Renewing business technologies that have slowly seen their value erode over time or become problematic ultimately means added value for your organization. This, of course, is when circumstances are ideal. No matter the circumstance, there are important factors to consider to ensure a successful tech refresh process when your organization is selecting an EPM solution. Let’s take a look at a few tips on how to ensure success:
Focus on optimizing value creation
The goal of tech refresh is clear. Optimize opportunities to create value across your organization. Two key questions lead the way in this process:
- Which technology will be the right fit?
- How does your organization want to operate in the future?
Before embarking on a tech refresh process for your organization, both of these questions require careful consideration. Don’t let a current provider rush you into “upgrading” an outdated, inflexible solution with a new, longer contract period. First, consider these tips:
Keep the flow of day-to-day business free of disruptions. Disruption can occur when an outdated system is used that does not meet changing requirements of the market or new demands of a growing organization. They can also occur during a tech refresh. Employees need time to get familiar with new solutions, data must be migrated and so on. To minimize disruptions, your organization needs to seek an EPM solution built for quick implementation and based on skillsets that are standard for your industry. Microsoft Excel is one example.
Continuous business optimization
Ideally, the result of a tech refresh is the optimization of business processes. A best-in-class EPM solution can improve processes of planning, analysis and forecasting. By making these processes much simpler to design and implement, top talent is then freed up to be able to focus more on strategy and optimizing value creation across the business.
Choose a future-proof technology
Make sure your new provider is an expert in their field and not simply offering “add on” services when their specialization is elsewhere. Investments in R&D and their own extensive support and broad partner network are solid indicators that you’re selecting a future-proof technology. Especially if the solution provider gives their partners the opportunity to contribute their own unique industry expertise in the form of models and best practices. With this structure, the opportunities are nearly limitless. To ensure that your new solution does not end up needing to be renewed or changed in either the short and medium term, your organization also must consider flexibility, scalability and simple, intuitive usability.
Standardization vs. customization
Standardized environments are important to create comparability and streamline processes. At the same time, it is essential for the success of your business to be able to respond to individual requirements. With an open EPM solution, you enjoy the benefit of being able to customize it to fit your needs. Ideally, you have best-practice models available for this purpose, which can be easily adapted.
Learn more about how to effectively and efficiently refresh your EPM solution in our new eBook, “From Business Continuity to Innovation in Your EPM Refresh” where we outline a roadmap on how to navigate the process.
This blog post is part of our series on EPM Tech Refresh. In the first post, “EPM Tech Refresh: Sooner Rather than Later” we looked at the reasons tech refresh might be necessary. In our next post, we’ll look at the benefits of selecting a best-in-class solution.