Getting Software Approved: Best Practices and Benefits of a Successful Implementation for Your Company and Your Career
Implementing new software unlocks valuable benefits for your company, including improved workflow efficiencies, increased sales and collections revenue, and new opportunities to support teams and team members. Securing the approval for new software can be challenging, so taking the right approach is necessary to avoid rejection.
By using the best practices detailed here, you can win software approval and leverage every advantage from a successful implementation.
Understand the Challenges of Approval
Software that provides value to the sales team may be easier to get approved than software for other teams because the opportunity cost of sales time is typically ranked higher than, for example, finance. Making the sales team’s lives easier can directly correlate to a higher bottom line.
An automated AR platform like Tesorio is a product that will provide endless value to finance teams. However, finance often receives a higher level of scrutiny because they are responsible for rejecting other department purchases that are deemed nonessential. The key is to demonstrate how a software implementation will benefit the company and justify its own expense.
Use ROI to Highlight the Bottom Line
A detailed ROI is critical to help justify the initial investment in a new software because it underscores the positive impact it will have on your company's cash flow.
For example, to help facilitate approval Tesorio provides an ROI calculator that estimates productivity and working capital savings, DSO reduction, and the overall savings you can expect when you implement Tesorio's software.
On average, customers who have implemented the accounts receivable automation software have experienced a 60% increase in productivity and a 30% reduction in DSO — and it is possible to have Tesorio up and running in as little as 30 minutes.
Provide Opportunities for Growth and Leadership
Have a team member who is ready to take on more responsibility and lead a new project? Do your MBOs for the quarter include leading a successful implementation? Getting a new technology approved and implemented is an opportunity to take on a leadership role in a highly-visible project that can unlock cash from the balance sheet.
Leading an implementation can provide an opportunity to work with a vendor, interact with stakeholders, and network inside your organization to get the tool approved. Not only does this make you a more valuable team member, but it boosts your resume and showcases your leadership skills utilized to implement new technology.
Additionally, a vendor like Tesorio will provide opportunities to showcase your story in the press, blog posts, case studies, and webinars. Our customers find tremendous value in the partnership and leadership opportunities presented from the implementation of a new tool.
Ready to explore the benefits available from a Tesorio implementation? Request a Tesorio demo today.