Help with Deciding between two critical applications

onlinerack used Ask the Experts™
Hi All,

I am evaluating an existing on premise finance application vs an alternative online based application. This will be done via technical assessment of both applications and decide which meets business requirements and present a better overall business value.

I need your help in adopting a "Scientific" approach in selecting the best fit application. Are there any comparison frameworks I can use? The board wants "evidence" of why chosen solution is better than other one.

How do you go about such exercise in a structured approach?

Your help is much appreciated.

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From the security point of view, you need a strategy to focus on what's most important. Threat modeling provides a systematic process for evaluating your exposure to individual security threats.
  1. first, make a list of all requirements
  2. identify necessary and 'nice to have'
  3. prioritize (give a 'weight' as to the importance of each criteria)
  4. run each choice through the criteria
  5. score by giving points the each criteria evaluated
  6. multiply each by its numerical 'weight'
  7. add up the points for each choice to see what best fits your needs
David FavorFractional CTO
Distinguished Expert 2018

Likely Paul's item #1 will be the determining factor.

1) If you use onsite software, you know 100% who has your data + how it will be used.

2) If you use offsite/online software, you have no clue who will have your data + how it will be used.

For most companies, this consideration determines which software type will be used.
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Thank you madunix, Paul and David, you have raised great points to consider.
Paul, do you have an example of the process you described where you assigning points to different criteria?  It sounds scientific enough to satisfy the board requirements.

Thank you all for your help.
A couple of points to consider when considering inhouse vs online.  This being financial software, you already know I'm sure, that there are requirements to keeping your data secure. Having a comparison of your current security protocols in place, which makes evaluating how secure your network is for the installation of on-premise software much easier, and comparing that to the security in place for the cloud based software and what they have in place to secure it might be a worthwhile consideration.
   Another factor is how many users are going to access this software at the same time?  
How does your current internet connection stand up to the requirements of the cloud based system?
do you have an example of the process you described where you assigning points to different criteria?
Generally, this step should be done directly with those who will use the system. they will be able to identify their needs and priorities better than anyone else

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