Top 3 Reasons Why You Should Invest in Business Software Now
The Organization for Economic Cooperation and Development (OECD) has forecasted that global growth will contract The current business environment has caused many software providers to revise their forecasts down for 2020, but some software companies, like my team at Anvyl, have taken a different approach. We have been illustrating the competitive advantages customers can enjoy Related: How Your Business Can Make Professional-Grade Videos on a Bootstrapped Budget
1. Scale without hiring.
If you are considering hiring new employees to scale your business, it is important to understand what each new hire will cost your organization. In addition to salary, benefits and payroll taxes; recruiting, onboarding and training a new hire can also be costly. Before hiring, determine if your teams are actually performing at their maximum capacity. Evaluate whether greater efficiencies could be achieved through software, collaboration or better processes. Consider the roadblocks to optimal output and uncover issues that might delay, frustrate, or hinder organizational efficiencies. If you look closely, these opportunities exist in almost any business.
For example, one of Anvyl’s clients was able to realize a 300 percent increase in productivity with its existing team Artificial intelligence and machine learning tools have become more accessible and affordable to businesses of all sizes and industries. Gartner’s 2019 CIO Survey found that the number of organizations implementing AI grew 270 percent in the previous four years, despite talent shortages.
AI/ML software allows you to automate boring or repetitive tasks, freeing your team up to focus on more creative or strategic work. What employee responsibilities could you turn over to technology to boost employee happiness, engagement or productivity? Automated chatbots, data analytics or lead generation and sales tools can go a long way to reduce operational inefficiencies, improve team morale, and maximize results.
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3. Improve visibility.
Having transparency in your business operations is crucial when preparing for unforeseen challenges as many manufacturing businesses learned during the peak of these difficult times. It is critical to identify potential disruptions in your business operations and have a plan to mitigate them ahead of time. Implementing real-time visibility software across functional operational areas like supply chain, logistics, sales and customer success will enable proactive, strategic decision making.
Your leadership team should have real-time visibility and access to cross-functional data across all departments. Adding software will democratize data across departmental silos mitigating the risks of lost data through unexpected employee departures and will also enable timely strategic decision making.
Economic downturns are unavoidable, but recognizing the opportunity and taking decisive action can dramatically improve your business trajectory. Focus on optimizing business efficiency, capturing more market share and investing in the future of your business.