Compensation Management Vendor Selection Tip: Demo Scripts

Why Create a Demo Script?

If you are considering or currently going through the process of selecting a new compensation management solution, it is important to do your homework. My company recently published a Blog Post / Guide about the journey, “Choosing a Compensation Management Solution”. The guide is a great overview of all the things to consider during the process. However, I wanted to focus on one that I see get overlooked too often, the Demo Script.

As you are going through the selection process, whether informal or via an RFP, you will undoubtedly get down to a few final candidates. It is at this point, if you haven’t already, that you should be piecing together your requirements list. You want to document them to make sure that you address them all, but you also want them documented so that you can convert them into a workable Demo Script. 

The Demo Script plays a valuable role in the selection process for a few reasons. First, it is the best way to make sure that all your concerns are addressed by everyone you are evaluating. Second, it allows you to do an ‘apples to apples’ comparison by going through the features and issues in the same order, enabling you to document and note the different responses from each provider. By not following this process you run the risk of mixing up responses from different providers or getting distracted by explanations of features that aren’t on your requirements list. Last, a Demo Script will provide some much-needed efficiency to the selection process. You can eliminate non-contenders quicker and get down to details with the providers that meet your needs. 

Here are some details about what you should include in a Demo Script to evaluate Compensation Automation Vendors:

Create a Compensation  Management Requirements Matrix: 

▪ A detailed list of business, technical and security requirements

▪ Identify critical/complex requirements to be demonstrated by the vendor in the application. 

Prepare the Vendor:

▪ This is not a surprise quiz. Inform the vendor of what you are interested in seeing demonstrated.

▪ A deeper dive of the requirements leads to a better understanding and can uncover system limitations, ideas for workarounds or unknown system functionality. Ultimately, the better the vendor is prepared, the better the demo.

Scripted Demonstration Document:

▪ A literal document that details procedures in an overly organized fashion so the vendor can follow closely

▪ Ensure the document has a Pass/Fail checkbox for each requirement for the client team to populate

Manage the Time / Stick to the Script:

▪ If the vendor doesn’t follow the steps in the script, the demonstration can derail and become an informative Q&A session with no pass/fail ratings captured for the critical requirements evaluation.

If you are interested in more information about the vendor selection process, my colleagues, Bob Laurenzo and Rebecca Baker recently covered Demo Scripts and other Compensation Automation selection tips on our company podcast: CompChat.

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