Are you considering replacing your legacy on-premise budgeting system for a cloud corporate performance management solution? If so, you are in good company as a recent Adaptive Insights survey of 300 finance professionals indicated that 86% want to leave their legacy system behind. Once you’ve made the decision to start looking around, the system evaluation sets the stage for a successful project and long-term benefits to the organization. However, there are several points you should take note of to ensure a thorough evaluation. In this post, we will review key priorities for embarking down this path.
1. Cloud or Pseudo-Cloud: When you develop your evaluation criteria or begin engaging vendors, make sure their solution is truly a multi-tenant, cloud-based architecture that uses current technology. Many vendors today state in their marketing collateral that they offer cloud software, which is understandable considering the increased popularity of cloud solutions. However, you need to validate that their marketing aligns with the facts as many vendors have taken their legacy technology stack and updated with a “cloud” veneer. One way to determine whether their solution was “born of the cloud” is to review a diagram of their systems architecture. If it is overly complex with some surprising layers of technology, it’s probably not truly a cloud solution. Next, you should ask them to stage up a trial instance for your company. If they can’t deploy a trial instance in a few days, they probably have a lot of older wiring behind the scenes that they’re not telling you about. That also gives you an opportunity to play around with the solution and get a sense for usability and key features. One hallmark of cloud solutions that differentiates them from their legacy counterparts is ease-of-use. Also ask about their release schedule. Pseudo-cloud solutions typically have multiple versions running at any given time which slows the ability to roll out new features.