INTELLIGENT TECHNOLOGIES, INC’S NEWS & TIPS BLOG
Choosing a Software Vendor: What Makes the Difference?
Laura Schomaker, Marketing Associate
March 29, 2018
In the IT solutions industry, software vendors and resellers are a dime a dozen. As software vendors ourselves, Intelligent Technologies understands this through and through, and it is the reason why we try to stand out as a company that offers tailored solutions to its clients’ needs. But you shouldn’t simply take our word, or any other vendor’s word for granted. Research and comparison are necessary exercises when choosing a software vendor for your business or organization. They key to choosing the right software vendor lies in asking the right questions.
What does your company need?
The very first question that must be asked when searching for a software vendor is actually a question for your own company. The first thing you must know as a CIO or COO before engaging in a business relationship with a software vendor, is exactly what your company needs for its IT infrastructure and operations. The best way to start is to make a list of what is really necessary and what is ideally wanted; what you would like for the company isn’t always the best option financially, and sometimes what you think your company needs doesn’t cover the basics at all.
Survey what the end user’s biggest challenges are when working and what the managers and directors of your company’s different teams most need from their software. Does your sales team need to revamp their CRM? Is your finance team running into delays because certain information isn’t readily available when they need it? What are your team’s usual complaints about their tools and applications? All these questions will lead you to determine what is most needed in your company from IT. Once you have determined the needs, must-haves, and wants, you can seek a software vendor that will cater to your specific requirements.
Where do I find potential vendors?
With all requirements listed, it’s time to shop around for potential vendors. While many companies will choose to simply purchase a product, as a CIO or COO you will want to act on the needs you surveyed and identified. To address these needs accurately, you will need a provider that offers custom development and solutions. If you already have a vendor in mind, it’s important to ask for references that are similar in both industry and size in comparison to your own company. Finding positive references within the same industry will let you determine they understand the subject matter in depth, and finding positive references that are of similar size will let you know they can handle the workload; going for the company that regularly handles corporate enterprise may not be the best option for a medium-sized business as they may not be able to scale down efficiently.
If you haven’t found a possible vendor yet, using business networks such as LinkedIn or a domain expert forum can lead you to the right place. LinkedIn can be especially effective since it is designed to get business in touch with the experts they need. Industry publications such as articles and blogs can also lead you to great candidates for your software vendor.
Picking the Right One
So, you have a list of software vendors that work with your industry and with companies of similar size. Which of these is the right fit? While there are many intangibles present, you’ll want to add weight to things like certifications and awards as well as customer testimonials. How a vendor charges is important, as well as searching for hidden fees in the packages they offer. They way business contracts are setup is important as you want to avoid a vendor that wants to “lock” you in to service for an extended period, even if the service isn’t delivering as expected. Avoid working with vendor’s that have stipulations in their contracts that may hold your data hostage and require you to pay large fees to recover it in case the relationship between the companies reaches a point of schism.
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I believe managing customer expectations is vitally important in B2B and B2C transactions. For technology companies over the last 25 years the trend to Software as a Service has made customer satisfaction a necessity. Prior to SaaS if customers paid large sums up front to purchase and implement software, they were “off the grid for other vendors for years. With salesforce.com leading the way many transactions today require minimal up front costs as implementations have become activations. Paying is a monthly fee for technology use makes it much easier to change vendors without having to write off purchases and fund new ones. Churn is a huge concern for vendors. Part of managing expectations in my mind should be monitoring results. I encourage vendors to help customers select metrics to measure on an ongoing basis. Establishing baselines (where customers are pre-installation) and monitoring improvement on a quarterly basis allows issues to be identified and addressed but improvement of metrics provided the basis for customer success stories that can be shared with prospects to generate interest and also be helpful in quantifying what types of improvement can be realized. If and when potential renewals come up sellers can summarize benefits realized and likely improve renewal rates.
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