My last blog post about Style vs. Substance is a natural precursor for a candid discussion about product demos. When searching for an XBRL provider to support your SEC financial filing needs, participating in a software demonstration is extremely important. Even more important, you need to be prepared to view the demo with a critical eye.
Some XBRL vendors offer a no-obligation preview of the XBRL software on their website. It is seldom interactive, and always designed for sales purposes. This is an important distinction – a sales demo will never draw attention to a product’s shortcomings. They can be helpful in creating a short-list of vendors for consideration, but should never be the only criteria used for choosing XBRL technology.
Most XBRL software companies require an appointment with a rep for a product demo – either online or in person. Because XBRL is fairly new, providers may be especially diligent in protecting their proprietary technology from curious competitors. So you may have to go through a brief screening process to qualify your company as a legitimate prospect before you see a demo. This screening process is helpful for you, too. It’s the best time to identify specific criteria (functionality, budget, schedule, etc.) to determine if there is a good fit before getting further into the process.
Be prepared for your demo. Make a list of functionality and features you must have, as well as items that would be nice to have. If there are other people at your company involved in the decision-making process, include them in the demo and discuss your criteria prior to starting. You should be an active participant, asking questions and requesting clarification throughout.
At Rivet Software, we use your company’s actual data for the demo, which is incredibly helpful in gauging whether or not it’s a good fit. Use caution in sitting through a “canned” demo with dummy data designed to showcase features and hide potential flaws. Keep an eye out for how the software maneuvers with your data, in a way that makes sense for you. If the demo isn’t addressing relevant info and processes for your company, you should feel free to redirect the conversation accordingly.
Do yourself a huge favor and take time to manage the demo portion of your vendor selection process. Informed preparation can save you time, effort and cost. It can also save you from having to defend a decision because you didn’t ask the right questions or didn’t get clear answers to questions you asked.
Related Posts:
Critical Questions to Ask When Choosing an XBRL Provider: Part One – Support
Critical Questions to Ask When Choosing an XBRL Provider: Part Two – Style vs. Substance
Tags: financial filing, xbrl provider, xbrl software, xbrl vendors
Pingback: Tweets that mention Critical Questions to Ask When Choosing an XBRL Provider: Part Three – Software Demos: My last blog post ... #xbrl -- Topsy.com