Once you’ve determined your goals and defined a list of "must-have" features and workflows for your next research management software (RMS), you're ready to jump right in and begin your search. With so many different options out there, you may find yourself getting overwhelmed or veering off course from your primary objectives. Avoid these common mistakes to ensure your search phase is both efficient and focused.
1. Forgetting About Your Friends
Google is a great place to begin your search and scouring the internet for the latest and greatest RMS will yield many viable options for your firm. But it’s important not to forget about your industry friends. Recently there’s been a shift in the asset allocator world to revisit the market for research, portfolio, and analytics platforms. So chances are someone in your network is either going through or has gone through this search process and could offer up some helpful advice. Who knows, you may discover a new provider who didn’t come up in your google search or they may even draw your attention to an important consideration that hasn’t even crossed your mind. Of course, no two firms’ process will be the same but leaning on the experience of another peer can lead to some invaluable insights.
2. Looking for a “Holy Grail” Solution:
No RMS will be able to meet all of your organizational needs, so it’s important not to get hung up on a platform’s inability to address your “nice-to-have” features. Rather, focus your attention on your team’s “must-have” list and how each RMS solution addresses every one of those requirements. Its helpful right off the bat to find out if the RMS vendor supports API integrations as this will allow you to easily connect your existing business platforms and layer on new ones over time, minimizing any functionality gaps or workflow inefficiencies for your team.
3. Rushing Right into a Demo
I know it’s tempting to rush right into seeing a demo of the RMS platform you found online seconds ago, but trust me it’s well worth the wait. The most common misstep for many in this stage is not conducting a discovery call with the software vendor first before any demo scheduled. A discovery call usually lasts 15-30 minutes and provides you an opportunity to learn more about the vendor and determine whether or not this RMS solution is actually a fit for your firm.
Use this call to chat about the vendor’s RMS capabilities, specifically honing in on how their software solves for your “must-have” feature list. If the vendor falls short in meeting one of your requirements, be sure to ask them for more insight into their product development pipeline and when this feature will be added into their platform. What’s more, this call gives you the opportunity to prep the vendor’s sales team giving them insight into the features and functionality sets you care most about. This vital information will help make that first demo with your extended team that much more meaningful and targeted to their needs.
While a discovery call may seem like an extra step, your team will appreciate the extra effort you put forth in ensuring they only see demos of software that meet their requirements.
Avoiding these common mistakes can help your team stay on track and begin the RMS demonstration phase only viewing the solutions that are best fit for their organization.
Want to learn more about how to streamline your search for a new RMS? Download our Complete RMS Buyers Guide today!