Technology has greatly altered the business world over the last few decades. Now, there is a software program for virtually every facet of running an enterprise business. But which types of software will give you the highest return on your investment? Which ones will really make an impact on your bottom line and improve the way your business runs every day?
Here’s a breakdown of the 5 best software investments that your business can make.
Somebody has to handle the money, and that person should be given all of the proper tools to do it effectively. Just a few decades ago, most accounting within a business was done by accountants who had nothing more than a pencil, some paper, and a calculator. They spent hours checking and rechecking a company’s books to ensure accuracy. But no matter how diligent an accountant may be, human error is bound to rear its head sooner or later.
And that’s why accounting software is one of the best investments that you can make for your business. This type of software greatly reduces the odds of errors occurring, as so much of what it does can be automated. And that also means that you’ll be cutting down on the amount of time your accounting department has to spend crunching those numbers.
There are numerous options out there to fit your enterprise’s needs, and all of them offer a variety of benefits. This collection of accounting software case studies can give you some insight into the overall benefits of this type of software, as well as more specific details about a few of the options out there.
So how does accounting software impact your bottom line?
- Fewer employee hours
- Reduction in costly errors
- Accurate billing and payments
Customer Management Software
There are a great number of programs available in the customer management software (CMS) industry. But regardless of which one you choose, it is an important investment to make if your enterprise keeps customer accounts—and that’s most businesses.
An effective CMS can make a huge difference in your company, helping to increase efficiency, improve customer experiences, and expedite interdepartmental communication. Different CMS programs have different capabilities, but most of them will allow you to organize notes, information, and important documents related to a customer account so that you can more effectively attend to a customer’s needs.
How does this impact your ROI for this type of software?
- Increased customer retention (it costs more to land a new customer than keep a current one)
- Greater employee efficiency, fewer employee hours
- Increased employee retention (again, new hires cost more than keeping current employees)
If your enterprise distributes products—especially on a nationwide or international scale—then an effective distribution software program is a vital investment for your company. As an example, look at this case study for Predator Group, a distributor of high-end pool cues. Though they were already using a different software for their distribution, when they switched to one that better suited their needs, they saw incredible benefits. The company estimated that their new distribution software would save them approximately $12,000 per year.
These cost savings come as a result of automation for certain processes, improved customer relations, and better organization of data.
Here’s how this type of software can impact your ROI:
- Reduced time on invoicing and other process, due to automation
- Increased customer retention
- Cost savings on correcting shipping errors
Innovation Management Software
Regardless of what industry you’re in, innovation is vital to your enterprise’s success. But simply having small group brainstorming ideas together isn’t an effective way to manage this vital task. A robust innovation management program can offer you many tools to better manage ideas, gather input from numerous sources, and drive innovations from idea to implementation. There have been numerous innovation management software case studies illustrating the effectiveness of such programs.
So, what exactly makes this software a top choice for a high ROI?
- More rapid development of new products
- Improved customer retention
- Increased employee engagement and retention
- Increased efficiency and improved communication on all projects
The right software can make a huge difference for your enterprise. Given the above, if you are not using the types of software mentioned, consider making the investment. You’ll likely see a return on that investment in a minimal amount of time.