publication of the International Legal Technology Association
Issue link: https://epubs.iltanet.org/i/742458
20 WWW.ILTANET.ORG | ILTA WHITE PAPER FINANCIAL MANAGEMENT Selecting Your Firm's New Financial System Your firm needs to know what kinds of questions to ask vendors regarding things like functionality, pricing, capabilities and future support. Several topics should be discussed in a project kickoff meeting, such as: » Current processes » Challenges » Plans for growth » Any homegrown solutions that can or cannot be replaced Get every issue on the table and determine what is required and desired out of a new financial system, as this is a tremendous opportunity to clean up data, improve processes and increase efficiency. Aer you have an idea of what you're looking for, include a plan to determine which products on the market fulfill your needs. Some firms keep their selection work in-house, but this oen leads to shiing priorities that inhibit progress. Other firms utilize third-party consulting firms, but if the right firm is not selected, you risk entering a painful, protracted agreement. Both can work well, and both have their dangers. Whichever route your firm chooses, have a timeline in place with established checkpoints and knowledgeable individuals available with clearly defined roles. Other important points to consider when establishing a timeline and developing a plan include: » If your firm cannot afford a long implementation, certain soware might not be for you. » Schedule vendor demonstrations in your timeline to get definitive explanations of the capabilities of different soware instead of relying on what you have heard about various products. » Throughout the selection process, document everything. Thorough documentation is convenient when the time comes to explain to management why you believe certain products are beer than others. This can include score cards, evaluation forms, price comparison documentation and/or a comprehensive selection report comprising decision points that led to the product selection. » Define a target date for reaching a decision. Some firms begin selection work only to put it off for another year.