As a selection tool, a cost / benefit analysis helps you focus on the most suitable category of software, rather than trying to differentiate between similar budgeting solutions. For example, it can help you find out if your needs are better served by:
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  • High-end or low-end software
  • SQL-based or OLAP based software
  • Web-based or standard client-server software
In addition to helping to distinguish between different software categories, a cost / benefit analysis can help you decide whether to stay with what you have or make a new software acquisition.
If you were to look at a range of companies using the different budgeting packages on the market, you would see that their levels of satisfactions range from highly satisfied to dissatisfied. Finding success with a particular solution is dependent on several factors:

  • Software features
  • Skills and involvement of key employees
  • Long term support and software upgrades from the software vendor

In the software selection phase, matching the organizational needs and constraints with software features is essential for success. One of the best ways to do this is to devise a list that weighs the benefits against costs. (See below)
A cost / benefit analysis table can become rather subjective because it is hard to assign a value of intangible items. However, because each item is weighted, it usually provides a better indication than simply drawing up a list of pros and cons with no assigned values.

Note: Scoring from 10 to -10 for each item, where 10 is the highest score and -10 is the lowest score. A total score above 0 shows that the company most likely will achieve an overall benefit by purchasing the new software.


To help you in your search for budgeting software that best fits your organization, our solution BI360 Planning can be viewed anytime in a recorded webinar  “Looking to Take Away the Pain of this Year’s Budgeting Process?“. Following the webinar, if you should need any additional information or would like to request a live demonstration email us: info@solverusa.com.
 
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