If you’re in the market for services procurement software, you certainly have your choice of options. The competition is fierce, and shopping around may feel a bit intense at times with the barrage of information, not unlike standing in the middle of Times Square during tourist season. The best approach to cutting through all the noise is making sure you understand fundamentally what you need in a technology solution.
Do Brush Up On Your Terminology
Every industry has its own brand of alphabet soup, and this one is no difference. If you’re serious about software, make sure you understand what it means when people talk about VMS, MSP, ERP, SaaS, and SOW, just to name a few. If you think that a VMS includes what’s normally part of an MSP, you’ll run into trouble, and vice versa. Likewise, you might think you need a vendor-neutral configuration, but all you really want is greater vendor visibility.
Don’t Underestimate the Complexity of Your Business Rules
Big businesses have big needs. When you’re shopping for a VMS, make sure you know just how much the VMS will need to accommodate so you aren’t left with half your requirements unmet. Make sure you understand approval chains and other workflows so you can find out what the VMS will deliver with and without costly customization.
Do Think Globally
When you think about what you need in a VMS, don’t forget to take the big picture into account. Maybe you’re just thinking about your domestic spend management, but if you have plans down the road to manage your global SOW spend, make sure you address those plans during your inquiries. Find out how well the VMS can scale, what its global capabilities are and the level of global implementation experience the organization has to account for various regional, legal and cultural differences.
Don’t Get Stuck on Cost Savings
We’re not saying don’t think about cost savings at all. Cost savings are great. Who doesn’t love savings? Just don’t forget about a number of other benefits that will translate indirectly into greater revenue. Inquire about the ways a VMS can help mitigate risk, for example. Can it help you to properly classify workers and avoid potential fines? Can it help identify lost revenue from poor-performing suppliers? Can it help you track your service level agreements?