Justifying the Cost of Collection Management Software

Let’s assume that you are convinced that a certain type of software is going to have a significant impact on your department.  It could be any kind of software from decision support software, to collection management software, to deduction management software to software used in customer financial analysis.  How do you “sell” management, especially in this down economy on the benefits of purchasing that software?  Here are ten tips about how to make your case:

1. List the benefits of purchasing the software,
2. Provide an implementation timeline showing how soon your company will start to benefit from the acquisition of the software,
3. Dollarize any cost savings that will be gained from the software acquisition,
4. Determine how soon you expect it will be before all of the costs are incurred,
5. Describe in detail all benefits of the acquisition of the software that cannot readily be quantified,
6. Conduct whatever type of analysis your company requires for a capital expenditure in the dollar amount you have budgeted from acquisition to implementation,
7. Start to control the presentation by describing the objections others have raised, and how you answered to the satisfaction of the person posing the question/challenge,
8. Summarize the rationale for acquiring the software,
9. Consider any potential risks and describe how they can be mitigated,
10. Never paint yourself into a corner with a software acquisition by promising more than the software can actually deliver.

© 2011 by Michael C. Dennis.  All Rights Reserved