The Vendor Lock-In Problem
Many technology contracts look affordable until you try to leave. Watch for: proprietary data formats that make export difficult, monthly fees that escalate with usage, support contracts required for basic maintenance, and systems that only the original vendor can modify. These are lock-in traps.
Five Questions to Ask Before You Sign
Can we export all of our data in a standard format at any time? Who owns the code — and can we take it with us if we change vendors? Is the system documented well enough for a different developer to maintain it? What happens if your company closes — is there an escrow arrangement? Can the system be deployed on our own servers?
Price Is Not the Right Starting Point
The cheapest vendor frequently becomes the most expensive over time. Evaluate total cost of ownership: implementation, training, ongoing licensing, data migration if you leave, and the cost of rebuilding when the vendor sunsets the product. The right question is not "what does it cost?" but "what does it cost to own?"
Local vs. Foreign Vendors
A vendor that understands Caribbean regulatory environments, operates in your time zone, and has accountability to local institutions is a different proposition from one selling you a seat on a global platform. Neither is automatically better — but the evaluation criteria are different. Local expertise has compounding value on regulated-industry projects.