A formal competitive software selection process before purchasing is the best approach to choosing a software product. We highly recommend selecting software products in this way.

First and foremost, it is essential to evaluate in detail whether a product fits the technical and functional requirements of your company. Comparing different products in detail (e.g., a proof of concept) before purchasing also reduces the risk of choosing the wrong product.

 How companies choose a planning and budgeting tool

Did your organization conduct a formal product selection before acquiring your planning product? (n=508)

As the chart shows, many companies are aware of the necessity of a competitive software selection process in order to select the right software product. 74 percent of respondents say their company conducted a formal product selection process before acquiring planning software.

However, laggards somewhat underestimate the importance of such a process. As a consequence, the satisfaction level that laggards experience with both vendor and software is way behind that of best-in-class companies. Laggards also face many more problems than best-in-class companies during implementation and when using their planning software.

For further insights see The Planning Survey 16.