20 years of experience in

TOOL SELECTION

Once you have decided to use a CPM tool to support your financial processes, or to replace the current solution which is not meeting your current needs anymore, what is next?  

Tool Selection

Once you have decided to use a CPM tool to support your financial processes, or to replace the current solution which is not meeting your current needs anymore, what is next?

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Our expertise

A lot of companies struggle with this, since there are many tools on the market, which can be classified in different ways, like the price, the purpose (i.e. Consolidation, Budgeting & Planning), SaaS(Cloud) versus On-premise, IT support needed or not, etcetera.

So how do you select the tool that fits your company and its needs best? You might start with reviewing some Gartner-Reports. Please keep in mind that this is only a nice start to get an overview of the tools in the market, but it will not give an in-depth insight that will be sufficient to base your choice on. If you want to select the tool that fits your organization and its requirements perfectly, you might consider going into a “tool-selection process” with one of the independent leading advisors in the CPM market.

The first step in a selection process is to have a clear overview/insight in the (minimum) requirements of your company. What is the use-case? What are the most important pain points in your financial process that need immediately attention? Do you want to plan (forecast and/or budgeting), report, consolidate and what is currently not going well? What is the size of your organization and how much are you willing and able to invest? Based on insight in the above, you can make a list of tools that, in theory, will fit and meet your needs.

The second step will be more time-consuming, so please take your time to make a good, informed decision. In this phase you will need to take into account (detailed) requirements that you would like to be incorporated in the tool. You will probably also want to see a demo of the tool to determine the look-and-feel and to see how easy it is to implement and to maintain the tool. Even requesting a POC (Proof of Concept) from different tools belongs to the possibilities.

As Sonum, we have many years of experience in the market and have worked with a broad scale of tools that are currently available in the market. With all our experience, we can guide you in the selection process and also give you truly independent advice on what is the best tool for your company.

Experience

Below a selection of some interesting tool selection process we did that helped our clients to bring their processes to the next level

International growth at Paques

Family company Paques produces and develops hi-tech biological solutions for (waste) water- and gas cleaning equipment. The company sells its equipment worldwide and is growing fast.

Multiple Reporting Standards

When a subsidiary of Terberg Group merged with the Spanish RosRoca Group, the turnover doubled.

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