In my career, I have had several opportunities to be involved in a system implementation in various stages and capacities. As an end user and subject matter expert, I help guide the implementation team to make sure the software worked how the business needed it to work. In one role, I came in several years post-implementation and helped the company leverage the software (either through enhancements, customizations or business process changes). Most recently, I have been in a position where I would field calls from potential vendors touting the latest and greatest applications. And those calls coincided with the business shareholders debating whether they wanted to switch.
In the first two cases, in addition to doing the work, we had the additional responsibility of complaining about why we chose the particular software package that we selected. In the last one, the challenge was getting to the root cause of the shareholders’ desire to change platforms.
If you’re in a position to select or change financial software packages, consider the following questions before taking the plunge:
What are the must-have features?
Know what you need the software to do. What business functions need to be handled. Is this functionality native to the application or will it have to be developed? A lot of applications list their big selling features in their marketing material. But are those really what you need?
Can the software do a demo with my company´s data?
It is very easy to be impressed by an online demo of a software done by a sales expert but more than just looking at a general demo, you should see how that technology fits your unique business needs. If the software is not able to provide a good look at your own data because it needs months to customize, that might be a cause for you to worry as it will signal a long and complex implementation ahead.
How is this system better than its competitors?
It’s unlikely that a software salesperson will outright bash a competing product. It is up to you to dive deep into the product offerings to understand what sets each one apart.
Does our current IT infrastructure support the product? Alternatively, does the product integrate with our existing infrastructure?
It’s rare that an organization has one application that handles every facet of the operation. The question to ask is, “Can this new application integrate with our existing programs?” Beyond software integration and compatibility, know whether or not your hardware is sufficient to handle the new platform.
Can I get in touch with other users who successfully rolled out the same system?
Talk to at least two other customers, preferably in the same industry, to understand how well the software worked for them.
What is the estimated training time frame?
The people selling the software are (or should be) experts with the application. So they are able to navigate through a demo with ease, selecting the appropriate menus and clicking on the right buttons. How long will it take for your staff to learn the product? What is the documentation and support system like? Is there a resource that can be called on for guidance, and for how long post-implementation?
Productivity will decline in the initial stage after go-live regardless of which software is selected. How much down-time can your business reasonably afford and does the software fit within that window?
How many people are needed for the implementation?
Is most of the work done by the vendor? How much input is needed from the various end users? Are there enough IT resources available or will contract labor be required?
What support is available before, during, and after implementation?
Some systems can be very good and feels like a good fit for your business but halfway through it, the entire project just fails. It is not because the software is not capable, it is not because it doesn´t fit your business but simply because the working relationship you have with the providers is not good. It is important that when you have problems or questions, you get the needed support.
For established software providers, what features and enhancements are on their roadmap? Do those fit with your needs?
Additionally, you should consider your company’s future needs. For example, as you grow, you might require additional functionality. Does the current version have it? Will future version add it or continue to support it?
What is the total cost of implementation, and is that cost justified?
The quote you receive will most likely be the software license and maintenance. Before signing on the dotted line, factor the internal implementation costs, additional enhancements, lost productivity, and infrastructure changes. After you get over the sticker shock, quantify as best as you can the benefits. Will the software enable users to be more efficient? Will it reduce transactional errors? If your company triples in size, will your software triple in cost?
Hindsight is always 20/20, especially when financial software implementations are involved. If you’re at the crossroads of making the purchasing decision, consider these ten questions before finalizing the deal. As the saying goes, “An ounce of prevention is worth a pound of cure.”
MEC Financial Partners has vast experience in financial software implementation and can help your company in the selection, decision and integration process. Contact us to learn how we can bring value to your organization.
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