When it’s time to make a software purchase, most companies place high value on finding the right features for a reasonable cost.
Credibility and stability within the marketplace, however, sometimes take a backseat to other considerations. Of course, it is essential to hammer out your budget early in the process and make sure the software meets your requirements, but don’t overlook the importance of choosing a vendor you can rely on.
Five Questions to Determine Vendor Credibility
When you’re choosing a software vendor, you need to know that the company you’re working with has the expertise and experience to get the job done right. You will be relying on the recommendations of that vendor, and they need a solid understanding of the needs and processes of your industry in order to help you with the purchase and implementation. Here are five questions you should ask before you select your software vendor:
1. How long has the vendor operated in the industry?
Look for a vendor that has at least five years in the marketplace. Length of time in business is one indicator of financial stability, reliability, and understanding of client needs and how to meet them. The longer the vendor has worked with clients, the stronger their knowledge of the industry will be.
2. Does the vendor have experience with the procurement rules and regulations of your industry?
It’s important to work with a vendor that understands the processes and rules your company operates under. If possible, speak with others who have used the vendor in the past to find out what their experience was like and how well the vendor aligned with the needs of their industry.
3. What is the vendor’s history in HR software?
Successfully implementing HR software requires expertise in the specifics of human capital management technology. Your vendor should know how to keep your business compliant with industry-specific legislation while also streamlining your current workflow. They should have a firm grasp on best practices that will help you reach your goals and improve your HR function.
4. Does the vendor offer third party validation or research?
Claims made by the vendor should be backed up by research. Don’t settle for vague assertions; instead ask for statistics and numbers that demonstrate the validity of statements.
5. Can the vendor offer success stories based on the experience of other clients?
Case studies, testimonials, and other customer feedback can help you assess the credibility of the vendor. Ask how they have solved problems, increased efficiency, and reduced costs for clients. If a client offered negative feedback, how did the vendor address the issue?
Why Credibility Matters
Budget, features, and service all play important roles in choosing your HR software vendor, but don’t overlook the importance of credibility. By choosing an experienced vendor who has served others in your field, you can increase your likelihood of a positive purchase experience that moves your business forward.