Implementing an upgrade within your finance function represents a major transformation and a a significant departure from the established norms of your finance department. Processes that have been followed for decades will be entirely reimagined. If this project is tackled successfully, you’ll see the benefits for the next decade. Get it wrong, and you’ll wish you’d never even bothered. The stakes could not be higher.
There are a number of significant variables in determining the outcome of the project. Number 1 on that list is who you select as your service provider. They’ll help you set a practical budget, gather the right team, develop a realistic timeline, and create a strong plan for change.
To that end, we’ve assembled the questions we believe to be most important when engaging with prospective suppliers. This is not a sales pitch – on the contrary, we regularly qualify ourselves out of work where we believe the fit isn’t right. Rather this is a practical guide to ensure you make the smartest decision for your circumstances.
#1 Have You Worked with Similar Businesses?
A partner with experience in similar finance departments understands the challenges, systems and goals that are specific to your area. They’ll speak your language and know your needs. This can make communication smoother and lead to solutions that fit right into your existing workflows and technologies, making the upgrade process quicker and more efficient.
#2 What’s Your Discovery Process?
Even if a partner knows your sector, they need a significant discovery process if they are to appreciate the subtleties and eccentricities unique to your organisation. They must dig deep into your operations and legacy systems, as well as gain insight into the team culture and stakeholder dynamics. This helps in tailoring solutions that are truly in sync with the department’s needs.
#3 Can We Get a Demo of the Software?
Too many providers will over-hype their technology in the sales process, and fail to explain how it will integrate specifically with your systems.
A live demo helps you not only see the software in action, but also to understand how it will meets your department’s needs and objectives. It should gives insights into how the tool can be integrated into your processes, and if it creates more concern than reassurance, it may be time to think again.
#4 What project management methodology do you work with?
There are huge variations in how service providers work. There is no right or wrong, but you do need to be confident their approach will be compatible with the culture within your organisation.
A clearly defined project management style ensures everyone on your team knows what to expect day to day. It helps your team get prepare for the engagement and minimises the friction so common in the early stages of any transformation project.
Remember, the goal is to improve your finance department’s system capabilities, not merely to introduce new technology for the sake of it. Therefore finding a partner who understands your needs and can clearly demonstrate their how approach fits perfectly with your circumstances, is critical if the project is to fulfill its commercial and strategic potential.
