Purchasing System Software Solution: Executives Guide
PURCHASING SYSTEM SOFTWARE
For finance executives seeking an effective way to streamline their source-to-pay process, the task can be daunting. Navigating the multitude of vendors and product offerings can be difficult and time consuming. This guide will provide an overview of what executives should be looking for in source-to-pay system software solution, ensuring that their process is not only efficient, but highly effective.
The first step to selecting the ideal purchasing system software solution is to assess the goals for the project by reviewing the current source-to-pay process. Executives should identify the areas of inefficiency and decide the criteria for successful solution. Each companies criteria will depend on their specific needs; however, some key considerations include the software?s ability to support both strategic and transactional sourcing, compliance security, and comprehensive payment capabilities.
After selecting criteria, the companieshould create comprehensive list of potential vendors, which of course can be challenge. Executives can start the research process by reading recently published reports, such as Gartner?s Magic Quadrants, and using referrals from colleagues.
Once the research is complete, it is time to begin assessing the vendors? solutions. Requesting product demonstration is important, as it will help the company to intuitionally understand the user experience of the solution. Additionally, executives should request list of the product?s features and timeline for product roadmap.
Next, it is important to ensure that the desired functions are included at an affordable price. Executives should compare the different vendors? total cost of ownership, from license to implementation fees, as well as the costs to maintain the system once it has been implemented.
Executives should also consider future growth requirements. As their company expands, scaleability is an important factor to consider. Many software solutions provide the ability to grow alongside company, so executives should ensure that the vendor?s software meets those needs.
Once these various criteria have been considered, the executive can make an educated decision that best fits their companies current and future needs. Executives should also continuously review their system and vendor to ensure the security and success of their source-to-pay process. An ongoing assessment of the companies current process and market research will help the executive to make sure the organization is making best use of their available resources.
