Opinion | Good time to buy
Monday, 16 September 2024
Purses might be tied across vast parts of the economy, but we would like to argue that these are great times to buy. As software companies struggle to sign new logos and consulting companies hand out redundancy packages in droves, these are good times to negotiate a good deal.
In our enterprise performance management domain, we facilitate the selection of and negotiation with software vendors and ensure a great deal for our clients. What constitutes a 'great deal' has recently shifted significantly in favour of the buyer. Discounts are an obvious lever, but our team has successfully positioned more creative options favourably impacting our clients' cash flow and implementation risks.
With everything being cyclical, we don't expect these opportunities to stay. If you suffer from process inefficiencies, spend too much time looking back instead of forward, go through largely manual planning and close processes, and can afford to 'buy out of cycle', now is a great time to invest in your enterprise performance management solutions.
Here is how we would go about it:
- Speak to an implementation partner of multiple EPM vendors. We work with Board, Jedox, and Oracle and would, in most cases, lean one way or another after a one-hour conversation with your team. Most leading EPM vendors will likely meet your needs, but their subtle differences influence the overall fit with your existing technology footprint and future roadmap.
- Collate some rough licencing and implementation estimates. Add internal costs and confirm that your business case stacks up nicely.
- If your policies allow, avoid compiling RFIs and RFPs. Unless your requirements are truly unique, all leading vendors will confirm that they meet your criteria, and you will gain minimal insights into which way to lean. Spend the cost savings on the solution instead.
- Have your implementation partner arrange a demo of their recommended software vendor. Get them to prove the most intricate part of your planning or reporting process. Ask the vendor to show and explain how something was done to get a feel for ease of use.
- Have second software vendor up your sleeve. Negotiate the timing of the contract, start date and term of licence agreement, and annual uplift percentages. Also, consider whether you require a bespoke POC to demonstrate the preferred software vendor's and implementation partner's capability to your wider team before signing on the dotted line.
- Move forward with confidence; invest in your in-house team; drive lasting change and success.
The above approach may seem biased toward the value-add of implementation partners, but it certainly paves the shortest and most cost-effective path to modern performance management practices.
If you are under pressure to deliver productivity improvements in your planning & reporting processes (faster, better, predictive, automated, connected...), please contact us today and take advantage of a currently subdued market. We are a proven pair of hands for your transformation journey.
