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How do I sell my boss on better software for the credit team?

I’m interested in automating some of our tasks in the credit department at our general contracting firm (sending emails, notices, etc. ) How can I make a strong argument to our CFO to incorporate new software?

8 replies

Jan 27, 2021

CFO's deal in numbers and percentages. Speak their language to get their attention. What is the average number of invoices, notices, email statements- whatever portions you are looking at automating. Then take the average amount of time and resources it takes to manually process the tasks. Break out the cost of the software and show the return on investment. Automation can let you do more with less, so don't forget to include all the costs of the resources (people) touching the work. Let the numbers do the work.  

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Jun 6, 2022

I run an investment bank's credit analysis software, and I think we could do a lot better. What's the best way to convince my boss that changing isn't only desirable, but also possible?

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Jun 8, 2022

Technology and change are unavoidable but getting people on board with change isn't easy. You weren't specifc if you are referring to change in the actual software or change to processes. Whichever it is, the process is similiar:

1. Identify the challenges, gaps or pain points in the processes/software

2. Idenitify solutions and/or software that will match what you are trying to solve.  

3. Map out the cost - both in dollars and time investment along with the timeline to implement. Show the ROI, return on investment - not just the in the numbers but in employee productivity. Although harder to quantify, the time, frustration and energy savings are valuable.

5. Sit down with your boss and walk through it. Keep it simple and unemotional, present the challenges and the solutions with the roll out if approved.  

Change is tough under the best circumstances, you can make the path smoother if you take away as many roadblocks as possible.  

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