So, you have been tasked with finding a Budgeting, Planning, Forecasting or Reporting solution. This is an exciting opportunity for you to shine but there are a few steps in the process that you must accomplish. Below we spell out the steps and success criteria to running an effective Business Analytics software selection process.
- Define your goals and how you will measure success
- Document the Current Processes identifying bottlenecks
- Clearly articulate the requirements and prioritize
- Begin to create a Project time line with decision dates, go live dates…
- Define the scope of phase one considering available resources, budget, and timing
- Define a core team of employees to be involved in the decision process
- Get an executive sponsor that will sign off on critical steps
- Find out the internal process for approval/budget for the project, identifying any approvals necessary.
- Identify potential vendors
- Find a good reseller, they can save you money and oftentimes know more about the software than the manufacture. See blog on this topic https://www.lodestarsolutions.com/lodestar/?p=523
- Issue a document with requirements and goals instead of a time consuming RFP
- Attend demonstrations after communicating requirements
- Discuss Implementation Methodology with the Vendors/Resellers
- Call references
- Prove/Confirm that the system will work for you
- Determine your list of top two vendors, remember you want to consider software and the services team
- Schedule a scoping call with the preferred vendor so they can give you a realistic implementation quote
- Request a quote that includes licenses fees, implementation, training, support, and hardware
- Negotiate the price and the contracts
- Get the final approvals internally
So if you're interested in learning about the correct way to run a Business Analytics software selection process, contact us at Sales@LodestarSolutions.com.