Home buying is an activity that many people will contemplate at least once over the course of their lives. Most people today wouldn’t think of buying a house without a realtor and for good reason. Having an expert can help you avoid pitfalls and identify opportunities that many people can’t do on their own. When companies begin to look at new a new finance system, having a system selection advisor on your side can create a lot of the same benefits.
- Getting started – Many first time home buyers have no idea where to start. Many times a realtor will sit down with the home buyer and go through a questionnaire. The objective is to understand what they don’t like about their current living situation, and to identify what it is they’re really looking for in a home like a big kitchen or a great school district. A system selection advisor can help companies in a related way. They should help companies identify their pain points, understand what their needs are, and build a set of criteria for evaluating vendors.
- Handling the day to day – Home buying is rarely a quick process. Most people spend days looking a different properties. Most buyers squeeze in home shopping around their day jobs and busy calendars. Similarly, many companies do not have the luxury of dedicating a team of internal resources to a finance system selection project. In the same way a realtor can dedicate time to sifting through listings and coordinating viewings to focus your time on what’s important, an advisor can help companies ensure their resources are brought in for key activities and decisions. This helps to keep the process moving forward, while still allowing internal team members to manage their day to day responsibilities.
- Marketplace knowledge - While the internet has made a lot of information available to both home buyers and companies looking for systems, this has introduced two challenges. First, there are usually an overwhelming amount of homes available, just like there are a multitude of systems available. A realtor, or advisor, can filter out the noise to focus on options that truly are worth the investment of time to evaluate. Second, it’s not always easy to separate the marketing from reality. A good realtor can help homebuyers read between the lines and narrow their focus on options that really meet their needs. A strong advisor will have the experience to help companies know which questions to ask vendors to separate out the information needed to accurately evaluate different products.
- Negotiations – While the final decision and signing on the dotted line is the responsibility of the buyer, your advisor can help you identify ways to increase the value you receive from the system vendor. Much like a realtor can help you know what to ask for in regards to closing costs, inspections, or home warranties, an advisor can help companies think through the negotiation points with their selected vendor. Maybe it’s helping companies think through phasing in functionality in stages rather than buying an entire package upfront, or reviewing the estimating assumptions for implementation. Also, the third party perspective can help both sides work across the table during what can be a stressful process to ensure the partnership starts off on the right foot.
When making an investment either in a new finance system, (or a new home) an advisor can help companies avoid many challenges and seize opportunities in their finance system selection process.