Issue link: https://resources.tangoanalytics.com/i/1465882
Copyright © 2024 Tango. All rights reserved. 9 2024 Lease Buyer's Guide to Lease Administration & Accounting To be clear, a demo script should not contain all requirements, only the critical ones. Additionally, your demo script should be laid out in a way that requires the software vendor to show you how a user would perform specific activities in the system as part of their typical job or workday. Looking at requirements in isolation won't give you a sense of what it's like to use it on an everyday basis. To accomplish this, string a set of requirements into a single "demo scenario" that mimics real life business processes—i.e. abstracting a lease, paying rent, researching clauses, generating FASB 842 compliant accounting schedules, etc. There are two ways to go here—you can verbally walk vendors through the script or send it to them in advance so they are prepared. Company Fit The highest-ranking vendor after the Solution Fit process is not necessarily the right choice. Before selecting a vendor, you need to move beyond the software's features and functions and into company fit —which provider best aligns with your culture and who do you trust will be the better partner to help achieve your goals and objectives? Answering the company fit question varies by organization. What's important is that you feel comfortable working with the software provider. You want someone you trust, who will be there during the good and bad, because there may be plenty of both. The real litmus test is a partner who accepts responsibility, is responsive, practical and has a win- win attitude. Again, each company is unique, but here is a starting point for questions you'll want to get answered in order to assess company fit with a vendor: ظ How long has the company been around? ظ Do they understand our business and what we're trying to accomplish? ظ Do they seem to sincerely want us as a customer? ظ What other companies are using their software? ظ Are they financially stable? ظ Has the vendor been engaged throughout the process? ظ How quickly can we be onboarded and up and running? ظ How does support work? ظ Do our cultures align? Economic Fit The last piece of the software selection puzzle is economic fit—namely what is the total cost of ownership of the various finalists, and where does each fall relative to your budget. Total cost of ownership, or TCO, is an important concept that must be front and center in your decision-making so that there are no costly surprises later. Many people believe TCO is just the licensing cost of the software, but that's only part of the equation. Other costs that need to be included relate to implementation/onboarding, training and ongoing upgrades to the software. License Fees Almost all software providers have shifted to a subscription-based licensing model, where you pay a fee every month or on an annual basis. The days of the "perpetual license", where you pay a large upfront sum and an ongoing "maintenance fee" are, for the most part, gone. The key to pricing is simplicity. The way you are charged should make sense and logically scale with