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How to Invest in the Right Software for Your Business

Investing in software solutions can help scale your business with minimal cost, improve productivity and greatly increase earning potential.

But, with a wide range of software solutions on the market, it’s important to hone in on those which will be beneficial for your business. This will involve creating guidelines relating to software adoption and setting metrics to measure performance.

In this article by Galido Networks, we’ll guide you through the process of how to choose and implement the best software for business needs.

Identify Areas of Need

As reported by Drona HQ, review business reports of the past year to pinpoint areas where performance has been lagging. This could include low customer retention percentage, inefficient inventory practices, bad cash flow management, and more. Additionally, meet with team leads and gain insights on areas they feel will benefit from software solutions.

Choose the Right Software

With a plethora of options on the market, it is important to conduct research and shortlist options that meet your business requirements. For software that will be team specific, motivate team members to provide suggestions. Based on past experience, they could refer to software that worked great for similar projects. As reported by Software Advice, once you have a shortlist of options, contact the software provider and schedule a demo to learn more about the application.

Here are three types of software to consider for key areas of your business:

  • Project Management: Project management tools make it easy for managers to assign stakeholders for tasks, track progress and ensure adherence to deadlines. Using this software can help businesses reduce wastage of resources, improve productivity and experience better cross-team collaboration.
  • Inventory Management: This software will automate all important tasks related to inventory and warehouse management such as – keeping track of existing stock, reordering goods, and updating inventory records. Additionally, it’ll identify low and high-selling products based on which decisions can be made to increase the production of certain goods while removing others from your offerings.
  • Payment Processing: E-wallets and credit cards are the preferred mode of payment among most customers. Failing to have even one of these options can lead to cart abandonment and loss of sale. A payment processing software will allow you to integrate all major payment options, making it easier for customers to make purchases.

Set Performance Metrics

Just like all business projects, you’ll need to set performance metrics for software investment as well. Using the current business performance as a baseline, set goals that you feel the software will help achieve. For instance, when trying out a social media management software, consider setting the following performance metrics:

  • A 15% increase in post engagement within 2 months
  • Reducing customer acquisition costs through paid marketing campaigns by 50%
  • Increasing daily website traffic by 2000 unique users

When setting goals, be as specific as possible and have a fixed timeline.

Try the Software Before Making a Commitment

Most applications will have a trial period or free version which you should explore before investing funds towards a paid subscription. Testing the software during the trial period will provide a clear idea of its usability and potential impact on the business. Additionally, gain feedback from your team regarding the tool and whether they feel it is the right fit for their projects.

Conduct Training Sessions

The only way your software investment will be fruitful is if everyone in the organization is proficient in its use. For instance, a project management tool will improve efficiency only if all teams are diligent in uploading tasks and updating progress on a daily basis. Additionally, managers need to be the driving force to motivate employees to adopt new technology.

The best way to ensure smooth adoption is to provide software training to employees, this can include:

  • Scheduling training sessions with the software manufacturer
  • Creating how-to guides
  • Conducting live sessions where employees can ask questions and get doubts answered

When it comes to finding the right software solutions for your business, it’s best to take your time and conduct thorough research regarding the options. Investing in the correct software will result in improved business performance, higher returns, and an optimal level of efficiency.

Originally posted 2022-04-14 18:55:43. Republished by Blog Post Promoter

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