Enterprise SaaS is a long-term relationship. Before signing, it is worth understanding who you are partnering with.
In this video, Will Trepp, Co-Founder and COO of Rockport, and Kent Waltman, Chief Administrative Officer, discuss what firms should consider before committing to an enterprise platform. Most institutions do not replace core systems often. Once a platform is in place, it typically stays because switching is costly and disruptive.
They explain why the company behind the software matters as much as the product itself. For some firms, lower-cost options may work. For others, the decision comes down to track record, stability, and whether the provider can handle change as the business evolves.
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You want to pay the price that's appropriate for your quality institution. So, our view is that it's good to have different priced software in the market. You know, you should have those tierings of software that you can buy, and for some firms, a lower price, lower quality service is good. The company behind it is more important in my opinion than the suite of functionality, you know, the number of clicks it takes to do a certain action. Look at the company behind it because it is going to be a long-term relationship.
Our clients don't want to switch enterprise platforms annually. It's too expensive. It's too difficult. And so, when you're getting a long-term relationship in place, you got to make sure you understand who that is, who the counterparty is. And the best way to do that is just to look at their track record. No, a hundred percent. I always say that SaaS systems, enterprise systems are sort of like marriages. And I remember when I was getting married, the advice I got is you're getting married now, but you're getting married for the next sixty years.
So, you need to be comfortable with how the person's going to change over time and that you're marrying that future change, not necessarily exactly where each of you are at the very moment where you buy. And I think a lot of buyers make that mistake with SaaS. And you're laying the groundwork for future innovation and changes that are going to be required as your business processes change, is inevitable. The pace of change is rapid. And so those business processes are going to change.
Are you working with people that you trust have the experience and track record that demonstrates they're willing to change, but they're also capable of managing that change? And so, I think it's critically important that customers dig into those aspects of the business before they make that decision.