When it comes to purchasing meeting technology, a little (of the right) information goes a long way. Having done this a number of times before, I found it’s helpful to have a blueprint or roadmap for managing your software selection process and evaluation criteria that fits your particular needs. These will help insure you remain focused on your business objectives and not get distracted by bells, whistles, smoke, mirrors, etc.

Let’s start by breaking down the software selection process:

•Planning & Budget

Everything begins with an objective, defined in terms a critical business need, and a budget. You should also identify a project team, comprised of key stakeholders. Make sure you have buy-in from the top. I once had to ask for forgiveness from the powers that be. I don’t recommend it unless you’re really sure you can pull it off.  

•Conducting a Requirements Analysis

A requirements document is your ‘wish list’ of needs and capabilities. Prioritize within each category so you can distinguish between a ‘must have’ and a ‘nice to have.’  

•Vendor Research

Cast a wide net. Solicit input from everyone and anyone. Try not to judge too much at first. Once you’ve compiled your long list, you can easily narrow it according to your criteria. You want to end up with a short list of 3 finalists.

•Product Demos

Invite your finalists in for a demo. These days, this might be done virtually. Prepare a script for all to follow based on your key requirements. This ‘apples to apples’ comparison will help enormously with the selection process.

•Decision Time

Conduct your due diligence on the remaining one or two finalists and make your decision.

•Contract Negotiation

Keep in mind that most contracts are written by the vendor. Make sure it equally represents your interests and saves you money.

Next, let’s review some of the key decision drivers for evaluating software solutions:

1)Functionality

This is the most important criterion. Focus on your key requirements.

2)Technology

Whatever your vendor uses should match your current (or future) direction. Make sure your IT stakeholder takes a close look at this.

3)Vendor

Know what kind of relationship you are looking for. Depending on the size and scope of the software solutions you’re purchasing, this relationship may last for years, with options to renew. Is this vendor committed to developing and improving the product? Where do they see the industry going and how do they plan on getting there? This is as much about your goals as theirs. Make sure they are in alignment.

In today’s market, it’s also important to consider what would happen if a merger or acquisition took place. Which side would your vendor be on and what would that mean for the availability and future enhancements to your software?

4)Maintenance & Support

Maintenance, which often includes upgrades and some level of support, can run anywhere from 25-30% of your license cost per year. Make sure it’s worth it for you. This can be an area of negotiation. It’s imperative you check with the vendor’s current (or past) customers, if at all possible.

5)Total Cost of Ownership (TCO)

It wasn’t always so, but no one should make a large software purchase these days without considering the total cost of ownership. Don’t be seduced by deep discounts upfront. Combine your license fee, maintenance, and any implementation costs to determine your best TCO estimate. Multiply this by the number of years you anticipate having the solution in place (minus one-time implementation costs, of course). Depending on the solution, this used to range from 5-7 years. With the rapid pace of technological change, it may be shorter.

As I mentioned above, a little of the right info can be very helpful in making your software selection. Here are some final thoughts to keep in mind:

•Follow up demos allow for more in-depth reviews of certain functionality or capability of the software. A second, closer look is always time well spent even if it only confirms your thinking.

•Checking references from current customers is a critical part of the evaluation process. Ask at least 3 similar organizations as many questions as you can. Would they make the same decision today? Who else did they consider? Why did they rule them out? Unexpected surprises or disappointments? Implementation challenges? What do your stakeholders want/need to know? Nothing is off limits here. You’re about to commit your organization to a major purchase and this will help you sleep better at night.

Finally, after you have gathered and summarized all the information you need to make an informed decision, meet with your project team, review the materials, discuss the strengths and weaknesses of each vendor and make a decision. It can be helpful to highlight key areas of consideration and rank the vendors accordingly using a simple scoring methodology. This is a great way to build toward consensus.