10 Questions to Ask Potential ERM Software Vendors
Tags: enterpriseresourcemanagement
Published: 2020-11-04 11:55:50

Software selection can be daunting. Especially when you want to implement Enterprise Risk Management (ERM) software, you might have many questions in mind. Therefore, there are certain things you always need to know. Fundamental information like how easy is the ERM to use, what’s the cost, how’s the security aspect, etc. Or maybe you’re unsure about how the process works, or if there are any hidden costs. So, read on to find the 10 questions that you must definitely ask your potential or existing ERM software vendor so that you can be more aware in your software selection process.

##1.How easy-to-use is the software?##
It’s important to know if the software you are planning to buy is easy to use or not. Find out in how many clicks can you <insert critical task > and what are the various types of interactive help features included in the ERM software. You should also ensure to ask if the vendor will provide training resources and if there is an active online user community, with whom you can connect.

##2. Which version is available – hosted or installed? 

This is one of the most important questions to ask. If the software is hosted, then you can access the ERM software in a browser and you have to pay a regular subscription fee to the vendor for giving you the software as a service (SaaS) version. In this case, if there are any updates, then the vendor manages it, and you don’t need to do any manual updates. But in case the software is installed, then there will be installation, maintenance, and also update procedures, which will involve your IT team.

##3. Will you get access to a trial?##

Test runs and trails are important before making any big investment; isn’t it? Most vendors will let you test their software so that you can get a feel of it and check the speed and the intuitiveness of the ERM. If you do get a trial, remember to test the software on mobile devices too.

##4. What is the total cost and other cost components of the software?##

Cost is one of the most important features that you should find out. Ask the vendor about the start-up costs for the software and what percentage of the cost is for licensing and how much is for implementation services. Also, find out the ongoing costs that you should expect before buying the software.

##5. What’s the process of inputting your data into the system?##

Ask how your data will go inside the software – will it be manual or bulk import is possible. Also, find out who will do that. At times, there could be additional effort and cost related to uploading this data, so understand the data import process. You should also ask how you can get your data out and if it is possible to easily export all your data in .CSV format, so you could port it if required.

##6. What is the type of reporting included in this software?##

Request the vendor to show you a list of all the standard reports that come with the software. Ask if the software provides an integrated functionality for customizing and designing reports or would you need direct database queries for this. It’s also important to ask if the software includes any graphical reporting features.

##7. Can you connect with the Services team who will do the implementation?##

You will be interacting the most with the Services team, so ask your vendor to introduce you to them to acquaint you with who you are going to be dealing with on a daily basis during implementation.

##8. How tough will it be to integrate this Software with other systems?##

Find out if the software includes an application programming interface (API) and how extensive is that API. It’s good to know which kind of interface protocol is the software’s API utilizing and if the vendor could share some examples of programs with which this software has been successfully integrated.

##9. After going live, how will you make changes to the system?##

If you need to make a few changes to the system after your start begins using it, then you should know how quickly such changes can be made and who will be able to do that. Would you need specialized programmers to make those changes or does the ERM have a user-friendly interface to enable you to do simple administrative changes yourself?

##10. Is post-implementation support available?##

The initial six months after implementing new software is always tough. Ask your vendor if he can offer post-implementation support and training to assist in user adoption internally and help you troubleshoot. Also ask, if there is an additional cost and how much is it, and if that will be included in the annual license fee. Also, make sure that the vendor’s support team is available in your time zone, or if they provide 24/7 support.

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