Podcast ¦ Arum: How to ensure successful collections system demo days

Key Takeaways

1. Allocate sufficient time for demo days, ideally dedicating a full day per vendor to ensure thorough evaluation.

2. Preparation is critical; develop detailed scenarios that reflect actual business processes and pain points to guide demonstrations.

3. Insist on live demonstrations rather than pre-recorded sessions to assess a system’s real capabilities.

4. Establish a scoring framework in advance to ensure consistent evaluation across different stakeholders.

5. Engage with the actual implementation team during the demo to assess their expertise and cultural fit.

6. Do not overlook non-functional requirements such as performance, scalability, and data security.

7. Involve frontline users in the demo process to gain practical insights and foster buy-in for system adoption.

8. Keep the business case at the forefront; ensure the system aligns with strategic objectives like cost reduction and improved customer experience.

9. Challenge vendors to provide real-world examples of the system’s business benefits and implementation success.

10. Ensure that all stakeholders have a shared understanding of demonstration objectives for a comprehensive assessment.

11. Document scores and feedback immediately after each demo to capture fresh insights and opinions.

12. Seek independent advisory support to enhance the demo process and drive better decision-making in system selection.

Key Statistics

• Over 35 system selection programs supported across 20+ countries.

• Engagement with more than 30 collections and recoveries platform vendors.

Key Discussion Points

1. The common pitfalls of cramming multiple vendor demos into a short time frame.

2. The necessity of preparing demonstration scenarios that reflect real-world challenges.

3. The importance of insisting on live demonstrations to assess actual system performance.

4. The need for a clear scoring framework to align stakeholder evaluations.

5. The impact of having the real implementation team participate in demos.

6. The significance of considering non-functional requirements during the selection process.

7. The benefits of involving frontline agents in the evaluation to identify usability issues.

8. The role of the demo in confirming the system’s alignment with the business case.

9. The value of seeking proof of past client successes as part of vendor presentations.

10. The importance of immediate feedback documentation to enhance decision-making accuracy.

11. The necessity of engaging IT and InfoSec teams for technical scrutiny during demos.

12. The unique value proposition of independent support in system selection.

Podcast Description

The “Aram AI Insights” podcast delves into the intricacies of the collections and recoveries landscape, providing expert insights and practical guidance for organizations in the financial services sector. Each episode explores essential topics, such as technology procurement, effective demo strategies, and best practices in the sector, ensuring listeners are equipped with the knowledge to make informed decisions. Hosted by AI, the podcast aims to help leaders navigate their challenges and opportunities with confidence and clarity.