Factors to consider when looking for a Point Solution Software
Business users often find enterprise applications or integrated solutions rigid and inflexible to address specific problems. The emergence of cloud services has opened a wide door for business users. With the rapid adoption of cloud-based software applications and services, business users have more than one way to solve this. There are many point solutions/services available in the market to choose from. These solutions excite business users as it empowers them to quickly and easily get tools that make them more productive and help them interact efficiently. It also reduces their dependency on IT teams. Some examples of point solutions are space management application, tax application, maintenance planning software, Time and attendance software etc. However, before choosing the right software for your company, you need to weigh in on a few things:
Completeness of the solution
You need to pin down the vendors on the specific functions of the software and work with the vendor to figure out the unmet requirements. Have the vendor demo the product for you to understand the solution. Never make assumptions about the functionalities of the solution. If there is an opportunity to get a free trial period, completely utilize that and get insights about the product. Compare the other products available in the market to do a comparative study before choosing one.
Integration with Other Apps or services
Point software solutions work well if you are looking for a plug-and-play approach. Is there a need to share the data across? How well does it integrate with the rest of the IT infrastructure? It is a critical factor to decide. Involve your IT team here to assess the integration capabilities. If integration is needed, could the integration be automated? Will this integration impact the other system? Establish communication with the other stakeholders and involve them in the project. If the automation is not possible, will data be entered into the different systems? There will be many unhappy people with this decision. Ensuring that the vendor understands the importance of keeping the integration tight (if required) and data clean in all the systems leads to a better implementation.
Data Security
Cloud companies often rely on far more robust cybersecurity measures to protect data. However, confirm with your vendors if the data is protected from unauthorized access and data corruption throughout its lifecycle. If there are special access requirements to manage sensitive data, ensure that with your vendor. An explicit data protection clause in the contract is a must.
Cost
Analyze the various pricing models the vendor offers and find the one that fits your business and budget. Pricing models can be confusing sometimes, especially with the SAAS models. Be thorough in this analysis to safeguard your budget. For example, will there be an increase in the price over the years? Do you need to budget for ongoing maintenance? Do you need to have a resource to manage the application? etc.
Vendor finances and stability
The companies without a formal sourcing process for buying software/tools must be more vigilant. It is vital to understand the vendors’ finances and the stability of their company. Involve your sourcing and finance team to get to know the vendor better. Request the vendor for their financial statement and other supporting documents. Ensure that the vendor checks in all the boxes for compliance. Know your options if you are dealing with a smaller or a start-up company. Get your MSA and Statement of work reviewed by the experts. Understand the SLA and its implications on your business. Do not hesitate to ask for references.
Point solutions are beneficial if you have an immediate need for solution implementation. But, as many say, the strength of a Point Solution is also its weakness. To solve multiple problems, if organizations start patching numerous solutions together and if common data needs to be shared, it is time to review the business processes.
