The main advantage of a single contract for all your Compliance needs is that, by dealing with one organisation, co-ordination will be better, administration will be reduced or simplified, there will be fewer people involved, and financial recording of charges and income will be simpler.
Sadly, there are still a great many legacy systems out there that weren’t built using common underlying software architectures or principles supporting the notion of ‘Just One API’, ‘Just One Invoice’ and ‘Just One Contract’ for Compliance supplier management.
With multiple system integrations from a multiple compliance vendor approach, there is a wide tranche of details to deal with.
Very few clients will be able to integrate everything into a single cohesive whole; at least, not without great cost.
With a single supplier, at least there is only one closed set of details to fuss over.
In a multi-vendor implementation, you’ll have a lot of different vendors with whom to negotiate contracts, and not every contract is going to run the same length and/or will be renewed at the same time, if at all.
In a multi-vendor implementation, you may be using singular services from each vendor.
You may therefore be getting upgrades more often which in turn, cause no end of subsequent re-integration problems.
For a single compliance supplier implementation, you’ll probably see major updates to single vendor solutions much more infrequently.
The updates and upgrades will likely be much more comprehensive.
In a multi-vendor implementation, you and your staff will likely need more training overall, but you’ll likely get less training since your purchase will represent a smaller order for the singular vendor.
For a single compliance supplier implementation, you and your staff will likely need less training overall, but you’ll likely get more training sessions from the vendor.
You may also have the chance to play more of a part in the onward development of new product.
If you don’t get a single contract for the plethora of Compliance services needed in the modern enterprise, please let us know via email@example.com and we’ll be happy to talk through a solution with you.