Question

Submit one document containing the following information:

A. Explain when a company should build their own IT solution (whether it's a software or a full-stack website).

B. Explain when a company should buy a COTS IT solution (whether it's a software or hiring an external company to design a full-stack website).

C. Identify 4 strengths you observed and 2 things you would change in the RFP itself.

D. Explain in detail the importance of due diligence in vendor selection.

Answer 1

A. Explain when a company should build their own IT solution (whether it's a software or a full-stack website).

A company should build their own IT solution when :

a) The business requires building and customizing the own IT solution.

b) A third party solution will not work

c) There is enough expertise to handle the own IT solution

d) There is ample time for the development to happen

e) The costs will be low to develop rather than buy the software

f) The software will need more scalability

B. Explain when a company should buy a COTS IT solution (whether it's a software or hiring an external company to design a full-stack website).

A company should buy a COTS IT solution when:

a) The business software does not require much customizing and COTS IT solution is the way.

b) There is not enough expertise to handle the development of the software and trained people are not there.

c) Time is short and thus development cannot happen.

d) Development and maintenance cost will be higher than COTS IT solution.

e) The software will not need frequent changes and implementation would not change as much over the long term.

C. Identify 4 strengths you observed and 2 things you would change in the RFP itself.

RFP requests for proposal document which documents the proposals made during the bidding process by a company to the suppliers and thus make them submit their proposal for the business.

The strengths are:

a) RFP has a clear and well-defined structure

b) It is a well-documented process

c) The opportunity involved for each participant is equal

d) Clear requirements and snapshots are provided to the concerned party

The things that we would like to see changes are:

a) RFP concept is outdated and thus it is time to modernize it and optimize it

b) RFP is not final and decisions may change after agreements are signed, thus, we have to include that scope also

D. Explain in detail the importance of due diligence in vendor selection.

The importance of due diligence in vendor selection is that the activity and the process speed up the sale process and also helps to save a lot of costs and time. The elimination of the due diligence work by multiple buyers is reduced considerably and thus provides great confidence in the facts and Numbers that have been verified by the accountants and lawyers, and such information is presented to the potential buyers. It reduces the work as all required information to reveal is revealed at once to potential buyers. Also, confidential information shared in reduced to the buyers to maintain competency.