How to prepare an RFI and avoid costly mistakes

Colchester, UK - 11 November 2010 - Access, the mid-market consulting, software and solutions provider, has today said that many companies are making costly mistakes when selecting financial software, which could be easily avoided by preparing good Request for Information (RFI) documentation. Selecting a finance system is a big decision, requiring a significant investment in time and capital - yet many businesses get it wrong.

Chris Bayne, MD for Access, said, "If you were buying a car, you'd start with a budget which would steer you towards a particular set of manufacturers. You'd then look at the type of car and specific features before comparing the options - setting the requirements for a new software system should be no different."

The key reasons companies often get software selection wrong include involving the wrong people in the definition process, difficulty nailing down the scope of the project, trying to do too much with too little, and being too ambitious with timings. "The best way to get software selection right is to produce an RFI, which outlines exactly what you need, your expectations, budget and requirements," continued Chris. "A new software system is a long term commitment, given the average term is 7-10 years; costly mistakes can be avoided by running an effective selection process."

Businesses are often put off by the RFI process as it is seen as complex and time-consuming. However, this does not have to be the case. Access has produced a director's guide on how to produce an RFI which goes through the processes, what should be included, how to pick a project team - and how to avoid the problems that organisations commonly make when selecting a software system. In addition to the guide, Access has also produced a handy ready-made RFI template, so businesses do not have to start from scratch. Details are provided at the end of the guide.

"Using this director's guide you'll be able to produce an RFI which will help your business to make the right software selection and hopefully save you time and money in the process," concluded Chris.

For more information on Access, its consultancy and software solutions contact Matt Newman on 0845 345 3300 or visit www.theaccessgroup.com. Alternatively, keep up-to-date by following Access on twitter, @theaccessgroup.

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