro Digital Limited. All rights reserved.
As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (point 2.4), printing is limited to a single copy.
If you would like to purchase additional rights please email info@waterstechnology.com
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (clause 2.4), an Authorised User may only make one copy of the materials for their own personal use. You must also comply with the restrictions in clause 2.5.
If you would like to purchase additional rights please email info@waterstechnology.com
More on Data Management
Stocks are sinking again. Are traders better prepared this time?
The IMD Wrap: The economic indicators aren’t good. But almost two decades after the credit crunch and financial crisis, the data and tools that will allow us to spot potential catastrophes are more accurate and widely available.
In data expansion plans, TMX Datalinx eyes AI for private data
After buying Wall Street Horizon in 2022, the Canadian exchange group’s data arm is looking to apply a similar playbook to other niche data areas, starting with private assets.
Saugata Saha pilots S&P’s way through data interoperability, AI
Saha, who was named president of S&P Global Market Intelligence last year, details how the company is looking at enterprise data and the success of its early investments in AI.
Data partnerships, outsourced trading, developer wins, Studio Ghibli, and more
The Waters Cooler: CME and Google Cloud reach second base, Visible Alpha settles in at S&P, and another overnight trading venue is approved in this week’s news round-up.
A new data analytics studio born from a large asset manager hits the market
Amundi Asset Management’s tech arm is commercializing a tool that has 500 users at the buy-side firm.
One year on, S&P makes Visible Alpha more visible
The data giant says its acquisition of Visible Alpha last May is enabling it to bring the smaller vendor’s data to a range of new audiences.
Accelerated clearing and settlement, private markets, the future of LSEG’s AIM market, and more
The Waters Cooler: Fitch touts AWS AI for developer productivity, Nasdaq expands tech deal with South American exchanges, National Australia Bank enlists TransFicc, and more in this week’s news roundup.
‘Barcodes’ for market data and how they’ll revolutionize contract compliance
The IMD Wrap: Several recent initiatives could ease arduous data audit and reporting processes. But they need buy-in from all parties if all parties are to benefit.