Many government agencies and private companies are approaching the end of the typical 7-10 year lifespan of most budgeting and performance management software systems. This has led more CFOs to look into new budgeting and performance management technologies. According to the “2013 Gartner Financial Executives International (FEI) CFO Technology Study,” almost 60% of CFOs said that investing in analytics and decision-making was their top priority, which makes sense.
In the past decade, budgeting and financial planning technologies have transformed from error-prone manual data entry tools to an array of advanced analytical, integrated, and sophisticated real-time budget management software solutions, improvements that are only making the software selection even more difficult. Recent independent research revealed the top three software acquisition impairment factors:
- Lack of user input
- Incomplete requirements and specifications
- Changing requirements and specifications
To overcome software acquisition impairment, it is imperative to put time, effort and thought into your software selection process and establish quality requirements.
Click on the infographic and discover just how important detailed, thought-through QUALITY requirements are to your budgeting software selection process or read the complete list here.