Top 54 Banking CRM Software (Jan 2023)

2023's Best 55 Banking CRM Systems

Shlomi LaviShlomi Lavi / Jan 25, 2023

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1. Zoho CRM

  • Best for: Small, medium and large size businesses
  • Price: starts at $14 per user/month
  • Jan 25, 2023
Compare Zoho CRM Vs. Zoho CRM

Zoho CRM is cloud-based customer relationship management and customer engagement solution designed for businesses of all sizes. The core features include artificial intelligence, pipeline management and team collaboration and more.


2. Nimble

  • Best for: Small, medium and large size businesses
  • Price: starts at $19 per user/month
  • Dec 29, 2022
Compare Nimble Vs. Zoho CRM

Nimble CRM is a web based customer relationship management solution for small and medium businesses. Its capabilities include contact management, lead management, sales forecasting, and others. The software was designed and launched by Nimble Inc headquartered in California, United States.


3. Nutshell

  • Best for: SMBs
  • Price: starts at $19 per user/month
  • Jan 09, 2023
Compare Nutshell Vs. Zoho CRM

Nutshell is a cloud-based customer-relationship management solution that is designed specifically for small-sized businesses as well as medium-sized businesses.


4. Microsoft Dynamics CRM

  • Best for: Small, medium and large size businesses
  • Price: starts at $65 per user/month
  • Dec 29, 2022
Compare Microsoft Dynamics CRM Vs. Zoho CRM

Microsoft Dynamics CRM is a customer relations solution developed by Microsoft. This tool mainly targets large business enterprises but may also be a good fit for smaller businesses. Microsoft Dynamics CRM can help improve sales and marketing in any given company, with unlimited user scalability. Th...


5. Freshdesk

  • Best for: Small, medium and large size businesses
  • Price: starts at $15 per agent/month
  • Mar 09, 2022
Compare Freshdesk Vs. Zoho CRM

Freshdesk is a cloud based help-desk system designed to ensure good customer relations between and an organization and its clients. The solution core features include ticketing, collaboration and automations.


6. Zoho Support

  • Best for: Start up, Small business, Medium business, Large business
  • Price: starts at $12 per user/month
  • Mar 09, 2022
Compare Zoho Support Vs. Zoho CRM

Zoho Desk is a cloud-based help desk solution designed to cater to businesses of all sizes. Some of its core features include customer support portal, contract management, and report creation.


7. SolarWinds

  • Best for: Start up, Small business, Medium business, Large business
  • Price: starts at $19 per technician/month
  • Dec 11, 2022
Compare SolarWinds Vs. Zoho CRM

SolarWinds Help-desk is cloud-based help-desk and customer service solution designed for businesses of any size. The solution features include change management, IT asset management and incident management and more.


8. Zendesk

  • Best for: Small, medium and large size businesses
  • Price: starts at $49 per agent/month
  • Dec 28, 2022
Compare Zendesk Vs. Zoho CRM

Zendesk is a SaaS and a cloud-based customer service software that help the user to manage customers. The solution enables the user to build more meaningful productive as well as personal relationships with customers.


9. Marketing 360

  • Best for: Small businesses and start ups
  • Price: starts at $395 per month
  • Mar 20, 2022
Compare Marketing 360 Vs. Zoho CRM

Marketing 360 is a cloud-based digital marketing solution that is designed for use by individuals as well as businesses. The solution can be used in businesses, which are medium in size, as well as small-sized businesses.


10. Chatra

  • Best for: Small, medium and large size businesses
  • Price: starts at $17 per agent/month
  • Mar 21, 2022
Compare Chatra Vs. Zoho CRM

Chatra is a growing cloud-based CRM software, it is designed to support small, medium and large size business. Chatra received a rating of 4.8 from ITQlick team. The software cost is considered affordable (1.5/5) when compared to alternative solutions.


Pricing Guide - Banking CRM Software:

Customer Relationship Management (CRM) Software Price Range

Most CRM software in the market are priced on a per-user, per-month basis; hence, businesses can expect to pay between the range of $10 to $200 per user monthly. There are also some CRM products with yearly pricings and others with perpetual licenses.

The above price range depends on the sophistication of the CRM products feature-wise, as well as the number of user accesses or accounts paid for. Some CRM software within the above price ranges are Zendesk Sell, which starts from $19 monthly per user, FreeAgent CRM pricing starts from $25 monthly per user, and GreenRope costs between $149 for up to 1,000 contacts to $699 for up to 50,000 contacts.

In addition, CRM products target different sizes of organizations, and their price ranges are as follows:

  • Small Businesses can expect to pay between the range of $10 to $25 for CRM software. The prices are set on a per user per month basis. For example, Zoho CRM costs $12 per user per month, Fresh Sales costs $13 per user, per month, and Copper pricing starts $19 per user per month. In addition to this, some products offer small businesses very basic packages which can be gotten for free.
  • Medium Businesses can expect to pay between $25 to $50 for CRM software. While most products for medium-sized businesses are priced on a per user, per month basis, the number of employees or registered users will determine the prize of the software per user. For example, Hubspot costs up to $30 per user monthly but $50 monthly for two users. Others are Benchmark ONE, which costs $40 monthly per user, and Skynamo, which is priced at $46 per user monthly.
  • Large Businesses can expect prices that fall within $50 to $200 for CRM products. CRM offerings for large business organizations typically come with more features; hence, there may be separate fees for installation, setup, or training. Some CRM software within this tier are FreeAgent CRM, which costs $130 price monthly per user; GreenRope costs between $149 for up to 1,000 contacts to $699 for up to 50,000 contacts , and Quick Base pricing falls around $500 monthly for a number of users.

CRM best of breeds and their price ranges are as follows:

  • Marketing Automation Software Marketing automation products can be divided into three tiers, each carrying prices that range from $0 to $19, $19 to $50, and $50 upwards, respectively. For instance, Active Campaign pricing starts from $15 monthly per user, Hubspot Marketing Automation costs up to $50 per user monthly, and Integrated Marketing Portal pricing is around $50 per user monthly.
  • Lead Management Software The pricing for Lead management products in the market usually varies between $11 and $60 upwards. These price ranges depend on the level of the products offerings and the number of registered users per month. For example, SalesExec pricing starts from $65 per user monthly, Salesforce Essentials costs around $25 per user monthly, and Lead Capsule pricing starts from around $500 per month for a number of years.
  • SalesForce Automation Software SalesForce automation products pricing ranges from $13 to $50 upwards, depending on the level of their offerings and the number of registered accounts per month. The prices are set per user, per month; hence, SAA software pricing like Really Simple System starts from $14 per user monthly, Pepperi pricing is around $48 per user monthly, and Cliently costs up to $39 per user per month.
  • Contact Management Software Most contact management products in the market are priced on a per month basis, and there are typically set limits to the number of contacts each user can manage on the software. Depending on the level of offers, prices may fall between $0 to $14, $14 to $25, and $25 to $400. For example, Infloflo pricing starts from around $100 per month, DejaOffice PC CRM costs up to $50 monthly, and AirTable pricing starts from $14 per month.
  • Email Marketing Software Email marketing products are priced per month, and there are usually limits on the number of subscribers or emails for each user monthly. The prices range from $0 and $30 upwards, depending on the package level. For example, Constant Contact pricing starts from $20 per month, SendinBlue pricing starts from $25 per month, and Campaigner costs around $19 per month.

11. SugarCRM

  • Best for: Start up, Small business, Medium business, Large business
  • Price: starts at $49 per user/month
  • Dec 29, 2022
Compare SugarCRM Vs. Zoho CRM

SugarCRM is a complete customer relationship management software that is offered on the cloud and serves businesses for any size. The software helps businesses to handle various functions such as sales automation, account management, marketing automation, as well as customer relationship management...


12. Bitrix24

  • Best for: Small, medium and large size businesses
  • Price: starts at $61 per month
  • Jan 04, 2023
Compare Bitrix24 Vs. Zoho CRM

Bitrix24 is a social enterprise platform for small businesses that can create a unified workspace for a company for handling the daily tasks and operations. The software can be used as a project management, social collaboration and social intranet solution and includes more than 35 tools. Bitrix...


13. Desk-com

  • Best for: Small, medium and large size businesses
  • Price: starts at $25 per user/month
  • Apr 18, 2022
Compare Desk-com Vs. Zoho CRM

Provide answers faster and deliver smarter service in any channel with the world’s #1 customer support solution – no matter the size of your business.


14. LeadManager

  • Best for: Small, medium and large size businesses
  • Price: starts at $60 per user/month
  • Mar 03, 2022
Compare LeadManager Vs. Zoho CRM

LeadManager is a growing cloud-based Social Media Management software, it is designed to support small, medium and large size business. LeadManager received a rating of 4.6 from ITQlick team. The software cost is considered affordable (1.2/5) when compared to alternative solutions.


15. Five9 Cloud Contact Center

  • Best for: Small, medium and large size businesses
  • Price: starts at $100 per feature/month
  • Apr 03, 2022
Compare Five9 Cloud Contact Center Vs. Zoho CRM

Five9 Cloud Contact is a cloud-based contact center software helping users in the management of their inbound and outbound, multi-channel or blended contact centers.


16. NetSuite CRM+

  • Best for: SMBs
  • Price: starts at $129 per month
  • Mar 18, 2022
Compare NetSuite CRM+ Vs. Zoho CRM

NetSuite CRM+ software is a cloud-based, complete customer relationship management system that helps businesses to achieve an actual, 360-degree view of their customers. The CRM+ integrates the customer-focused activities of the user with accounting, warehousing, e-commerce, and shipping application...


17. Velocify

  • Best for: Small, medium and large size businesses
  • Price: starts at $60 per user/month
  • Mar 24, 2022
Compare Velocify Vs. Zoho CRM

Velocify intelligent sales automation solutions include Velocify LeadManager and Velocify Dial-IQ products that deliver clear, repeatable processes that can systematically accelerate sales performance through rapid lead response, increased selling discipline, improved sales team productivity, and pr...


18. Anaplan

  • Best for: Small, medium and large size businesses
  • Price:
  • Apr 11, 2022
Compare Anaplan Vs. Zoho CRM

Officially launched in 2011, Anaplan is becoming one of the most prominent players in the budgeting software field, with a customer base increase of 500% in 2012 around the world, and clients such as Jive, Pandora, McAfee and Kimberly-Clark. Anaplan stands out with its scenario planning and power...


19. Base CRM

  • Best for: Small, medium and large size businesses
  • Price: starts at $19 per user/month
  • Dec 12, 2022
Compare Base CRM Vs. Zoho CRM

Base CRM is a sales and CRM software that can help boost sales team productivity and business growth. The software can help users to manage their customers, work with leads and can be accessed from almost any internet enabled device. Base, the developers behind Base CRM, offers the first CRM sol...


20. ACT! Premium

  • Best for: Small businesses and start ups
  • Price: starts at $37.50 per user/month
  • Jan 09, 2023
Compare ACT! Premium Vs. Zoho CRM

Act! Premium is a customer relationship management software that can help users to organize customer details and prospect in one single solution. Users can drive sales results and market services and products in a better way using this software. The CRM solution also includes mobile access. Swift...


21. Activecampaign

  • Best for: Small, medium and large size businesses
  • Price: starts at $9 per user/month
  • Mar 06, 2022
Compare Activecampaign Vs. Zoho CRM

ActiveCampaign is a survey and email marketing service for small and medium businesses. It also offers campaign management and social network delivery options. The software was designed and launched by ActiveCampaign, Inc headquartered in Illinois, United States.


22. Prophet CRM

  • Best for: SMBs
  • Price: starts at $25 per user/month
  • Jan 11, 2023
Compare Prophet CRM Vs. Zoho CRM

Prophet CRM is web-based CRM software solution that is developed by Avidian Technologies. The interface that Prophet CRM uses is simple and anyone who has experience using Outlook will not have any problems with Prophet CRM since it uses the same interface. Sales people usually need a way to build c...


23. Freshservice

  • Best for: Small, medium and large size businesses
  • Price: starts at $19 per agent/month
  • Jul 07, 2022
Compare Freshservice Vs. Zoho CRM

Freshservice is an IT asset management solution for businesses of all sizes. It offers help in such domains as compliance, service management, reporting, and asset management. The software was designed and launched by Freshservice Inc headquartered in California, United States.


24. TeamSupport

  • Best for: Small, medium and large size businesses
  • Price: starts at $49 per agent/month
  • Jun 30, 2022
Compare TeamSupport Vs. Zoho CRM

TeamSupport is a cloud-based customer service and help-desk solution which is designed for business to business. Some of its primary features include omnichannel support, task management, and SLA management.


25. OnContact CRM 7

  • Best for: Small, medium and large size businesses
  • Price: starts at $60 per feature/month
  • Dec 13, 2022
Compare OnContact CRM 7 Vs. Zoho CRM

OnContactCRM 7 is a customer relationship management software that can help companies to communicate with their clients clearly and precisely. The CRM solution can help your sales staff throughout all the sales processes starting from nurturing prospects to upselling old customers. The software can ...


26. SAP Cloud for Sales

  • Best for: Small, medium and large size businesses
  • Price: starts at $248 per 5 users/month
  • Apr 28, 2022
Compare SAP Cloud for Sales Vs. Zoho CRM

SAP Cloud for Sales is a cloud based customer relationship management solution for businesses of all sizes. It offers such services as sales automation, ERP integration, collaboration, and others. The software was designed and launched by SAP SE headquartered in Germany.


27. devContact

  • Best for: Small businesses and start ups
  • Price: starts at $9.99 per month
  • May 14, 2022
Compare devContact Vs. Zoho CRM

devContact is a help desk software designed as an online solution to help handle user retention, feedbacks, bad reviews, and customer support problems.


28. InvGate Service Desk

  • Best for: Small, medium and large size businesses
  • Price:
  • Apr 30, 2022
Compare InvGate Service Desk Vs. Zoho CRM

InvGate Service Desk is a SaaS-based Field Service software that enables managers to handle a support team, from self-service through phone and email support services.


29. SharpSpring

  • Best for: Small, medium and large size businesses
  • Price: starts at $449 per month
  • Apr 28, 2022
Compare SharpSpring Vs. Zoho CRM

SharpSpring is a web based marketing automation solution for small and medium sized businesses. Its capabilities include lead management, campaign segmentation, direct mail management, and others. The software was designed and launched by SharpSpring LLC headquartered in Florida, United ...


30. Oracle Siebel

  • Best for: Small, medium and large size businesses
  • Price: starts at $3,750 per license
  • Nov 05, 2022
Compare Oracle Siebel Vs. Zoho CRM

Oracle Siebel CRM is a cloud-based customer relationship management and sales force automation solution that targets to assist organizations to manage and influence their customer experiences. The platform features a collection of sales, customer service, and marketing applications tailor-made to su...


31. Adobe Marketing Cloud

  • Best for: Small, medium and large size businesses
  • Price: starts at $450,000 per license
  • Apr 28, 2022
Compare Adobe Marketing Cloud Vs. Zoho CRM

Adobe Marketing Cloud is a web based digital marketing platform for businesses of all sizes. It offers such capabilities as audience management, campaign optimization, analytics, and others. The software was designed and launched by Adobe Systems Inc headquartered in California, United States.


32. SAP HYBRIS

  • Best for: Medium and large size businesses
  • Price: starts at $54,000 per license
  • May 14, 2022
Compare SAP HYBRIS Vs. Zoho CRM

SAP Hybris is an e-Commerce program that is enterprise-level offering users with B2C and B2B store functionality. There are more than 2,500 stores utilizing this platform leading to more than 500,000 orders every day and about 20 million product SKUs. This program has been widely used predominantly ...


33. Survicate

  • Best for: SMBs
  • Price: starts at $65 per month
  • Apr 26, 2022
Compare Survicate Vs. Zoho CRM

Survicate software is a cloud-based customer relationship management (CRM) platform created to serve small, medium-sized businesses, and large enterprises in various industries.


34. Really Simple Systems Cloud CRM

  • Best for: SMBs
  • Price: starts at $14 per user/month
  • Nov 22, 2022
Compare Really Simple Systems Cloud CRM Vs. Zoho CRM

Really Simple Systems Cloud CRM is a web based customer relationship management solution for small and medium businesses. It offers such services as marketing and sales automation, collaboration, productivity management, and others. The software was developed and launched by Really Simple Systems Lt...


35. SalesforceIQ

  • Best for: Small businesses and start ups
  • Price: starts at $25 per user/month
  • Jan 06, 2022
Compare SalesforceIQ Vs. Zoho CRM

SalesforceIQ (now Salesforce Essentials) is a cloud-based CRM (Customer Relationship Management) software that helps customer support representatives track information from a central point and understand organizational processes using reports and dashboards.


36. Pipeliner CRM

  • Best for: Small, medium and large size businesses
  • Price: starts at $65 per user/month
  • Jan 03, 2023
Compare Pipeliner CRM Vs. Zoho CRM

Pipeliner CRM is a customer relationship management solution for small and medium businesses. It offers such capabilities as pipeline visualization, contact management, collaboration, and others. The software was designed and launched by Pipelinersales Inc headquartered in California, Un...


37. GoToAssist

  • Best for: Small, medium and large size businesses
  • Price: starts at $69 per agent/month
  • May 19, 2022
Compare GoToAssist Vs. Zoho CRM

GoToAssist is a web based remote support and help desk service for businesses of all sizes. It offers such capabilities as change management, ITIL compliance, self-service portal, and others. The software is a product of Critix Systems Inc headquartered in Florida, United States.


38. Solve360

  • Best for: Small, medium and large size businesses
  • Price: starts at $25 per user/month
  • May 18, 2022
Compare Solve360 Vs. Zoho CRM

Solve360 is a service management CRM software designed for businesses to provide service to customers. In addition to scheduling and sales functions, the software simplifies record keeping, automates workflow, and facilitates sharing.


39. Launchpad

  • Best for: Small, medium and large size businesses
  • Price: starts at $149.99 per license
  • May 18, 2022
Compare Launchpad Vs. Zoho CRM

Launchpad is a cloud based video interviewing and recruiting solution that enables the user to screen and recruit candidates. It features on demand video assessment, screening and skills testing, and recruitment analytics and more. Automated scheduling allows candidates to self schedule their interv...


40. FocalScope

  • Best for: Small, medium and large size businesses
  • Price: starts at $9 per agent/month
  • May 30, 2022
Compare FocalScope Vs. Zoho CRM

FocalScope is a trending cloud-based CRM software, it is designed to support small, medium and large size business. FocalScope received a rating of 5 from ITQlick team. The software cost is considered affordable (1/5) when compared to alternative solutions.


41. CA Service Desk Manager

  • Best for: Small, medium and large size businesses
  • Price:
  • May 26, 2022
Compare CA Service Desk Manager Vs. Zoho CRM

CA Service Desk Manager is a help desk management solution for businesses of all sizes. Its capabilities include asset management, ticketing, customer survey, and others. The software was designed and launched by CA Inc headquartered in New York, United States.


42. Openstream CRM

  • Best for: Small businesses and start ups
  • Price:
  • May 26, 2022
Compare Openstream CRM Vs. Zoho CRM

Openstream CRM is a web based customer relationship management solution mainly designed for small and medium businesses. It offers such capabilities as sales force automation, marketing automation, customer service management, and others. The software was designed and launched by Openstream Inc head...


43. Richmond ServiceDesk

  • Best for: Small, medium and large size businesses
  • Price: starts at $35 per agent/month
  • Jun 08, 2022
Compare Richmond ServiceDesk Vs. Zoho CRM

Richmond Service Desk by Richmond Systems is developed to help users achieve greater customer experience. This software is fully customizable and comes with the top-of-the-line .Net technologies. With this tool, users will have easy time viewing assets, rating incidents, viewing the closed requests ...


44. Snapforce CRM

  • Best for: Small, medium and large size businesses
  • Price: starts at $12.06 per month
  • May 26, 2022
Compare Snapforce CRM Vs. Zoho CRM

Snapforce CRM is a customer relationship management solution for businesses of all sizes. Its capabilities include lead management, call center management, customer support, and others. The software was designed and launched by SnapForce Technologies headquartered in New Jersey, United St...


45. Cynergy Enterprise (Buy/Own)

  • Best for: Small, medium and large size businesses
  • Price: starts at $1,995 per license
  • Dec 13, 2022
Compare Cynergy Enterprise (Buy/Own) Vs. Zoho CRM

Cynergy Enterprise (Buy/Own) is a leading cloud-based Help Desk software, it is designed to support small, medium and large size business. Cynergy Enterprise (Buy/Own) received a rating of 2.5 from ITQlick team. The software cost is considered affordable (2.4/5) when compared to alternative solutio...


46. HeyBubble

  • Best for: Small businesses and start ups
  • Price: starts at $12 per agent/month
  • Jun 19, 2022
Compare HeyBubble Vs. Zoho CRM

HeyBubble is a growing cloud-based CRM software, it is designed to support small and medium size business. HeyBubble received a rating of 2.5 from ITQlick team. The software cost is considered affordable (1/5) when compared to alternative solutions.


47. Interakt

  • Best for: Small, medium and large size businesses
  • Price: starts at $41 per 3 users/month
  • Dec 17, 2022
Compare Interakt Vs. Zoho CRM

Interakt is a fast growing cloud-based CRM software, it is designed to support small, medium and large size business. Interakt received a rating of 3.3 from ITQlick team. The software cost is considered affordable (1.7/5) when compared to alternative solutions.


48. Aavaz

  • Best for: Small, medium and large size businesses
  • Price: starts at $85 per user/month
  • Jun 18, 2022
Compare Aavaz Vs. Zoho CRM

Aavaz is a web based call center management solution for businesses of all sizes. It offers such services as call logging and recording, escalation management, premise-based call center, and others. The software was designed and launched by Tekege Solutions Inc headquartered in California, United St...


49. Commence CRM

  • Best for: SMBs
  • Price: starts at $29 per user/month
  • Jun 17, 2022
Compare Commence CRM Vs. Zoho CRM

Commence CRM is a customer relationship management solution that can help users to streamline all their front office business processes and improve the customer service and sales process. The software is flexible and users can get access to their CRM data from anywhere using the mobile CRM feature. ...


50. Desktop Sales Office

  • Best for: Small businesses and start ups
  • Price: starts at $30 per license
  • Jun 18, 2022
Compare Desktop Sales Office Vs. Zoho CRM

Desktop Sales Office is a customer relationship management solution for businesses of all sizes. It offers such capabilities as sales and marketing automation, collaboration, customer self-service, and others. The software was designed and launched by Software on Sailboats headquartered in Oregon, U...


51. Claritysoft

  • Best for: Small, medium and large size businesses
  • Price: starts at $39 per user/month
  • Jan 16, 2023
Compare Claritysoft Vs. Zoho CRM

Claritysoft is a powerful yet easy to use CRM tool that can help any business grow. It provides users with cost-effective solution in managing customer relationship thanks to its intuitive and versatile modules.


52. SoftVu

  • Best for: Small, medium and large size businesses
  • Price:
  • Jun 17, 2022
Compare SoftVu Vs. Zoho CRM

SoftVu provides a marketing solution for mortgage companies. The solution includes marketing strategy, creative services, automated workflows, and campaign management as well as performance analytics. SoftVu was founded in 1999 to provide solutions that increase revenue & customer loyalty through...


53. License Manager

  • Best for: SMBs
  • Price: starts at $55 per license
  • Jun 24, 2022
Compare License Manager Vs. Zoho CRM

Vector Software License Manager is a license management software solution for businesses of all sizes. It offers such services as online activation, node management, automatic SKU recognition, and others. The software was designed and launched by Vector Networks headquartered in Georgia,...


54. Salesnet CRM

  • Best for: Small, medium and large size businesses
  • Price: starts at $30 per user/month
  • Jan 11, 2022
Compare Salesnet CRM Vs. Zoho CRM

The Salesnet CRM is an affordable and a user friendly Customer Relationship Management (CRM) tool. This software includes tools to help businesses manage sales, workflow, campaigns and leads. In addition, it also includes a mobile application which has the ability to access all of the sales and cust...



A Buyer's Guide to Business Software Solutions

How to Evaluate and Buy Business Software
 
If you’re somehow puzzled if this article is only for a specific size of business, no, it’s not. This is for you SMEs, MNEs and start-ups software buyers. Also, we’re not talking about a specific software solution here. Whether the software solution that you’re planning to buy is for Accounting, Business Intelligence, ERP, CRM, Help Desk, Maintenance Management or other types of application, one thing is for sure; with the help of this article, you will be able to know the right process in evaluating and buying a business software solution.
 
We’ve been into the software business for years and we’re seeing a lot of nitty-gritty things that often bring confusions and hesitations to many companies looking for better software solutions. Some companies can’t afford to let go their legacy systems while a few is encountering technological snags once the new system is in place. While this is the underlying truth behind software acquisition and implementation, what’s exciting about buying a business software solution is that there is a clear and obvious proof that thousands of companies and corporations today are happy with the benefits this technology is bringing into their respective businesses.  There is a significant increase in their revenue and the growth is on-going. And it’s easy to say; many from the Fortune 500 companies are making a lot of money because of their smartly-acquired business software.
 
So, let’s get straight to the point. What should you do in order to acquire that business software that could make your organization achieve its goals? The answer to this is pretty straightforward: evaluate and buy that right business software. Yes, that’s what you need to do and here’s the best manual from ITQlick.com that could certainly help you in doing that strategically.
 
Consider the Needs of Your Organization
Let’s assume that at this point, the entire management team agreed that you are ready to invest on a certain software application. The budget has been compromised and the key persons who will be involved in the acquisition process were already identified. Therefore, it’s time to approach things the project management way.
 
Define the Project
Every business software solution is categorized base on application type, features, deployment model, market size and pricing model. Remember that our objective here is to evaluate and buy a business software product that will fit into the size and present needs of your business. So what the project management team should try to deal with first is to define the real requirements of your business exactly base on the categories set by the software industry. Moreover, by doing this activity, you are already narrowing down your search for the right solution. Now, consider bringing this list of FAQs to the project management and aim to come up with clear-cut answers.
 
  1. What type of software is needed? Is it Integrated-Suite, Best-of-Breed or Industry-Specific? Ask your CEO’s main agenda and find the perfect match from these available options.
  2. What are the core and secondary features? Are you looking for basic, advanced or hi-end features? List down the specific features per category and allow the department managers and supervisors to give their insights on this list.
  3. How are you going to deploy the system? Would it be on-premise, cloud-based, hosted, or mobile-based? Weigh these options with the help of your CIO.
  4. Are you going for Tier 1, Tier 2 or Tier 3 vendors? Their offered solutions are base on the size of their target market - SMEs, MNEs or start-ups. Seek your CFO’s advice as it is important to match your financial capacity against the cost of the solution that the providers have for you.
  5. Are you willing to pay for the perpetuity software license or a subscription-based solution is way better? How many users are there and what would be their roles in using the system? Solicit feedbacks from future end users for they know better what challenges and risks might possibly come along their way when they’re using the system.
 
Finalize the BOM or List of Requirements
After providing definite answers on the above questions, we can say that the project has already been defined. Your procurement team is now ready to do their role in the acquisition process of this solution. However, in order for them to execute their job properly, they must have the complete list of requirements - features, specifications, hardware, and the software product. In other words, the Bill-of-Materials (BOM) that is final, complete and well-prepared must be handed over to the procurement director. Needless to say, it is very important that everybody is following the company purchasing and procurement protocols at all times.  
 
Request for Proposal (RFP)
The RFP process will bring everything into formality. Since you’re more likely in a line of business that doesn’t regularly buy software products, it is of critical importance that your RFP is well-structured before you send it to your prospect solution providers.
 
Draft the RFP
An RFP that contains all the relevant information as discussed during the project management meetings will enable the providers to return back to you their proposal that is complete and substantial. Therefore, your RFP should basically contain the following:
 
Brief Introduction
  • Company Name
  • Mission and Goals
  • Purpose of the RFP (or the need for software solution)
Business Background
  • Organizational Structure
  • Current Situation (IT infrastructure, system currently in-use, system issues and desired solutions, etc.)
  • Major Objectives of the Software Purchase
Request for Specific Requirements
  • Solution Functionality
  • System Specifications
  • Vendor Company Information
  • Price Model, Service Plans, Package Options
Other Important Inquiries (if necessary)
 
Send the RFP
Well-structured RFP will bring a lot of advantages especially when the proposals from various providers are received and then subjected for review and analysis. Send your RFP to at least three to five providers (or prospects which you have already shortlisted during the project definition phase). Depending on the complexity of the solution, most vendors will send their proposal in a matter of time, which could be around 4 to 6 weeks for Integrated-Suite solution.
 
Why still send RFP?
Is there really a need for RFP if your preferred solution (like cloud-based) and the service plans or packages are already displayed on the vendor’s website? Well, yes, you still need to undergo the RFP process. For most sales people, they certainly know that those figures appearing in the vendor’s website are usually the “list price” and not the “actual price”. More importantly, the vendor’s proposal (response to RFP) will serve as your main basis for the negotiation. Therefore, sending an RFP is a strict requirement.
 
Follow up questions relevant to RFP
More often than not, questions and concerns will be raised by the vendors to whom you send the RFP. You have to entertain them with utmost professionalism. Solution providers who are seeking further clarifications relevant to the RFP are consisting of professional software experts who wants to help your organization as much as they can. Entertain them but at the same time, always be cautious when providing additional information which you know is confidential or proprietary.
 
Evaluate the Proposals
Always refer to your finalized BOM when tabulating the contents of each proposal. Part of this process is to check the features that are available from this certain vendor and to cross out those that are not. While using spreadsheet aids the tabulation process, laying down the document proposals on the table and allowing your project management team to review them one by one should always be conducted. Evaluating the proposals in full force can help strengthen your decision-making process. Have another round of brain-storming session and come with the name of your preferred solution provider.
 
When selecting the final vendor, always promote the best interest of your organization. Consider answering these questions with full sincerity.
 
  1. Which vendor can provide the long-term benefits to your organization?
  2. Which vendor can provide the best and honest service from acquisition to full implementation?
  3. Which vendor is willing to devote most of its time in better serving its client?
 
Contact this solution provider and in your own strategic approach, try to get the answers to those three important questions above. In most cases, vendor who really wants to prove its craft will offer product demos on a higher level. Others will even invite you to check their already deployed and working systems. Feel free to connect with this type of vendor. Conduct simulation and testing, be it a cloud-based or on-premise solution. Examine all aspects and angles especially those that your project management team want to really know in-depth. For as long as it could help you arrive at a better decision, consider doing all the options available – for the interest of the organization.
 
Enter the Negotiation Process
Most solutions providers can be flexible in terms of pricing. Although the final say is oftentimes on the mouth of the sales person from the vendor’s side, a good negotiation process can always deliver a win-win situation to both parties involve. While negotiation sometimes cannot be settled in one sitting session, always be honest with your intentions whenever negotiating with your provider. If it’s about your budget, justify it with clarity. If it’s about their service plans, tell them what’s lacking or missing on their solution. At the end of the day, the most important event that should happen is that both of you are shaking hands because of a well done negotiation process.
 
Seal the Contract
So what are you going to do on a contract that involves a significant amount of investment? There are three project management approaches for this.
 
  1. Pass the ball to you legal team. They know what to do and more or less they will tell you if there is something wrong with the contract. Give them enough time to review before they affix their signature and then finally seal the contract.
  2. Hire a consultant base on the technical aspect that you want to clarify in the contract. If it’s the Scope of Work (SOW), a software implementation expert is the right person. If it is related to complex legal terms and conditions, a lawyer can help. If it has something to do with money, invite an accountant to conduct a thorough review and computation if necessary.
  3. Always consider consulting your project management team. Remember that the CIO, CFO and CEO are all team members. They will be the signatories and they know what’s best for the interest of the company when signing a contract agreement.
 
From evaluation to buying stage, it is important that the project manager must take full responsibility of monitoring all the works identified and distributed among team members. This is why delegating the right project manager is also an important consideration when buying a business software solution. And again, ITQlick.com wants to emphasize that whatever the size of your company is, using the project management approach will always lead you into a better outcome – that is getting what you paid for the right business software solution. 

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Auditor - Shlomi Lavi

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Shlomi Lavi is an entrepreneur and founder of ITQlick.com. He holds a Bachelor of Science (B.Sc.) in Information Systems Engineering from Ben Gurion University in Israel. Shlomi brings 17 years of global IT and IS management experience as a consultant and implementation expert for small, medium and large-sized (global) companies. Shlomi’s goal is to share the best knowledge and news about information systems so you can make smarter buying decisions for your business.