Top 54 Benefits Administration Software (Feb 2023)

2023's Best 55 Benefits Administration Systems

Shlomi LaviShlomi Lavi / Feb 02, 2023

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1. Benelogic

  • Best for: Small, medium and large size businesses
  • Price:
  • Feb 15, 2022
Compare Benelogic Vs. Benelogic

Benelogic is Web-based benefits administration and management solution that offers enroll, manage, control and evolve products in one platform. Some of its primary features include COBRA Administration, Single Sign-on, Data audit, and retiree billing, and more.


2. Decisely

  • Best for: Small, medium and large size businesses
  • Price:
  • Mar 13, 2022
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Decisely is a cloud-based brokerage and human resource software that specializes in integrated technological solutions for small businesses, including brokers, franchises, and associations. Decisely allows the user to manage payroll, benefits, insurance coverage, and other HR activities from the clo...


3. PX3000

  • Best for: Small, medium and large size businesses
  • Price:
  • Mar 02, 2022
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PX3000 is a benefits management solution for medium to large companies. Its key features include retiree administration, a self-service portal, localized set-up to support global currencies and languages, Defined Benefit (DB) pension plan module, Human Resources Administration (HRMIS) module, and a...


4. PeopleKeep

  • Best for: Small businesses and start ups
  • Price: starts at $75 per seat/month
  • Sep 28, 2022
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PeopleKeep is a cloud-based benefits administration software solution for the employees within a company. The software provides a new way to offer benefits within an organization which is known to us as personalized benefits rather than the traditional one which was provided in groups.


5. Summit

  • Best for: Small, medium and large size businesses
  • Price: starts at $40 per user/month
  • Jun 12, 2022
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Summit now PrismHR offers cloud based complete and integrated HR solutions that offer applicant tracking, benefits administration, payroll, and general ledger among other solutions. Founded in 1982 Summit software enables the user to customize a comprehensive human resource solution.


6. bob

  • Best for: SMBs
  • Price: starts at $5 per user/month
  • May 31, 2022
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bob is an administrative software designed as an HRIS platform to help businesses drive culture and engagement. With a set of engaging tools embedded in the software, users can enhance their work culture and improve productivity.


7. eBenefits Resource

  • Best for: Small, medium and large size businesses
  • Price:
  • Jul 07, 2022
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Benetech is a cloud-based benefits management software that helps employers manage their employee benefits packages through eligibility management, common billing remittance, and supervising FMLA (Family and Medical Leave Act) administration.


8. Benefit Express

  • Best for: Small, medium and large size businesses
  • Price:
  • Jul 07, 2022
Compare Benefit Express Vs. Benelogic

Benefit Express is a web based benefits administration solution for businesses of all sizes. It offers such capabilities as deduction management, retiree administration, self-service portal, and others. The software was designed and launched by Benefit Express Services LLC headquartered in ...


9. Common Benefits

  • Best for: Small, medium and large size businesses
  • Price: starts at $500 per license
  • Jul 18, 2022
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Common Benefits is a benefits administration software for brokers, carriers, and HR managers to connect and administer employees to information concerning administration programs and benefits.


10. kiwiHR

  • Best for: SMBs
  • Price: starts at $3.50 per user/month
  • Jul 31, 2022
Compare kiwiHR Vs. Benelogic

KiwiHR is a benefits administration software designed to simplify HR administrative processes. The software provides intuitive HR information that administrators can harness to streamline HR workflow.


Pricing Guide - Benefits Administration Software:

Human Resources Software Products Price Range

HRIS comes with different prices, which are usually determined by either number of employees or the number of users. Either way, HR Tools pricing ranges from $5–$15 and $16–$25 per employee per month; for most providers, these prices are also set based on the robustness of the chosen package feature-wise, and they may not include fees for setup or training.

However, HR software that are priced based on the number of users may have slightly higher prices because, unlike ones with per employee prices, they do not require an organization to pay for every employee but, instead, employees that are actively using the tools. For example, Conrep is priced at around $30 per user per month, while HRnest costs around $20 per employee per month. Another instance is HRnest, which costs $1 per employee, provided its paid in bulk for 35 employees each, and 2 feature plugins, which cost $40 and $60 respectively, must be paid for alongside.

In addition, HRIS pricings are adjusted by most vendors, depending on the business size.

  • Small Businesses can expect around $5 for a single employee or nothing at all, as some software makes their basic HR features free for small workforces. Some examples are PeopleBookHR, Snappi, and IceHRM. At the same time, premium HR providers like VAIRKKO Suite costs $1 monthly per employee, Optimity pricing is around $5 monthly per user, and Attendee HRM costs $28 per year to manage 28 employees.
  • Medium Businesses that need more robust HRIS features can expect to pay between $5–$15 per employee. For instance, ICMIS Recruit costs around $6,000 per year to manage between 51–100 employees, Info:HR charges a one-time fee of $2800, and FingerCheck pricing is priced at $200 monthly for 50 employees.
  • Large Businesses can expect to pay less on a per-employee basis because the logic is the more the employee, the lesser the fee. However, the number of features and onboarding costs may cost more. For instance, FingerCheck costs $1,600 monthly for 500 employees and Britix24 $199 per month.

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

  • Applicant Tracking Tools While some applicant tracking apps are priced per job posting, businesses can, however, expect to pay between $19–$28, $28–$49, and $49 upwards per user, per month. For instance, Yahoo Indeed costs around $150 per month, Monster TMS costs $5,000 per year while Manatal pricing is charged at $15 per user per month.
  • Performance Appraisal Software Like most applicant tracking solutions, performance appraisal pricing is based on a "per user, per month" basis. So, business enterprises can expect to pay between $1 to $4, $4 to $10, and $10 upwards. Note that the package type is also a determining factor for performance appraisal tool pricing, as some packages have more features than others. The pricing of some performance appraisal appls like Performly Talent starts from $2 monthly per user, Small Improvements from $5 per user per year, and AssessTEAM costs $1 monthly per user.
  • Onboarding Software Onboarding Tools are also priced on a "per user, per month" basis. Users can expect to pay between $1 and $12 upwards. However, these prices are mostly for entry-level prices found on vendor website; more robust packages may be slightly higher, depending on the number of users. For example, Boardon costs $50 per month for a bunch of active users, EmployeeConnect $6 monthly per user, and WISP pricing falls around $50 depending on company size.
  • 360 Degree Feedback 360 Degree feedback products mostly have per month pricings. In this case, companies can expect to pay between $1 and $149 and above. Again, these prices depend on the number of features the vendor is offering. Examples are Click-360 costs between $7-$55 per report, SurveyLab $29 per month, and Bloomin costs $4 monthly per user.
  • Payroll The pricing for payroll products is usually divided into three tiers and priced per user per month. Enterprises can expect to pay between $1 to $5, $5 to $12, and above $12 per user, per month and depending on the tier. For instance, Payroll Mate is priced around $120 per year ($15 per month) and Payment Evolution Payroll costs $22 monthly per user. Alternatively, some payroll products have a one-time payment; examples are Accounting Xpert costs around $1,500 for one user, and Brightpay pricing is around $300.

11. EBenefits

  • Best for: Small, medium and large size businesses
  • Price: starts at $2 per month
  • Aug 05, 2022
Compare EBenefits Vs. Benelogic

WorkPartners is a business intelligence software designed to help organizations reduce risks, using a person-centric view and actionable insights provided on the software.


12. Maxwell Health Software

  • Best for: SMBs
  • Price: starts at $46 per month
  • Oct 06, 2022
Compare Maxwell Health Software Vs. Benelogic

Maxwell Health is a human resource management solution for businesses of all sizes. Its capabilities include retention and efficiency management, sales and marketing management, and others. The software was designed and launched by Maxwell Health, headquartered in Massachusetts, United S...


13. Employee Navigator

  • Best for: Small, medium and large size businesses
  • Price: starts at $445 per month
  • Oct 10, 2022
Compare Employee Navigator Vs. Benelogic

Employee Navigator is a web based HR management and benefits administration solution for businesses of all sizes. It offers such capabilities as FSA administration, employee database, self- service portal, and others. The software was designed and launched by Employee Navigator LLC headquar...


14. HRA Employee Solutions

  • Best for: SMBs
  • Price:
  • Mar 13, 2022
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HRA HRMS software is a cloud-hosted and on-premise HR management system built for businesses with a minimum of 20 employees and a max of 5,000. The solution occurs in four varying versions based delivery method and their business scale.


15. FundOfficeXG™

  • Best for: Small, medium and large size businesses
  • Price:
  • Feb 01, 2023
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FundOfficeXG is a benefits administration solution designed for businesses of all sizes. It offers such capabilities as claims management, HIPAA compliance, retiree administration, and others. The software was designed and launched by Basys Inc headquartered in Maryland, United States.


16. Staffcare

  • Best for: Small, medium and large size businesses
  • Price:
  • Feb 02, 2023
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Staffcare is a web based benefits administration solution for businesses of all sizes. It offers such capabilities as employee database, provider management, retirement plan management, and others. The software was designed and launched by Staffcare Ltd headquartered in the United Kingdom.


17. Dovetail Support Suite for HR

  • Best for: Medium and large size businesses
  • Price:
  • Feb 01, 2023
Compare Dovetail Support Suite for HR Vs. Benelogic

Dovetail Employee Engagement Suite is a web based HR management solution for businesses of all sizes. It offers such services as case management, knowledge management, employee service portal, and others. The software was designed and launched by Dovetail Software Inc headquartered in Texas, United ...


18. Benefitsolver

  • Best for: Small, medium and large size businesses
  • Price:
  • Feb 02, 2023
Compare Benefitsolver Vs. Benelogic

Benefitsolver is a leading cloud-based Benefits Administration software, it is designed to support small, medium and large size business. Benefitsolver received a rating of 4 from ITQlick team. The software cost is considered affordable (2.2/5) when compared to alternative solutions.


19. Access Perks

  • Best for: SMBs
  • Price:
  • Mar 14, 2022
Compare Access Perks Vs. Benelogic

Access Perks is a growing cloud-based Human Resources software, it is designed to support small and medium size business. Access Perks received a rating of 3.6 from ITQlick team. The software cost is considered affordable (2/5) when compared to alternative solutions.


20. Virtual Benefits Administrator

  • Best for: Small, medium and large size businesses
  • Price:
  • Feb 14, 2022
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Virtual Benefits Administrator is a benefits administration software solution for businesses of all sizes. It offers such capabilities as claims management, life insurance administration, accounting management, and others. The software was designed and launched by Virtual Benefits Admini...


21. bswift

  • Best for: Large business
  • Price:
  • Feb 16, 2022
Compare bswift Vs. Benelogic

bswift is a growing cloud-based Human Resources software, it is designed to support large size business. bswift received a rating of 4 from ITQlick team. The software cost is considered a bit pricey (5/5) vs their competitors.


22. LuminX

  • Best for: Large business
  • Price:
  • Mar 15, 2022
Compare LuminX Vs. Benelogic

LuminX is an employee health and benefits management solution for businesses of all sizes. Its features include flexible spending accounts, health saving accounts, online enrollment, and others. The software was designed and launched by Ebix Inc headquartered in Georgia, United States.


23. BenAssist

  • Best for: Small, medium and large size businesses
  • Price:
  • Mar 15, 2022
Compare BenAssist Vs. Benelogic

BenAssist is a leading cloud-based Benefits Administration software, it is designed to support small, medium and large size business. BenAssist received a rating of 4 from ITQlick team. The software cost is considered average (3.2/5) when compared to other solutions in their category.


24. dpiSuite

  • Best for: Small, medium and large size businesses
  • Price:
  • Mar 29, 2022
Compare dpiSuite Vs. Benelogic

dpiSuite is a growing cloud-based Benefits Administration software, it is designed to support small, medium and large size business. dpiSuite received a rating of 5 from ITQlick team. The software cost is considered affordable (2/5) when compared to alternative solutions.


25. PlanSource

  • Best for: Small, medium and large size businesses
  • Price: starts at $4 per user/month
  • Mar 29, 2022
Compare PlanSource Vs. Benelogic

PlanSource is a web based benefits administration solution for businesses of all sizes. It offers such capabilities as COBRA administration, self-service portal, process automation, and others. The software was designed and launched by PlanSource headquartered in Florida, United States.


26. Benefitfocus

  • Best for: Large business
  • Price: starts at $2 per user/month
  • Mar 29, 2022
Compare Benefitfocus Vs. Benelogic

Benefitfocus is a web based benefits administration solution for businesses of all sizes. It offers such capabilities as disability insurance administration, HIPAA compliance, retiree administration, and others. The software was designed and launched by Benefitfocus Inc headquartered in Sou...


27. Fringe Facts

  • Best for: Small, medium and large size businesses
  • Price:
  • Apr 08, 2022
Compare Fringe Facts Vs. Benelogic

Fringe Facts is a trending cloud-based Benefits Administration software, it is designed to support small, medium and large size business. Fringe Facts received a rating of 3.9 from ITQlick team. The software cost is considered affordable (2.2/5) when compared to alternative solutions.


28. Talent|REWARD

  • Best for: Large business
  • Price: starts at $2 per user/month
  • Apr 08, 2022
Compare Talent|REWARD Vs. Benelogic

TalentREWARD is a web based HR and talent management solution for businesses of all sizes. Its capabilities include performance management, workforce planning, recruitment management, and others. The software was designed and launched by Towers Watson & Co. headquartered in New York, United States. ...


29. EasyAppsOnline

  • Best for: Small, medium and large size businesses
  • Price: starts at $5 per employee/year
  • Apr 13, 2022
Compare EasyAppsOnline Vs. Benelogic

EasyAppsOnline is a fast growing cloud-based Benefits Administration software, it is designed to support small, medium and large size business. EasyAppsOnline received a rating of 3.5 from ITQlick team. The software cost is considered affordable (2.3/5) when compared to alternative solutions.


30. LynchVal

  • Best for: Small, medium and large size businesses
  • Price:
  • Apr 19, 2022
Compare LynchVal Vs. Benelogic

LynchVal is a web based benefits administration solution designed for businesses of all sizes. It offers such services as employee database, deduction management, provider management, and others. The software was designed and launched by Lynchval Systems Worldwide Inc headquartered in Virgi...


31. PENFAX

  • Best for: Small, medium and large size businesses
  • Price:
  • Apr 19, 2022
Compare PENFAX Vs. Benelogic

PENFAX is a web based benefits administration solution for businesses of all sizes. It offers such capabilities as retiree administration, retirement plan management, self-service portal, and others. The software was designed and launched by James Evans and Associates Ltd headquartered in B...


32. SteelBrick CPQ

  • Best for: Small, medium and large size businesses
  • Price: starts at $75 per user/month
  • Nov 07, 2022
Compare SteelBrick CPQ Vs. Benelogic

SteelBrick CPQ is a web based quote-to-cash solution designed for businesses of all sizes. It offers such capabilities as quoting and pricing, order management, product configuration, and others. The software was designed and launched by Salesforce.com Inc headquartered in California, United States....


33. Perkbox

  • Best for: Small, medium and large size businesses
  • Price:
  • May 12, 2022
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PerkBox is a cloud-based Human Resource software that allows its users to manage employee medical wellness and performance, as well as keeping an employee feedback system for the diversification of business insights.


34. Shareworks

  • Best for: Small, medium and large size businesses
  • Price: starts at $3 per user/month
  • May 14, 2022
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ShareWorks is a human resources software that provides an ecosystem that integrates an equity management system that makes business processes seamless for decision making, teamwork, and accuracy within an organization.


35. EverythingBenefits

  • Best for: Medium and large size businesses
  • Price:
  • May 16, 2022
Compare EverythingBenefits Vs. Benelogic

EverythingBenefits is a cloud-based human resources software that is developed to automate all processes related to benefit disbursement in organizations. The software fast-tracks these processes and eliminates the orthodox paperwork proceedings in a bid to ensure efficiency.


36. Perked!

  • Best for: Medium and large size businesses
  • Price:
  • May 17, 2022
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Perked! is a cloud-based human resources software that offers organizations the capability of getting to obtain employee feedback with the aid of organizational psychology.


37. Benefits Workstation

  • Best for: Small, medium and large size businesses
  • Price:
  • Jul 25, 2022
Compare Benefits Workstation Vs. Benelogic

Benefits Workstation is a fast growing cloud-based Benefits Administration software, it is designed to support small, medium and large size business. Benefits Workstation received a rating of 3.4 from ITQlick team. The software cost is considered affordable (1.7/5) when compared to alternative solu...


38. BeneLink

  • Best for: Small, medium and large size businesses
  • Price:
  • Jul 25, 2022
Compare BeneLink Vs. Benelogic

BeneLink is a growing cloud-based Benefits Administration software, it is designed to support small, medium and large size business. BeneLink received a rating of 3.6 from ITQlick team. The software cost is considered affordable (1.9/5) when compared to alternative solutions.


39. Eclipse Benefits

  • Best for: Small, medium and large size businesses
  • Price:
  • Jul 25, 2022
Compare Eclipse Benefits Vs. Benelogic

Eclipse Benefits is a growing cloud-based Benefits Administration software, it is designed to support small, medium and large size business. Eclipse Benefits received a rating of 4.7 from ITQlick team. The software cost is considered average (3.5/5) when compared to other solutions in their categor...


40. ClearBenefits

  • Best for: SMBs
  • Price: starts at $3 per user/month
  • Jul 25, 2022
Compare ClearBenefits Vs. Benelogic

ClearBenefits is a growing cloud-based Benefits Administration software, it is designed to support small and medium size business. ClearBenefits received a rating of 3.4 from ITQlick team. The software cost is considered affordable (2.1/5) when compared to alternative solutions.


41. benefitsCONNECT®

  • Best for: Small, medium and large size businesses
  • Price: starts at $1.15 per month
  • Jul 25, 2022
Compare benefitsCONNECT® Vs. Benelogic

benefitsCONNECT® is a growing cloud-based Benefits Administration software, it is designed to support small, medium and large size business. benefitsCONNECT® received a rating of 4 from ITQlick team. The software cost is considered affordable (1.9/5) when compared to alternative solutions.


42. Flexible Benefits

  • Best for: Small, medium and large size businesses
  • Price:
  • Jul 25, 2022
Compare Flexible Benefits Vs. Benelogic

Flexible Benefits is a web based benefits administration system for businesses of all sizes. It offers such services as claims management, employee database, deduction management, and others. The software was designed and launched by Vebnet Limited headquartered in Edinburg, United Kingdom.


43. Hi-Touch Benefits Administration

  • Best for: Small, medium and large size businesses
  • Price:
  • Jul 25, 2022
Compare Hi-Touch Benefits Administration Vs. Benelogic

Hi-Touch Benefits Administration is a web based benefits administration solution for businesses of all sizes. It offers such capabilities as COBRA administration, deduction management, self- service portal, and others. The software was designed and launched by Empyrean Benefits Solutions he...


44. iElect

  • Best for: Small, medium and large size businesses
  • Price:
  • Jul 25, 2022
Compare iElect Vs. Benelogic

iElect is a web based benefits administration solution for businesses of all sizes. It offers such capabilities as clams management, self-service portal, retiree plan administration, and others. The software was designed and launched by Secova headquartered in California, United States.


45. Pension Administration

  • Best for: Small, medium and large size businesses
  • Price:
  • Jul 25, 2022
Compare Pension Administration Vs. Benelogic

Pension Administration system from BenXL is a web based benefits management solution for businesses of all sizes. It offers such services as life insurance administration, deduction management, employee database, and others. The software was designed and launched by BenXL Technologies Inc h...


46. PensionGold

  • Best for: Small, medium and large size businesses
  • Price:
  • Jul 25, 2022
Compare PensionGold Vs. Benelogic

PensionGold is a web based benefits administration solution for businesses of all sizes. It offers such capabilities as disability insurance administration, retirement plan management, HIPAA compliance, and others. The software was designed and launched by Levi, Ray & Shoup Inc headquar...


47. ProAdmin

  • Best for: Small, medium and large size businesses
  • Price:
  • Jul 25, 2022
Compare ProAdmin Vs. Benelogic

ProAdmin is a web based benefits administration solution for businesses of all sizes. It offers such services as disability insurance administration, retirement plan management, benefit calculations, and others. The software was designed and launched by Winklevoss Technologies LLC headquart...


48. ALEX

  • Best for: SMBs
  • Price:
  • Jul 14, 2022
Compare ALEX Vs. Benelogic

HireAbility ALEX is a resume and job parsing solution for businesses of all sizes. It features a variety of resume parsing, content parsing, and text conversion services. The software was designed and launched by HireAbility LLC headquartered in New Hampshire, United States.


49. The Plan Administrator

  • Best for: Small, medium and large size businesses
  • Price:
  • Jul 25, 2022
Compare The Plan Administrator Vs. Benelogic

The Plan Administrator is a trending cloud-based Benefits Administration software, it is designed to support small, medium and large size business. The Plan Administrator received a rating of 3.3 from ITQlick team. The software cost is considered average (2.9/5) when compared to other solutions in ...


50. IncentFit

  • Best for: SMBs
  • Price: starts at $0.25 per employee/month
  • Apr 19, 2021
Compare IncentFit Vs. Benelogic

IncentFit is a growing cloud-based Human Resources software, it is designed to support small and medium size business. IncentFit received a rating of 4.1 from ITQlick team. The software cost is considered affordable (1.5/5) when compared to alternative solutions.


51. Total Benefits Management

  • Best for: Small, medium and large size businesses
  • Price: starts at $2 per user/month
  • Jul 20, 2022
Compare Total Benefits Management Vs. Benelogic

Total Benefits Management is an award-winning cloud-based Benefits Administration software, it is designed to support small, medium and large size business. Total Benefits Management received a rating of 4.6 from ITQlick team. The software cost is considered average (3.3/5) when compared to other s...


52. Vbas

  • Best for: Small, medium and large size businesses
  • Price: starts at $50 per license
  • Jul 25, 2022
Compare Vbas Vs. Benelogic

Vbas is a web based benefits administration solution for businesses of all sizes. It offers such services as deduction management, life insurance administration, self-service portal, and others. The software was designed and launched by Benefit & Risk Management Services headquartered in California,...


53. VisualHCS

  • Best for: Small, medium and large size businesses
  • Price:
  • Dec 08, 2022
Compare VisualHCS Vs. Benelogic

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


54. hrMecca

  • Best for: Start up, Small business, Medium business, Large business
  • Price: starts at $250 per user/month
  • Jun 01, 2022
Compare hrMecca Vs. Benelogic

hrMecca is a web based HR and benefits management solution for businesses of all sizes. Its capabilities include claims management, employee database, retiree administration, and others. The software was designed and launched by hrMecca Inc headquartered in Massachusetts, United States.



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. 

ITQlick chart - 2023 best Benefits Administration Software

2023 best Benefits Administration Software | ITQlick.com

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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.