Once you have identified the areas where your procure to pay processes need automation, you are ready to start examining the capabilities that are available in the marketplace. Engaging with vendors can be exciting but it can also be overwhelming. While most of the major vendors offer the same core functionality all solution providers are not alike. As a leader in your organization you must find the solution provider that not only delivers the most value but also the provider that is the best long term fit. Here are 5 things to avoid when selecting a procure to pay solution provider.
Avoid a vendor who does not meet your basic needs
In addition to the core functionality that the software offers there are also additional features that software may include. It is important to be able to discern the features you need and the features that are nice to have. Do not be distracted by the features that don't meet the needs of your organization. Avoid selecting a vendor who doesn't meet your needs. This can result in a longer implementation timeline and delay the value that you expect to receive from your solution.
Avoid a vendor who does not provide thought leadership or present best practices
A vendor can be experienced either in your sector of the market or they can be experienced in implementing their own software across a lot of clients who are not like you. While there are learnings that can be shared across industries, a vendor must effectively demonstrate that they not only have the ability to understand your needs but they can advise you on how your specific requirements are typically handled. Avoid a vendor who can't guide you to implement the best method for your organization.
Avoid a vendor who does not deliver value
Ultimately if you have invested in a solution the solution should meet the majority of your needs. A solution provides value if there are measurable, visible cost savings and process efficiency. Avoid a solution that still allows you to have duplicate processes - processing outside the system and inside the system.
Avoid a vendor who does not support you after go live
Going live with your procure to pay solution is only the beginning of your journey. It is imperative to have a vendor who partners with you for the rest of the ride. As a partner a vendor ensures that the solution that you have implemented still meets the goals that you have set for your organization. Over time your goals may change and your solution provider works with you to ensure that the solution meets your goals.
Avoid a vendor with whom you cannot grow
Initially it may be hard to determine if you are able to grow with a solution provider. However, scalability is evident when a provider demonstrates that they consistently provide features and functionality that are dictated by their customers' needs. As an organization if you are expecting to expand or grow in certain areas then consult with your solution provider to understand how the software supports these new endeavors. You want to avoid having to reinvest in a new solution in the near term.
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