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What is Your Software Buying Process?

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When selecting enterprise software, the process is more important than analysis. Olive can help you choose the right software without bias – while taking the pain out of the process required to make the right decision.

Companies are in a hurry to choose the right software, often resulting in a less than ideal match. Providing adequate due diligence is lengthy, costly and often does not meet the varying needs of the business. Purchasing the wrong software can lead to creating unnecessary challenges that generate more pain for the company. The process is often avoided, resulting in expensive, unnecessary software being purchased and left unused. Unfortunately, by the time it’s clear that the wrong choice has been made, contracts have been signed, and it’s too late to back out.

How do you do your due diligence to ensure the vendors reviewed are suitable for your business needs?

Using process eliminates bias when selecting enterprise software

Process is paramount! The process involved in selecting enterprise software is the best way to ensure you are making the right decision for your business, eliminating any cognitive bias in the selection process, so that you make the right choice based on your company’s needs.

What does good process look like when evaluating software vendors?

Simply put, it’s one that relies on data, meets the needs of your business, and includes the input of various stakeholders who will use it. Following this best practice will reduce or eliminate bias. The selection process should be fully transparent, especially for any community funded purchases.

‍A best practice software buying process contains four essential phases:

1) Establishing Requirements

This makes sure all requirements are collected and rated based on company wide needs. It is determined by asking users about their pain points, leveraging stored requirements libraries or other documents like past RFPs, or even reverse engineering concepts from the features of potential products. Once these requirements are collected, they should be ranked in importance for the business to create a unique requirements profile.

2) Shortlisting vendors

A short list of vendors who meet the project’s basic requirements is gathered, based on how well they meet the established requirements.

3) Software evaluation

Next, this internal work is either compiled and vendors are engaged formally either through an RFP or RFI process, to respond. These responses should be collected, measured, and ranked against the organization’s needs.

4) Software selection

At this point, it’s wise to try out a few product demos. The purpose of trying out a few products at this point is to confirm your analysis – not make it!

Dated Waterfall Software Evaluattions vs Agile Evaluations

Traditionally, this process has been lengthy, and often organizations cut corners to meet tight deadlines, or react to internal and external pressures. Typically, vendors are shortlisted by googling solutions, asking peers, and using review sites. These are all biased methods and are more likely to result in the wrong fit.

At Olive, we know the painful process of buying and selling software, and so we decided to change it! We believe in the process required to drive due diligence and we have simplified it to allow you to only give consideration to vendors that meet your needs. Olive is a software platform that’s efficient and free of bias, revolutionizing the process of buying and selling technology.

No More Googling RFP templates!

With Olive, you save time, reduce the effort and cost associated with software evaluations!

Whether it’s HR, CPC, ERP, LMS, or any other type of software, Olive has you covered!

Olive delivers the perfect technology match, every time. By extending transparency into working with solution providers, we connect sellers to buyers based on the buyer’s needs. Whatever the technology, Olive helps determine the best fit based on unbiased data. Olive is the only evaluation platform that does not charge vendors to participate, so you can be positive that you’ve made the best decision, free from bias.‍

Acknowledgments
Part of the information in this article comes from Chris Doig of CIO.com: Using process to eliminate bias when selecting enterprise software

 

Requirements Gathering, Strategic Sourcing, The Software Selection Process
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