How to Build a Spend Management Software Technology System

6 Nov

Building a Spend Management Software Technology system requires strategic planning. It must fit your company budget and other requirements so as to ensure the overall growth. However, selecting proper Spend Management Software is a major task. The following are some steps that you will need to implement while selecting such software. The first and most […]

Building a Spend Management Software Technology system requires strategic planning. It must fit your company budget and other requirements so as to ensure the overall growth. However, selecting proper Spend Management Software is a major task. The following are some steps that you will need to implement while selecting such software.

The first and most important task is to determine the HR technology needs of your company. You must be very detailed in this step so as to find the best available solution for your unique needs. The first thing that you need to determine is whether and not you want to create your own Human Resource technology system. If yes, consider the capabilities you would like it to have. This includes the reports and the data that you want to software to generate. Also, involve the administrative department of your company and see if your Spend Management Software can also fulfill their demands. Make sure that the software helps you to meet the corporate HR goals.

In addition, you need to determine your suitable type of platform, i.e. whether you will host the software internally or hire a vendor to host it for you. The total costing and benefits of Spend Management Software technology system too must be considered.

Depending on this above-mentioned requirement you will have to short list those vendors who offer similar kind of software. You can create a vendor score sheet on Excel for the product reviewing purpose and don’t forget to mention your HR system requirements in the list. Also, add the name of the vendor and their contact details in sheet. Now point out those Spend Management Software vendors that suit your requirements. You can easily search for the names and contact details of such vendors on the major search engines like Yahoo, Google or Bing.

All the renowned Spend Management Software vendors have their websites. You can refer to these websites to gather information about the offerings of those vendors. Based on this, you can mark out those who meet your basic needs. In addition, you can take references from other HR professionals of your industry. It is advisable to use both the score sheet and the references while searching for Spend Management Software vendor.

The next step is to set up demonstrations for your Spend Management Software technology system. While setting up the demos it is better to involve your staff from the other departments. During the demo, it is your task to verify whether or not the Spend Management Software meets all the requirements that you have outlined in the spreadsheet. Ask related questions to the person giving the demonstration about the software and encourage your staff to do the same. This will help you to get a detailed idea about the Spend Management Software as well as about its vendor.