DENVER, Aug. 20, 2015 /PRNewswire/ -- SelectHubTM, a cloud-based software platform for technology selection management and sourcing, today announced a new relationship with PBF Energy, one of the largest independent refiners and suppliers of petroleum products. SelectHub's platform allows company stakeholders to collaborate internally and interact with vendors across all phases of IT requirements gathering, vendor selection and acquisition. The platform enables the adoption of a standardized evaluation process that increases stakeholder participation and success rates of technology investments.
"New technologies are moving the world of business forward at rates that are faster than ever. For IT departments, it's even more important to deliver new products and services that are as dependable as they are innovative," said Richard Loew, Chief Information Officer at PBF Energy. "With SelectHub our IT team can secure higher business stakeholder participation faster, and provide a more transparent and disciplined process for investing in the right technology. It makes IT a better business partner for the rest of the company."
Loew joins a growing list of high profile CIOs who have moved to the "lean," scientific approach of TSM as a way to reduce costs and improve the speed at which IT delivers value to their organizations. Other SelectHub customers include Hunter Douglas, Advanced Energy, QEP Resources and the State of Colorado.
The "open secret" in the IT industry is that billions of dollars are wasted each year due to ineffective technology selection and archaic purchasing practices. A recent report by the Standish Group reviews major software project success rates over a 10-year period citing successful software implementation rates to be a mere 6 percent, whereas 52 percent are deemed to be challenged with time and/or cost overruns, and 42 percent are considered outright failures.
"Companies often end up purchasing technology that they later find isn't a good fit because of functional limitations, prohibitive customization, maintenance, or performance and scalability issues – however most of these are symptoms with the root cause being lack of effective stakeholder participation and alignment throughout the selection process. Ultimately, the fingers end up pointing at the IT department," said SelectHub CEO Venkat Devraj. "SelectHub is proud to be helping our customers remove the guess work and make the IT procurement process collaborative and agile without compromising on governance standards established by IT and Purchasing departments within the organization."
SelectHub is a cloud-based "Technology Selection Management" platform that streamlines the IT procurement process across organizations, and offers a comprehensive set of evaluation stages all the way from requirements gathering to vendor shortlisting, demos, RFI/RFP and contract negotiation. IT, Sourcing and Procurement personnel can subscribe to the platform for evaluating, selecting and purchasing various IT products and services including hardware, software, IT services, telephony and telecom solutions. The Denver, Colorado based company is founded by a team of successful, repeat entrepreneurs and is privately funded. SelectHub can be contacted at 877-692-2896 or [email protected], or by visiting www.selecthub.com or @selecthub on Twitter.
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