Leveraging Gartner Magic Quadrant For Source-To-Pay Software
Magic Quadrant For Procure-To-Pay Suit is
C-Suite executives tasked with selecting Source-to-Pay solution might feel lost in the expansive marketplace of vendor offerings. But there is help at hand the Gartner Magic Quadrant can be utilized as an effective tool in the deciding the right source-to-pay software.
The Gartner Magic Quadrant (MQ) is powerful research tool used to objectively measure the relative strengths of products and vendors. In the MQ analytical methodology, vendors are plotted in relation to their Ability to Execute and Completeness of Vision. Ability to Execute measures the extent to which product will satisfy key business requirements for users; Completeness of Vision measures the vendor?s ability to anticipate the changing business needs of its buyer base. Additionally, solutions are placed into four categories Leaders, Challengers, Visionaries and Niche Players.
Using the MQ makes shortlisting Source-to-Pay solutions easier since company is able to evaluate various vendor offerings based on their performances within the research. To get started, the following steps should be followed:
Step 1: Identify Necessary Features Functionality
The first step of utilizing the Magic Quadrant to select Source-to-Pay software is to identify desired features and functionality. It is important to create comprehensive set of criteria in order to effectively evaluate vendor solutions.
It is wise to seek feedback from stakeholders across the organization to determine core needs from the solution after all, different departments leverage different features and tools. Addressing all necessary features and functionality is essential to reaching an optimum decision.
Step 2: Conduct Initial Screening
Once the features and functionality have been narrowed down, it is time for an initial vendor screening. Gartner?s research helps in this phase too, as organizations can use the Vendor?s Grid comprised of current offerings to see what products satisfy the criteria.
This grid can be filtered further based on attributes such as total cost of ownership, scalability, total IT expenditure and more to ensure that only solutions that meet the organizations specific needs are identified.
Step 3: Utilize Gartner?s Magic Quadrant
The Magic Quadrant is to be used to gain better understanding of the vendors who have been identified. Examining the MQ gives organizations more detailed view of the various capabilities and limitations of Source-to-Pay solutions.
Be sure to undertake deeper research into potential solution as each solution’s strengths may differ from buyer to buyer, even if the vendor is in the Leaders quadrant. In order to fully understand the business capabilities offered by vendor, it is important to evaluate actual client cases and reviews.
Step 4: Compare Shortlist
Now that organizations have comprehensive list of Source-to-Pay vendors and their functions, it is important to compare the solutions available and to create shortlist of potential solutions.
To do this, create an evaluation grid with all desired capabilities and evaluate vendors according to their prowess in those areas. Taking an additional step and interviewing vendors on the shortlist can help ensure that the right solution is finally chosen.
Step 5: Implement
Once Source-to-Pay solution has been chosen, the final step is actually implementing it. Organizations should leverage the vendor?s user guide and support options to assist in product deployment and familiarization.
Most vendors provide these resources to ensure that their product is implemented properly and sensibly, but organizations should take the time to become well versed in the user manual and help options.
Leveraging the Magic Quadrant to determine Source-to-Pay solution is worthwhile process for C-Suite executives looking to select solution. By following the five steps outlined above, organizations can narrow down the extensive vendor offerings and successfully choose the one that fits their needs.
