Top 44 Vendor Managed Inventory Software (Feb 2023)

2023's Best 45 Vendor Managed Inventory Systems

Shlomi LaviShlomi Lavi / Feb 01, 2023

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1. FinancialForce HCM

  • Best for: Medium and large size businesses
  • Price: starts at $9,000 per year
  • Mar 12, 2022
Compare FinancialForce HCM Vs. FinancialForce HCM

FinancialForce HCM (Human Capital Management) is a fully integrated software solution that helps businesses manage their current and incoming employees, from recruitment until their retirement. The software includes features and modules that supports several business aspects, including learning mana...


2. Infor SCM

  • Best for: Start up, Small business, Medium business, Large business
  • Price:
  • Sep 23, 2022
Compare Infor SCM Vs. FinancialForce HCM

Infor SCM is both cloud-based as well as an on-premise supply chain management solution that is developed majorly for logistics service providers. The on-premise deployment can be done on either the windows platform or the Mac OS platform depending on the customers choice.


3. Logimax

  • Best for: Small, medium and large size businesses
  • Price:
  • Nov 04, 2022
Compare Logimax Vs. FinancialForce HCM

Logimax is a warehouse management system that leverages the strength of the IBMi platform. The solution is browser-based and can be installed on premise or in the cloud. It can also integrate with the company’s existing systems like ERP, EDI, TMS and more. Logimax offers a warehouse management f...


4. Accolent ERP

  • Best for: Small businesses and start ups
  • Price: starts at $2,500 per license
  • May 25, 2022
Compare Accolent ERP Vs. FinancialForce HCM

Accolent ERP is an enterprise resource planning solution for small and medium businesses. It offers assistance in wholesale distribution management along with inventory and purchasing management capabilities. The software was developed and launched by ADS Solutions Corporation headquarte...


5. The Pool Program

  • Best for: Start up, Small business
  • Price: starts at $439 per license
  • May 25, 2022
Compare The Pool Program Vs. FinancialForce HCM

The Pool Program is a service and retail business management solution for businesses of all sizes. Its capabilities include back office support, inventory management, client management, and others. The software was designed and launched by Wise Software & Computer Products Inc headquarte...


6. JDA software

  • Best for: Small, medium and large size businesses
  • Price:
  • Dec 18, 2022
Compare JDA software Vs. FinancialForce HCM

JDA software is a supply chain and inventory management software solution for your business. The software was designed by JDA Software Group, Inc., headquartered in Arizona, United States. It incorporates planning, management, and accounting services to streamline the supply chain of a business. 


7. 3PL Warehouse Manager

  • Best for: Small, medium and large size businesses
  • Price: starts at $625 per license
  • Jul 04, 2022
Compare 3PL Warehouse Manager Vs. FinancialForce HCM

3PL warehouse manager software is a cloud-hosted warehouse management system that is ideal for small and midsize businesses. The system is designed to assist third-party logistics companies in managing multiple customers, billing schedules and processes.


8. Puridiom eProcurement Suite

  • Best for: Medium and large size businesses
  • Price:
  • Jul 04, 2022
Compare Puridiom eProcurement Suite Vs. FinancialForce HCM

Puridiom is a supply chain management software that offers a complete eProcurement solution that actually works. Different companies of different sizes can use this tool to automate purchasing process, monitor purchasing trends and analyze all the valuable data. This complete eProcurement solution m...


9. Flex TMS

  • Best for: Small, medium and large size businesses
  • Price:
  • Jul 05, 2022
Compare Flex TMS Vs. FinancialForce HCM

Flex TMS offers the benefits of a turnkey transportation management system without the need for costly system upgrades or integrations. View and manage all your transportation activities or let Echo provide full outsourced support. FlexTMS is the highly automated SaaS-based Transportation Management...


10. Snapfulfil

  • Best for: SMBs
  • Price: starts at $4,000 per month
  • Jul 16, 2022
Compare Snapfulfil Vs. FinancialForce HCM

Snapfulfil is a cloud-based warehouse management system that offers a complete WMS solution with required Barcode/RF scanning equipment and refined functionality. The software can be deployed in cloud-based or Software as a Service (SaaS) model for easy access by all users. Snapfulfil can improve pi...


Pricing Guide - Vendor Managed Inventory Software:

Inventory Management Software Price Range

Inventory management software in the market has different pricing; hence, they can be divided into three tiers, starting from the range of $10 to $50, to the more common range of $50 to $150, and the range of $150 to $250+. These prices are set using different methods, some of which are per inventory, per stocking location, per machine, and per user. Regardless of the pricing method, inventory management software is usually billed per month or per year. For example, RunIT Real-time Cloud pricing starts from $258 per month, ParagonERP costs up to $150 per user monthly, and Inflow Inventory pricing sits around $71 monthly for two user accounts.

In addition to this, inventory management software is also priced based on the size of businesses they are targeting. For instance:

  • Small Businesses can expect to pay between $8 to around $50 for an inventory management software, depending on the number of features on the chosen product. For example, Shipstation pricing is at $9 per month, Sortly costs around $39 per month, and eTurns costs up to $40 per month. Also, some products, such as Sortly, have free offerings for small businesses.
  • Medium Businesses can expect to pay prices that fall between $50 and $150 for an Inventory Management software. However, the number of inventories, locations, users, etc., can also influence the software price. For example, Finale Inventory pricing starts from $99 per month, BoxStorm costs around $79 per month, while ParagonERP pricing is priced around $150 per month. Also, some products for medium businesses have one-time fees for perpetual licenses. An example is Acctivate Inventory which costs $5,000 for life-time usage.
  • Large Businesses can expect to pay from $200 upwards for an inventory management software. For example, ShipHero pricing starts from $1,850 per month, RUnit Real-time Cloud from $258 per month, and InfoPlus costs up to $685 per month. However, some vendors may request separate fees for installation and onboarding, depending on the size of the organization.

Inventory management software best of breeds, and their price ranges are as follows:

  • Barcoding Software The prices for barcoding software in the market can be divided into two tiers, starting from $20 to $50, and then $50 to $200. The prices are usually set per user or per assets, depending on the type of package. Billings are usually fixed monthly or yearly. For instance, eCount ERP pricing starts from $55 per month, Zangerine costs up to $199 per user monthly, and EZO Office Inventory pricing starts from $35 per month. Perpetual license can also be bought for some software like Asset Tracking Barcode System which is priced at $995.
  • Inventory Control Scheme Inventory control scheme products can be divided into three tiers, and their price ranges are $20 to $40, $40 to $80, and $80 above. The prices are either set per user, per month or per a number of set inventories per month. For example, MarginPoint Mobile Inventory starts from $89 per month, Arbimed Inventory from $100 per month, and MarketPlace Works from $49 monthly and $249 monthly for premium users.
  • Order Management Software The price ranges for order management software are $20 to $50, $50 to $100, and $100 above. The pricing for order management products are set on per order, per month or per user, per month basis. For example, Orderwerks pricing starts from $100 per month for a number of orders, InsiTV costs up to $25 per user monthly, and Caspio pricing starts from $125 per month.
  • Catalogue Management Software Most catalogue management products in the market are set on a per-user/per-month basis, and the prices range, depending on the package level, are $19 to $48, $48 to $100, and $100 above. For instance, FileStage costs around $99 per month, while Channable starts from around $39 per month based on the size of the project. Additionally, Snappi pricing starts from $20 per month or $0.99 per app usage.
  • Order Entry Software Most order entries in the market have pricing that fall between $26 to $50, and they are usually set on per user, per month or per order, per month basis. However, this is the price range for standard or entry-level offerings; more premium offerings range from $100 to $250 per month. For instance, Handshake costs $39 per user, per month, Blendzi $200 per month, and Handshake $40 per user, per month.

11. Ultriva Lean Execution Suite

  • Best for: Small, medium and large size businesses
  • Price:
  • Jul 16, 2022
Compare Ultriva Lean Execution Suite Vs. FinancialForce HCM

Ultriva Lean Executive Suite is a supply chain management system designed to provide collaboration across your supply chain network. The software was designed and launched by Ultriva, Inc., headquartered in CA, United States. It offers a wide range of inventory optimization and management tools.


12. VOGSY

  • Best for: SMBs
  • Price: starts at $11 per user/month
  • Jul 25, 2022
Compare VOGSY Vs. FinancialForce HCM

VOGSY is a google cloud-based professional service automation software solution that enables organizations and businesses to avoid the overhead cost and inconsistencies of antiquated systems.


13. Slingshot Enterprise Business Suite

  • Best for: Small, medium and large size businesses
  • Price:
  • Jul 25, 2022
Compare Slingshot Enterprise Business Suite Vs. FinancialForce HCM

Slingshot Enterprise Business Suite is a web-based ERP Solution. The software allows you to implement a full package of enterprise applications that includes Sales Order, Procurement & Requisition, Inventory & Supply Chain management as well as Financials while providing the customer tools to easily...


14. Nocturne

  • Best for: Small, medium and large size businesses
  • Price: starts at $24.99 per month
  • Jul 26, 2022
Compare Nocturne Vs. FinancialForce HCM

Nocturne is a cloud-based supply chain management software that offers demand forecasting, transit inventory tracking as well as supplier rating. Nocturne provides easy integration with the existing inventory management system and enterprise resource planning (ERP) system.


15. AccountMate

  • Best for: Small businesses and start ups
  • Price: starts at $4,000 per license
  • Jul 31, 2022
Compare AccountMate Vs. FinancialForce HCM

Account mate is a cloud-based manufacturing software and can also be locally installed. It provides unique solutions for managing and developing accounts for businesses. It is suitable for the management of finances, inventory and Enterprise Resource Planning (ERP).


16. Asentex Contract Management

  • Best for: Small, medium and large size businesses
  • Price:
  • Sep 20, 2022
Compare Asentex Contract Management Vs. FinancialForce HCM

Asentex Contract Management is a web based contract management solution for businesses of all sizes. Its main functionalities include auditing and reporting, negotiation management, approvals, and others. The software was designed and launched by Asentex Inc headquartered in California, ...


17. Conga Novatus Contract Management Software

  • Best for: Small, medium and large size businesses
  • Price: starts at $55 per user/month
  • Sep 29, 2022
Compare Conga Novatus Contract Management Software Vs. FinancialForce HCM

Conga Novatus Contract Management Software is a growing cloud-based Contract Management software, it is designed to support small, medium and large size business. Conga Novatus Contract Management Software received a rating of 4.6 from ITQlick team. The software cost is considered affordable (2.2/5...


18. SIMMS Inventory management software

  • Best for: SMBs
  • Price: starts at $900 per license
  • Feb 28, 2022
Compare SIMMS Inventory management software Vs. FinancialForce HCM

SIMMS Inventory Management Software is an inventory management and accounting software that supports the business process from purchasing, sales and order fulfillment to accounting and data collection. SIMMS (Stand-alone Inventory Management Modular Software) can help users to handle all their day-t...


19. ePMX

  • Best for: SMBs
  • Price: starts at $18 per user/month
  • Oct 06, 2022
Compare ePMX Vs. FinancialForce HCM

ePMX is a web based purchasing management solution for businesses of all sizes. It offers modules for requisitions, purchasing, receiving, quotation management, invoicing, and inventory management. The software was designed and launched by Bellwether Software headquartered in Kentucky, U...


20. Cadence Warehouse Management

  • Best for: SMBs
  • Price: starts at $65,000 per license
  • Oct 03, 2022
Compare Cadence Warehouse Management Vs. FinancialForce HCM

Cadence Warehouse Management is a warehouse management software that can provide a complete solution for fulfilling order management and multiple shipping difficulties. It’s versatility, real-time features and RF based WMS system helps you to complete all the operation more productively and flexibl...


21. Jada SCP 4-0

  • Best for: Small, medium and large size businesses
  • Price: starts at $35,500 per license
  • Oct 04, 2022
Compare Jada SCP 4-0 Vs. FinancialForce HCM

Jada SCP 4.0 is a supply chain management solution for businesses of all sizes. It offers such capabilities as demand planning, inventory optimization, supplier management, and others. The software was designed and launched by Jada Management Systems LLC headquartered in Oregon, United States.


22. Enterprise WMS and Interchange EDI

  • Best for: Small, medium and large size businesses
  • Price:
  • Feb 01, 2023
Compare Enterprise WMS and Interchange EDI Vs. FinancialForce HCM

Enterprise WMS and Interchange EDI is a warehouse management software solution for your business. The software was designed and launched by Ramp Systems headquartered in Philadelphia, United States. It provides various tools and applications to specifically cater the needs of 3PL industry.


23. iTracker Hosted 3PL Software

  • Best for: Small businesses and start ups
  • Price: starts at $250 per user/month
  • Feb 01, 2023
Compare iTracker Hosted 3PL Software Vs. FinancialForce HCM

iTracker Hosted 3PL Software is a web-based SQL hosted management system with an easy to use warehouse management system and RF scanning capabilities. The software also provides any number of users to the system and unlimited customer access without any additional costs. The software also has powerf...


24. AccellosOne Enterprise 3PL

  • Best for: Small, medium and large size businesses
  • Price:
  • Feb 05, 2022
Compare AccellosOne Enterprise 3PL Vs. FinancialForce HCM

AccellosOne Enterprise 3PL is a logistics software that can help users to streamline cold storage and warehouse operations. This system is specifically designed for third party logistics experts by 3PL experts. The software can automate most of the important functions and offers real-time informatio...


25. Viewpoint For Project Collaboration

  • Best for: Small, medium and large size businesses
  • Price: starts at $10,000 per license
  • Feb 14, 2022
Compare Viewpoint For Project Collaboration Vs. FinancialForce HCM

Viewpoint For Project Collaboration is a project management and construction software for small and medium companies. Its key features include building information modeling, estimating, business intelligence and reporting, and construction accounting, document control, equipment management, and fina...


26. SAP S/4HANA

  • Best for: Large business
  • Price: starts at $3,595 per month
  • Feb 17, 2022
Compare SAP S/4HANA Vs. FinancialForce HCM

SAP S/4HANA is an ERP software that uses the SAP HANA platform. It combines and automates various processes in the business in one place, making it more convenient for all users to get the needed information and tools, find real time data, and be involved in the process. From the design development ...


27. Supply Chain Planning & Optimization

  • Best for: Large business
  • Price:
  • Oct 22, 2022
Compare Supply Chain Planning & Optimization Vs. FinancialForce HCM

Supply Chain Planning & Optimization by MetaChain is supply chain management solution that can help users to transform their supply chain into a competitive advantage from an obstacle and to help them achieve the strategic vision of their company. The software can also help users to find out the sav...


28. Vin eRetail

  • Best for: Small, medium and large size businesses
  • Price: starts at $0.15 per order
  • Feb 22, 2022
Compare Vin eRetail Vs. FinancialForce HCM

Vin eRetail is a trending cloud-based Inventory Management software, it is designed to support small, medium and large size business. Vin eRetail received a rating of 4.5 from ITQlick team. The software cost is considered affordable (1/5) when compared to alternative solutions.


29. SutiProcure

  • Best for: Small, medium and large size businesses
  • Price: starts at $100 per user/month
  • Feb 22, 2022
Compare SutiProcure Vs. FinancialForce HCM

SutiProcure is a supply chain management solution for businesses of all sizes. It offers such services as order processing, inventory management, supplier management, invoicing, and others. The software was designed and launched by SutiSoft Inc headquartered in California, United States.


30. Procurify

  • Best for: Small, medium and large size businesses
  • Price: starts at $499 per month
  • Feb 22, 2022
Compare Procurify Vs. FinancialForce HCM

Procurify is cloud-based procurement and order management software. The main purpose of the software is to facilitate time savings and prepare reports about the company’s spending. Procurify was launched in 2011 and the company is located in British Columbia, Canada. The software seeks to reduce ...


31. SAP Distribution

  • Best for: Large business
  • Price:
  • Mar 19, 2022
Compare SAP Distribution Vs. FinancialForce HCM

SAP Distribution provides a wholesale distribution solution. The software help companies to plan, requisition, stock, sell and manage inventory efficiently, so that operational productivity can improve, resulting in better revenues and greater cash flows. SAP is a leading enterprise application s...


32. RiskRate

  • Best for: Small, medium and large size businesses
  • Price: starts at $5,000 per year
  • Mar 03, 2022
Compare RiskRate Vs. FinancialForce HCM

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


33. iGMS

  • Best for: SMBs
  • Price: starts at $5 per property/month
  • Mar 07, 2022
Compare iGMS Vs. FinancialForce HCM

Manage vacation rentals across various channels with iGMS — the only platform professional hosts and vacation rental managers you will ever need.


34. AdvancePro Inventory Management

  • Best for: Small businesses and start ups
  • Price: starts at $85 per user/month
  • Mar 28, 2022
Compare AdvancePro Inventory Management Vs. FinancialForce HCM

AdvancePro Inventory Management is an inventory control system that can simplify warehouse, buying, selling and shipping operations. The inventory management software offers both administrative and operation features with deployment options of on-premise and web-based. There are more than 200 featur...


35. Shortlist

  • Best for: Small, medium and large size businesses
  • Price: starts at $49.99 per license
  • Apr 05, 2022
Compare Shortlist Vs. FinancialForce HCM

Shortlist is a supply chain management software designed in the cloud-based format basically for organizations to manage, pay, source, and rate/review its external forces. Freelancers and all the service providers across the world are inclusive of these external forces.


36. VendorInsight

  • Best for: Small, medium and large size businesses
  • Price:
  • Apr 06, 2022
Compare VendorInsight Vs. FinancialForce HCM

VendorInsight is a supply chain management software designed in a web-based format primarily to assist banks, financial firms, and credit unions with risk assessment as well as contract management.


37. irms WMS

  • Best for: Small, medium and large size businesses
  • Price: starts at $40 per month
  • Nov 05, 2022
Compare irms WMS Vs. FinancialForce HCM

irms WMS is a warehouse, asset, and supply chain management solution for your business. The software was designed by Upp Technology, Inc. headquartered in Illinois, United States. It provides efficient management of warehouse space, shipping time, and inventory visibility. 


38. C-Store Office‚

  • Best for: Small, medium and large size businesses
  • Price: starts at $249 per license
  • May 12, 2022
Compare C-Store Office‚ Vs. FinancialForce HCM

C-Store Office software provides the infrastructure, workflow and reporting needed to increase operational efficiencies and optimize margins of your convenience store/gas station.


39. SCExpert Suite

  • Best for: Small, medium and large size businesses
  • Price:
  • May 16, 2022
Compare SCExpert Suite Vs. FinancialForce HCM

SCExpert is a supply chain software designed on a cloud-based to help businesses in the tracking and movement of documents and inventory. This software consists of discreet processes such as storing, picking, shipping, ordering, transportation, value-added services, delivery, and packing.


40. Sapphire Contract Billing

  • Best for: SMBs
  • Price:
  • Nov 15, 2022
Compare Sapphire Contract Billing Vs. FinancialForce HCM

Sapphire Contract Billing is a growing cloud-based Supply Chain software, it is designed to support small and medium size business. Sapphire Contract Billing received a rating of 3.2 from ITQlick team. The software cost is considered affordable (1.9/5) when compared to alternative solutions.


41. GoProcure

  • Best for: Small, medium and large size businesses
  • Price:
  • Jan 19, 2020
Compare GoProcure Vs. FinancialForce HCM

GoProcure is a cloud-based supply chain software that connects wholesalers, retailers, suppliers, and financial institutions on one seamless e-commerce platform. The product simplifies and organizes the buying experience for all involved with the aid of machine learning and AI.


42. Flowlytics

  • Best for: Small, medium and large size businesses
  • Price:
  • Oct 03, 2019
Compare Flowlytics Vs. FinancialForce HCM

Flowlytics is a supply chain management solution for businesses of all sizes. Its capabilities include inventory management, suppler and demand management, manufacturing management, and others. The software was designed and launched by Invistics Inc headquartered in Georgia, United States.


43. Equipment Rental Software

  • Best for: Start up, Small business, Medium business, Large business, Private use
  • Price: starts at $399
  • Nov 06, 2019
Compare Equipment Rental Software Vs. FinancialForce HCM

Equipment Rental Software is a fast growing cloud-based BI software, it is designed to support small, medium and large size business. Equipment Rental Software received a rating of 4.1 from ITQlick team. The software cost is considered affordable (1.8/5) when compared to alternative solutions.


44. AccellosOne Platform

  • Best for: SMBs
  • Price:
  • Nov 13, 2019
Compare AccellosOne Platform Vs. FinancialForce HCM

AccellosOne Platform is a trending cloud-based Supply Chain software, it is designed to support small and medium size business. AccellosOne Platform received a rating of 4.6 from ITQlick team. The software cost is considered affordable (1.5/5) when compared to alternative solutions.



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. 

Finding the right business software for your business
Proper business software selections are the precursor to successful deployment and business growth. Finding the right solutions doesnít have to be complicated, and it doesnít have to take days or weeks of your time.

After researching over 5,000 systems, we can identify the best solution for companies of all shapes and sizes. ITQlick.com is 100% free for software buyers.



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.