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Choosing the right finance system in 2017 - part 2

9th Jan 2017
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In the previous article I explained the importance of establishing the need for a financial management system and tips for successful tendering - involving creating a ‘request for information document. The next stage is to identify software providers and compile a shortlist of vendors, consider both – software authors and software resellers. However, bear in mind that software resellers typically sell different solutions and don’t always have the same flexibility as software authors - particularly around specific commercial needs. 

Don’t be afraid to scratch beneath the surface when researching your shortlist; consider areas such as sector knowledge, software update history and plans, company profitability, quality of support and quality of user base. Give vendors a reasonable time to complete your RFI and to get a comprehensive submission, engage with them - so they’re in sync with the provisions for your new financial management system.

Evaluation & completion
Get your shortlist down to three to five vendors for the next stage of the process. After initial demonstrations, evaluate each provider and cut your shortlist to the final two. The next stage should focus on specific organisational requirements. Provide them with business scenarios typical to your organisation, and give the vendors a final opportunity to showcase their software in more detail.

Final presentations should provide a detailed look at how each system responds to the proposed scenarios, by this point; you should have a good idea which vendor is the best fit for your organisation. Contact at least two reference sites from each provider so you can gauge implementation experiences, support responsiveness and general feedback of the system benefits. Upon completion of your detailed selection process and you’ve chosen your new financial management system provider, commercial negotiation and contracts which should be reviewed before signing up.

Implementation planning
Selecting the right financial management system and partner for your business is only part of your challenge, the next step is ensuring that your new solution is implemented on time, on budget and delivered to benefit your organisation. I recommend that you form a project team to ensure a seamless implementation and transition to a new system, typical roles that should be considered are:

Project Manager - someone with a track record of delivering projects or who has experience in systems implementation. They must be highly detailed, organised, results orientated,  proficient with systems and good with people.

Senior Business User –  someone who knows the business, is an advocate for change and possesses comprehensive knowledge of either a specific aspect of the business or general all round knowledge.

Senior Technical User – someone who is quality orientated, open minded, aware of the needs of the business and processes and able to support the project through delivery.

Senior Department Users – someone who has a good handle on departmental requirements throughout the organisation and appreciates the ‘big picture’.

And finally

After pre-implementation planning is finalised and your system is designed and built, you will need to undergo user training and acceptance testing prior to going live. Be thorough and encourage users to put forward any issues or requests, this is the time to iron out any kinks in the system, before migrating your data to the new system and going live. A short time after going live, it’s recommended that you conduct a post implementation review to identify and action any final teething issues with the system - as well as devise future plans for the software.  

by Will Jordan, PS Financials Ltd

www.psfinancials.com 

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