The following is an excerpt from “Evaluating Total Cost of Ownership for Clinical Technology Solutions: A Guide to Ensuring that Your Purchase Stays on Task and on Budget.”
Before evaluating various technology platforms, review the business requirements. There are many technology solutions to choose from, and costs can vary greatly—from free for open source solutions to platforms costing millions. Upfront costs for software and hardware can have wide variances, too, so it’s important to conduct a detailed technology evaluation to ensure long-term scalability and viability.
1. Scalability. How easy is it to expand the platform? What are the associated costs to scale (i.e., costs per users, records stored, etc.)? What is the expected system performance at scale?
2. Security. Is your data safe in the technology and during transmission? How is that verified? Does your compliance team agree? What is the process in case of a security breach?
3. Interoperability. Can the technology work with existing tools and integrate with other resources to create the needed result? Should an integration support one-way or bidirectional data? How many applications and users will be connected to the solution? Who is responsible for API development?
4. Configurability. What level of customization needs to happen? What is required to customize the application?
5. Features. Is the out-of-the-box functionality adequate?
6. Consolidation. Will technology implementation create any redundancies in process? Is there an opportunity to sunset other technologies already in place and possibly show savings?
7. Transition. If an existing solution is in place, how easily can the data and processes be shifted to the potential new technology?
8. Maintenance. What resources are needed to maintain and adapt the technology? Are the resources readily available or difficult to find?
9. Storage. What data will need to be stored? How much will live on premises and be potentially vulnerable vs. in the cloud?
10. Monitoring. How are systems and data stores monitored and by whom?
11. Support. Is support available around-the-clock? Where do users access Tiers 1, 2 and 3 support and how timely is that support?
12. Recovery. How are the application and data recovered in case of natural disaster, hardware failure or malware attack?
13. Service-level agreement. Has the business unit, including IT, legal and compliance, reviewed the agreement? Is there anything that would prevent moving forward with a solution?
14. Innovation. How frequent are releases? Is there a history of success for evolving the product to meet user needs? Is customer feedback considered when developing new features and solutions? Will this technology be relevant in five, 10 or 15 years?
15. Reliance. Is the application built on a proven technology capable of handling billions of transactions in a secure and timely manner?
Did you know that 14% of IT projects fail? And of the ones that succeed, 49% are late, 43% exceed budget, and 31% do not meet goals.
Don’t be another statistic; ensure your next IT project meets or exceeds your expectations. Our guide is a great place to start!