Issue link: https://resources.tangoanalytics.com/i/1465882
Copyright © 2024 Tango. All rights reserved. 8 2024 Lease Buyer's Guide to Lease Administration & Accounting You're trying to ascertain if the software can natively meet a requirement (i.e. out of the box) or if it needs to be enabled through simple or complex configuration and/or customization. As you progress from items 2 to 6, complexity, risk, time and cost go up. Another option is to review them verbally and update your spreadsheet as you go. Once you have reviewed the capabilities of each provider it's time to narrow the playing field to two or three vendors based on how they scored against your requirements. Only now is it time to see a deep- dive demonstration of the software. At this point in your buying journey you've likely seen a brief product demonstration, either on video or performed by a sales representative. The demo at this stage should be more comprehensive with the content being driven by your prioritized requirements—what is commonly called a demo script. Selecting the right vendor is in the eyes of the beholder. You've articulated the organization's goals/ objectives, defined and prioritized your software requirements. The next step requires you to assess vendor fit—which solution best satisfies your requirements, who do you want to do business with and at what price. Broken down into its components, selecting the right vendor requires a clear understanding of solution, company and economic fit. Solution Fit In this stage the first order of business is assessing each software providers' capabilities relative to your prioritized requirements. This is a step that can vary in complexity based on the size of your organization and how software is typically procured. Large, enterprise- class companies likely have a standard process that must be followed, which often includes a formal RFP, product demonstrations and project committees. Smaller organizations can still find the right vendor fit using a more streamlined process that takes less time. To assess specific software capabilities, you'll need to measure it against your requirements. This can be done by sending them directly to the vendor (remember to hide your priorities) and asking them to indicate for each if their software has the capability. This should not be a yes/no answer. You need more information to make the right assessment. Have the vendor answer each item with one of the following: 1. Cannot Satisfy Requirement 2. Out of the Box (set-up required only) 3. Requires Non-Technical Configuration 4. Requires Technical Configuration 5. Requires Customization 6. Requires Third-Party Software Step 3: Vendor Fit Top 5 Reasons Companies Select Lease Administration & Accounting Software 1. Price 2. Compliance with accounting regulations 3. User experience/ease of use 4. Breadth of functionality 5. Respected/reliable brand