Your organization has decided that it’s time to use its existing Microsoft SharePoint platform for more than just document storage. For years, it’s been underused and not as effective as your organization thought it would be when it was initially purchased and installed. Your IT team has grown frustrated with trying to build and configure it because they’ve never gotten it to work quite the way your human resources, legal and EHS departments have wanted it.
As a result, you’ve been tasked with researching and evaluating SharePoint-based Policy Management Software or contract management software. What are the common misconceptions, pitfalls and myths when it comes to selecting a vendor?
“I should partner with the largest, most well-known vendor because I’m sure that’s what every other organization is doing and that’s what will look impressive to upper management.”
Just because the vendor looks or is the largest, doesn’t mean it offers the highest quality product. Sometimes, a vendor experienced early success, but then hasn’t continued to reinvest in its technology or provide product updates. Other times, a vendor will offer regular product updates, but they’re band-aiding or patching over outdated technology, instead of releasing a completely new version. Look for a partner who is committed to staying on the cutting-edge of technology and in the compliance industry. Ask how often the vendor releases product updates and new versions of software.
“I should choose the lowest quote price.”
The lowest priced software rarely ends up being the cheapest. Often, a vendor will add on other costs later for deployment, ongoing training and support, and product updates. Be sure to ask for an itemized quote and if there are any other potential or future costs not included on the initial quote.
“I don’t want to work with someone who is working with my competitors.”
Whether your processes are completely opposite or totally mirror your competitors’ processes, you want to work with a vendor whose software is flexible and scalable enough to support and improve your current processes. Choose a vendor who partners with organizations of all sizes from all industries and who gleans industry best practices from all of its clients — it’ll only serve to benefit your team and your processes in the end.
“I’m going to make my selection by whatever vendor has the best looking website and best looking sales presentation.”
Don’t get caught up in the marketing and sales, and don’t assume that just because the website, data sheet and other sales materials are sleek and clean, the software will be, too. Be sure to see a live demo of the product, and make sure an IT person from your organization sees it, too. Carefully review the product specifications, consult with the team members who will be using the software on a daily basis, and ask for customer references.
“Once I choose the right vendor, all of my policy and contract processes will be perfect — all of our current hiccups, delays, bottlenecks and issues will instantly disappear.”
Yes, automating your processes will increase efficiency, strengthen your compliance program and keep your team organized. However, it will require effort, especially upfront, from your team — to migrate your existing documents to SharePoint, to identify strengths and challenges the team currently faces that it wants to capitalize on or improve, and to learn how to use the contract tracking software.
Next step: Read 4 Tips When Evaluating Compliance Management Software Vendors (Beyond Product Features)
As a result, you’ve been tasked with researching and evaluating SharePoint-based Policy Management Software or contract management software. What are the common misconceptions, pitfalls and myths when it comes to selecting a vendor?
“I should partner with the largest, most well-known vendor because I’m sure that’s what every other organization is doing and that’s what will look impressive to upper management.”
Just because the vendor looks or is the largest, doesn’t mean it offers the highest quality product. Sometimes, a vendor experienced early success, but then hasn’t continued to reinvest in its technology or provide product updates. Other times, a vendor will offer regular product updates, but they’re band-aiding or patching over outdated technology, instead of releasing a completely new version. Look for a partner who is committed to staying on the cutting-edge of technology and in the compliance industry. Ask how often the vendor releases product updates and new versions of software.
“I should choose the lowest quote price.”
The lowest priced software rarely ends up being the cheapest. Often, a vendor will add on other costs later for deployment, ongoing training and support, and product updates. Be sure to ask for an itemized quote and if there are any other potential or future costs not included on the initial quote.
“I don’t want to work with someone who is working with my competitors.”
Whether your processes are completely opposite or totally mirror your competitors’ processes, you want to work with a vendor whose software is flexible and scalable enough to support and improve your current processes. Choose a vendor who partners with organizations of all sizes from all industries and who gleans industry best practices from all of its clients — it’ll only serve to benefit your team and your processes in the end.
“I’m going to make my selection by whatever vendor has the best looking website and best looking sales presentation.”
Don’t get caught up in the marketing and sales, and don’t assume that just because the website, data sheet and other sales materials are sleek and clean, the software will be, too. Be sure to see a live demo of the product, and make sure an IT person from your organization sees it, too. Carefully review the product specifications, consult with the team members who will be using the software on a daily basis, and ask for customer references.
“Once I choose the right vendor, all of my policy and contract processes will be perfect — all of our current hiccups, delays, bottlenecks and issues will instantly disappear.”
Yes, automating your processes will increase efficiency, strengthen your compliance program and keep your team organized. However, it will require effort, especially upfront, from your team — to migrate your existing documents to SharePoint, to identify strengths and challenges the team currently faces that it wants to capitalize on or improve, and to learn how to use the contract tracking software.
Next step: Read 4 Tips When Evaluating Compliance Management Software Vendors (Beyond Product Features)