Changing your financial management solution?

The 10 step approach to selecting and implementing a new system.

A whitepaper produced by Sapphire Systems plc.

August 2011

www.sapphiresystems.com
Contents
Page

1. Be prepared ………………………………………………………………………. 2

2. Facilitate user acceptance ……………………………………………………… 2

3. Gather requirements …………………………………………………………….. 2

4. Build a requirements specification ……………………………………………... 2

5. Determine selection criteria …………………………………………………….. 3

6. Request for information (RFI) ………………………………………………….. 3

7. Evaluating suppliers …………………………………………………………….. 3

8. Evaluation of response ………………………………………………………… 4

9. Make your choice ………………………………………………………………. 4

10. Planning and Implementation…………………………………………………..... 4

www.sapphiresystems.com

“I would advise others not to
under estimate the time
required away from day to day
work to get in a new system.”
Persia Morawej
Finance Manager at
Hakkasan
“Always remember internal
resource when it comes to
implementing a new system – it
is important to make sure that
you have enough and that
everything is covered.”
Rod Cullen
Management Accountant
Deafblind UK
The team at Sapphire have used their 25 years extensive
experience working with clients, solving the challenges faced,
in the process of changing financial management solutions to
put together this suggested 10 step guide.
1. Be prepared
Changing a financial management system is a large and time consuming task that can be
stressful for those involved if adequate preparation is not carried out. Lack of organisation from
the outset can cause numerous problems and delays to the project. Having a plan and
structure gives a reference and confidence of knowing that you are on track.
Action: Project Team, develop the scope and understand the impact and timescales of the
implementation.
2. Facilitate user acceptance
When changing a financial management solution one of the biggest challenges can be getting
the end users on board, therefore it is very important to include purchase decision makers and
the user population when choosing your financial management system. The involvement of
both parties is essential to ensuring project success.
Action: Build a team (a steering group) of key representatives to aid the planning, development
and implementation of the project. The user population should act as a steering group,
ensuring functional requirements, existing processes, current challenges and features they
would benefit from in a future system are taken into account in the selection of a system.
“To begin the change process, you need to let go of old ways and old ideas. Say goodbye to
the past with confidence.”
Paul Cornhill, SunSystems & SAP Project Manager, Sapphire Systems
3. Gather requirements
It is important to fully understand the requirements of your organisation when considering a
new business solution such as an FMS. Areas you should consider are; future growth of the
company, outputs and reporting requirements, functionality, technical and contractual
requirements. You should also consider speaking to other businesses in similar areas
Action: The purchase decision maker needs to ensure the user, business, functional, and
financial requirements are reviewed.
4. Build a requirements specification
A requirements specification is a great tool not only to aid the decision maker in understanding
and managing the project requirements, but also to present to potential suppliers. Providing a
specification to potential suppliers presents a focus on the individual business requirements
and in turn provides a tailored response i.e. how requirements can be met by their product.
Action: Put together a specification of key requirements including:
 Business strategy – ensuring the system supplied is scalable to meet expanding
headcount or geographical expansion plans.
 Collation of specific requirements, management information, departmental operation,
systems integration in existence.
www.sapphiresystems.com

“Do your home work and work
out your key objectives .”
Antony Green
IT Manager at
Raven Housing Trust
“Spend time upfront thinking
about how you would like the
systems to work and lessons
you have learnt from previous
implementations.”
Andrew Taylor
Manager of Internal Controls at
The HoeseasonsGroup
 Any key requirements that may be non standard e.g. international capability, multi
company consolidation, work flow, web services, integration with external
applications, procurement, or customisation and more.
5. Determine key supplier selection criteria
Once key requirements are in place it is time to think about approaching potential suppliers, but
who? A similar approach should be taken to identifying your target audience.
Action: determine the elements that what make the right supplier/partner, and be sure to
consider: Networking with contemporaries in similar industries to learn from their experiences
can be very educational.
 Systems considerations; functional breadth, structure, usability, reporting, integration,
technology, scalability, pedigree and value.
 Partner considerations; Solid track record and financial stability, defined
implementation process, qualified implementation team, dedicated product support
team, post implementation services, strong training programmes, an understanding of
your business, client references and case studies, that x factor – people and
partnerships, consistent relationships, teamwork, delivering solutions NOT just
product.
6. Request for information (RFI)
RFI’s provide more detailed information on key specialist requirements than common features,
they highlight unique user and business requirements. Potential suppliers are more likely to
respond to an RFI than an ITT (invitations to tender) because they can tailor the response to the
individual client and not just common functionality.
Action: Put together an RFI to present/send out to potential suppliers, detail the following topics
when structuring your RFI:
 Background information on buyer organisation
 Summary of the application requirement
 Hardware requirements
 Scalability (data volume/users)
 Integration skills
 Project timescales and selected milestones
 Schedule of estimated cost
7. Evaluating suppliers
Following the submission of the RFI and the receipt of supplier responses, it is time to consider
the potential solutions and suppliers in more detail.
Action: Work with the project team to evaluate the response of potential suppliers and the
solutions they present; ensure the following aspects are considered:
 Project management and business consulting skills
 Vertical market expertise
 High quality service and local support
 Close links with software author
www.sapphiresystems.com
“For anyone considering this
kind of project it is critical that
you look at your business
model and the information you
need to provide to the
organisation .”
Peter Watson
Head of Strategy and
Management Information at
Citizens Advice Bureau
 Nationwide/international user base
 Equal levels of consultancy expertise in the event of a PM being absent for any period
of time where the project needs to be handed over
 Integration skills
 Develop value add enhancements to software.
 Implementation process
 Specialists add-ons
 Industry knowledge

8. Evaluation of response
Evaluating the responses to your RFIs can take up time on top of day to day activities, make
sure you allocate time in initial plans to ensure that members of the steering group or relevant
decision makers are available.
Action: Evaluate the responses, as part of this evaluation; shortlist down to three vendors,
request high level and detailed demonstrations (at their offices to meet the teams involved), get
an impression of the size and scale of their operation, work through the RFI with the vendors
during these meetings to ensure they fully understand your requirements and take telephone
references.

9. Make your choice

Narrow down your vendors to one preferred supplier, this process requires the supplier to come
close to those selecting the system and offers more direct access to more detailed information.
Action: Request detailed departmental evaluations/demonstrations and reference site visits to
the preferred supplier. These visits provide the opportunity to understand the implementation
process and support offered by the potential supplier, however do not burn your bridges with the
other suppliers, just in case.

10. Planning and implementation

Work with the preferred vendor to prepare a project plan including potential dates and time for
testing. Work with the preferred vendor to prepare project kick-off meeting to define scope,
plans, risks and more.
Action: Prepare the project plan with the supplier; review the contracts, finalise costs and place
a contract.

“Ask lots of questions and get lots of advice from your chosen supplier – they will have been
through the implementation process many times before and can offer valuable guidance on how
to organise your own resource for success.”
Joanne Henson – Services Director, Sapphire Systems.

For further information or advice please contact the Sapphire team on +44(0)20 7648 2000.

www.sapphiresystems.com
Sapphire Systems
Sapphire is an SAP Gold partner – number one for SAP Business One in EMEA; a global Infor partner – number one for Infor FMS SunSystems
worldwide, and the leading Wax Digital partner. Since 1986, Sapphire has offered customers wide-ranging practical expertise in selecting and
implementing advanced financial accounting and business management solutions and today provides software, services and support for over 650
customers worldwide from their offices in the UK, USA and India. Sapphire is a founder member of the British Application Software Developers
Association and was one of the first signatories of the BASDA Green Charter. In 2011 Sapphire was listed in The Sunday Times International Track 100.

Where are we located?

UK Offices

London Manchester Birmingham Edinburgh

Sapphire Systems plc Sapphire Systems plc Sapphire Systems plc Sapphire Systems plc
Northern & Shell Building Kilburn House 2nd Floor Conference House
10 Lower Thames Street Manchester Science Park 3 Brindley Place 152 Morrison Street
London Lloyd Street North, Birmingham Edinburgh
EC3R 6AF Manchester, M15 6SE B1 2JB EH3 8EB

Tel: +44 (0)20 7648 2000 Tel: +44 (0)16 1227 8177 Tel: +44 (0)121 697 4771 Tel: +44 (0)131 200 6156
Fax: +44 (0)20 7648 2001 Fax: +44 (0)16 1227 8175 Fax: +44 (0)121 698 8600

International Offices

New York Los Angeles Houston Mumbai

Sapphire Systems Inc Sapphire Systems Inc Sapphire Systems Inc Sapphire ERP Systems Private Limited
The Chrysler Building 11601 Wilshire Blvd Two Allen Center 809/810, Trade World "B" Wing
405 Lexington Avenue, Floor 49 Los Angeles 1200 Smith Street, 16th Floor Kamala Mills
New York, 10174 California, 90025 Houston, Texas, 77002 Mumbai 400 013
USA USA USA India

Tel: +1 (212) 905 0100 Tel: +1 (310) 231 8731 Tel: +1 713 353 4815 Tel: +91 2266044909
Fax: +1 (212) 905 0600 Fax: +1 (310) 575 1890

Visit us at www.sapphiresystems.com or email us on info@sapphiresystems.com

www.sapphiresystems.com