Is Investing in New Software Really Worth the Cost?

Software is expensive, right? But, consider what it will cost your company for not having the proper software in place.

IT MAY COST YOU LONG-TERM SUCCESS.

Great organizations run smoothly and, in this day and age, software is a big piece of the puzzle. Your company’s organizational success, and more importantly its financial success, depends on having effective software solutions in place.

BUT, WHO HAS THE MONEY TO SPEND ON NEW SOFTWARE?

What Owner, CEO, CFO, COO, etc. has extra money set aside to purchase and implement a “costly” software solution? Every company probably has a list of more important things to fund. But, when taking a step back to evaluate overall productivity, investing in new software may actually belong at the very top of the list.

WHEN IS IT THE RIGHT TIME TO INVEST IN NEW SOFTWARE?

Frustration is the key indicator. If you and/or your colleagues are frustrated with systems within your organization, there’s definitely room for improvement. New software may very well be the answer.

Some examples of what builds frustration may be:

1. Inefficient reporting which produces substandard or non-existent analytics and metrics
2. Excessive and needlessly repetitive manual data entry
3. Co-workers not having enough workflow visibility and access to information
4. Unnecessary use of paper to fill out forms, which may also end up misplaced or even lost

WHAT’S THE FIRST STEP?

The first step is to assess exactly what you need. What if it turns out you need a larger software solution than expected?

While it may feel like you need a massive overhaul, the good news is there may be some systems you already have that are worth keeping. These systems may in fact integrate nicely with the new software solution you need to implement.

Another scenario may be implementing your new software in phases. Making changes in small, digestible bites allows you to budget more effectively by allocating funds for predictable, periodic payments.

Companies are now even financing to invest in new software, recognizing the importance and benefit of fixing their organizational issues sooner than later.

WHAT CAN YOU EXPECT FROM A NEW SOFTWARE SOLUTION?

Expect to see a change for the better. Systems that are more efficient lead to colleagues who are more efficient. They will have more time to focus on other tasks, which may lead to more profits for your company – an increased bottom line!

So, rather than looking at investing in new software as being costly, it may actually cost more to wait or not invest in new software at all. Take the first step and reach out to FMT Consultants below so we can give you recommendations on exactly what you need. Your company’s long-term success depends on it!