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Selection guide

Business Objectives

Buying a new system, implementing it and training your staff is a time-consuming and expensive process. Do not start until you have a clear idea of the business objectives and what processes you want to improve.

Write them down and discuss with stake-holders, the more senior the better, so include VP’s or even the CEO where possible. Solicit their input on the value of objectives that are not directly quantifiable. For example, if the VP says that halving the turn-around time for contract renewals will so improve custom satisfaction that it will increase sales by 10%, that is a metric that you can build into your ROI analysis.

Contract Software ROI

The key is to base your Contract Software ROI calculations on hard numbers, or the estimates of senior executives, not on your own beliefs. The system may help to:

Once you have decided which processes are most critical, how they should work and the value attached to their improvement, you are ready to put together an RFP that describes what business processes your need the system to support.

Your goal is to find the system that can fully implement the business processes you have identified as most critical at a reasonable cost. Every vendor claims that their system will increase reduce costs, etc, so it is only by nailing down the details that you will find their limitations.

For example, rather than saying «The Contract Management system must assign tasks automatically», you might specify «When a new contract is proposed, it must be assigned to the team for that class of issue or time-zone automatically; the assignee should receive an immediate notification email with a link to view/edit the contract; this email and link should be accessible from their smart-phone; if the assignee does not update the record within 2 working days, it should be re-assigned to their manager... »

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