(Forbes) Are you truly getting the most value out of your financial technology?
We recently surveyed 500 senior and accounting finance professionals and found that 53% of respondents use three to five software solutions to support financial decision making, accounting and financial reporting, planning and analysis and audit prep. This technology is integral to critical processes and procedures. And while bringing in a dedicated solution can create invaluable benefits in finance and beyond, that can change if your goals are not closely aligned with your providers’ product roadmap.
So, how can you create a true partnership with your tech vendors and avoid some serious buyer’s remorse?
You can and should keep an open line of communication with your vendors. Share your ideas and hopes for their product roadmap. But, prioritize your feedback and understand that not everything you say will spark a reaction — and understandably so! If you picked a provider that is continuously innovating and responding to changing business needs, they’re already thinking ahead. To create and sustain a fulfilling relationship with your solution provider, you should work together toward common goals.
First things first: Understand the inner workings of their team.
Familiarize yourself with their language of product development. Some companies use agile development (an approach that focuses on adaptability and speed), whereas others use waterfall development (a traditional sequence approach). Understanding how they operate will give you context around the different decisions they make.
Get to know the structure of their team, as well. Knowing who is responsible for what will allow you to identify the proper point of contact for different needs and communications. Key players include:
• Customer Success Manager (CSM): Once you move through the sales process and become an active user of the product, your CSM will work to ensure you’re getting the most out of the solution.
• Customer Service Representative (CSR): While your CSM is there to anticipate your needs, your CSR will be your go-to if any issues arise.
• Account Manager (AM): Your AM will focus on any and all technical concerns and is the one you’ll likely have the most contact with throughout your lifecycle with a vendor.
• Product Manager And Product Owner: These folks are more so behind the scenes, identifying customer needs and ensuring that the engineering team is implementing new technology to meet said needs. They’re often the liaison between all major internal stakeholders and are a great person to turn to with roadmap-related ideas or feedback.
Now, it’s time to organize your thoughts.
If your feedback goes beyond day-to-day issues or occurrences, or you have an idea or vision that you’d like to share with your vendor, consider these seven steps to help frame your discussion:
1. Review their existing roadmap and determine where you can attach yourself/find a hook. Can you map your request or idea back to their existing strategy or any projects they’re already working on? If so, that’s your angle!
2. Gather data that supports the use case for what you’re requesting and link it back to your company’s objectives. As with almost any scenario, data will only serve to strengthen your argument.
3. Be passionate about what you are selling or find other users or teammates who can help support and strengthen your position.
4. Ask for feedback and input on your request. The product team may have something in the works that address the gap/issue you’re looking to solve.
5. Does your vendor dedicate a portion of development for customer input and/or items that are not accounted for in the product roadmap? Understand what that looks like and, based on the outcome, if what you’re asking for is feasible.
6. Look to get on vendor’s user groups and/or customer advisory board, which are forums specifically designed for users to provide input and ideas.
7. Consider if there is a time when the team will be most receptive to new ideas (e.g., company planning cycle or product planning sessions). Plan your discussion around their schedule.
Odds are you rely on more than one financial tech solution within your business — and it’s because you’ve identified a gap within your organization. The thing you’d want to do is invest in technology that misses the mark. Create and foster a true partnership with your tech vendors to ensure you’re not only in lockstep today, but also well into the future.
