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.
Software approval can often be a difficult task, as there are many factors to consider when evaluating a new tool for your company. One of the biggest challenges is to convince stakeholders of the value of the software, especially when it comes to financial departments who are responsible for denying purchases that are deemed non-essential.
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.
To overcome this challenge, highlight not only how it will benefit the productivity of the finance team, but also how much improved cash flow and reduced DSO can improve the company’s performance. After all, the company makes nothing from sales unless the cash is actually collected, and on time.
In addition, Tesorio’s platform is great for more than just the finance departments. Higher-ups in your company will have a better and clearer view of projected income with our software. It helps to keep everyone informed and on the same page about accounts receivable.
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.
Understand Company Structure
A way to grease the tracks of approval is also to understand your company's individual approval structure. Confirm with your supervisor and likely the tech department’s supervisor the proper persons of authority that will make the decision. Make sure that your request format is proper, according to company guidelines, whether it be an email, form, or a presentation required at certain meetings. It never hurts to use two or multiple forms of request, especially in larger organizations, to keep the ball rolling. Don’t let it get lost in an email somewhere.
Be mindful of the fact that business leaders get inundated with paperwork and emails. Make your request short and sweet. It's likely to receive a more positive response if it's efficient without loads of extra fluff. Keep it focused on the numbers, the facts, and the pros/cons for your individual company. If they like what they see initially, they can always reach out for more information. Make sure you are prepared with more information to look well informed when they do.
In conclusion, securing software approval requires a well-planned approach that highlights the benefits and ROI of the implementation. It is important to consider the long-term impact of the software, such as increased productivity and workflow efficiency, improved sales and collections, and the ability to support teams and team members more effectively. By working with a vendor like Tesorio, who provides support and resources such as an ROI calculator, it is possible to overcome the challenges of approval and unlock the full potential of the software for your company and your career.
Ready to explore the benefits available from a Tesorio implementation? Don't miss out on these benefits, request a Tesorio demo today to learn more about how this accounts receivable automation software can help you achieve your goals.