Internal Audit Software : How to Avoid the Common Pitfalls When Purchasing Your Solution
Ever shopped online for software and become overwhelmed with the multitude of solutions out there? Furthermore, did your eyes glaze over when reviewing their lists of options and functionalities? When it comes to Internal Audit software, this rings especially true. Companies have invested significant resources in building, testing and improving their solutions. With their vast range of functionalities, the possibilities are endless. Hence, it’s easy to become dazzled with all the bells and whistles available. Unfortunately, all that glitters is not always gold.
With Internal Audit software, accessing a platform that’s robust, innovative and powerful can seem very desirable at first. For example, viewing multiple types of reports, modules and settings all seem impressive, especially for teams procuring the software. Although they may be tasked with researching it, they may not have the experience of using it. This often leads to purchasing the most impressively presented solution. Unfortunately, this may overshadow the practical needs required to execute daily tasks. Furthermore, these platforms can be quite costly, with pricing that’s justified since the developers have thought of everything, including the kitchen sink.
Like many digital products that possess a range of functionalities, software solutions are similar, and prices are based on how simple or robust they are. Although some platforms are more sophisticated, this does not make them the best choice for all companies.
When it comes to selecting the right Internal Audit software, ask your team these 4 questions:
- What are the core needs to execute your daily tasks?
- What are the “nice-to-have” functionalities of the new software?
- Realistically, will you use these new functionalities and will they streamline your workflow?
- How many years do you anticipate using the software for?
Unfortunately, software implementation and training becomes challenging when solutions are over-complicated or have unnessecary functionalities. Furthermore, these features may hinder the user, resulting in time and resources invested to shut-off or remove them. An overly complex system not only carries application and maintenance challenges, these issues can be extremely frustrating for new users.
Here are 3 top items to consider when building your checklist:
- Map out the key functionalities that will be used on a day-to-day basis. Choose simplicity and ease-of-use versus elaborate solutions with multiple options.
- Select a platform that’s customizable so you only use the functions you need, but has the capability of adding more in the future.
- Forecast your software needs ranging from 3-7 years ahead versus several years in advance. Not only will your company’s needs change, advancements in technology will evolve as well. Ensure your key requirements are addressed now, but be mindful that you’ll be pivoting to new needs in the future.
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