Investing

4 Points to Consider When Investing in New Business Software

Written By: Eric Williams
Reviewed by: Mike Reyes
Last Updated August 25, 2023
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If you’re looking for a new business software solution, you’ve likely heard about how important it is to find the right fit. But what does that mean, exactly? Well, it depends—but there are some common themes among successful implementations. Here are four points to consider when investing in new business software:

Select a vendor with a proven track record.

Selecting a vendor with a proven track is critical to your success. Look for a company that has been in business for years, and check reviews and testimonials from previous customers. Ask for references, and if they have one, call them! You should also ask if they have free trials or money-back guarantees — these things are important because they show you how committed the vendor is to helping you succeed with their software.

Evaluate if big data and analytics are needed.

Graph and Line Chart Printed Paper

Big data is a buzzword that gets thrown around a lot these days, but what exactly does it mean? Essentially, big data is any information that can be analyzed and used to make better decisions. So, if you’re thinking about investing in new business software and have no idea what kind of data your company collects or why it’s important, then this section is for you!

In order to determine whether or not big data and analytics are necessary for your business, ask yourself:

  • How much time does my team spend manually analyzing our sales reports?
  • What would happen if we had access to more accurate reporting tools? Could we use this information to improve our marketing campaigns or increase sales?

Determine whether the software will allow for real-time insights.

The next thing to consider is whether the software will allow real-time insights. In 2023, these insights have become easier and quicker to generate, thanks to AI technology. Often, the best insights are generated by a balance of AI vs. human-generated content

Real-time insights are important for fast-moving businesses that need to make quick decisions, such as those in the restaurant industry or e-commerce. For example, if you’re using accounting software and want to know how much cash flow your business has left over after paying employees and suppliers, then real-time metrics can help answer that question immediately rather than waiting until the end of the month or quarter when financial reports are generated.

Select a provider that can address changing business needs.

group of people using laptops around a table

When selecting a provider, it’s important to ensure that your software can be flexible and adaptable. A prospective provider should be able to provide a roadmap for future needs and how they will address them. They should also be able to provide training and support for new employees as they join the team.

Finally, it’s crucial that you find a solution that fits your business needs now and in the future — this way, when you need something changed or added later down the line (and we all know how quickly things change), there won’t be any hiccups along the way

When investing in new business software, it’s important to consider how it will affect your business now and in the future

When investing in new business software, it’s important to consider how it will affect your business now and in the future. To recap,  here are the questions you should be asking yourself, your colleagues, and your leadership staff before finally choosing a new software to onboard into business operations. 

  • How will the software affect your employees?
  • How will the software affect your customers?
  • How will the software affect clients or suppliers?

In the end, it’s important not to get too caught up in the hype of new technology. Instead, focus on finding a solution that will meet your business needs today and tomorrow. Remember that no matter what software you choose or how much it costs, it will only work if it’s effectively operated by both employees and customers. 

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