Now is the Time to Upgrade Your Software

Looking to streamline your operations while saving some cash? There’s never been a better time to make a smart software investment.

The Making Of A Cloud

As business purchasing has dropped, software companies have continued to provide incentives in response to the challenges presented by COVID-19. The result is that businesses now have a unique opportunity to get some great deals on software designed to help with a wide variety of problems.

Let’s look at a few of the most common challenges that have come about as a result of the pandemic along with the software opportunities out there to help. More information is available on all these subjects for free at Solugence.com.

Working from Home

The tools have never been better or better priced to enable employees to work from home.

Virtual Collaboration
Zoom, Microsoft Teams and others have ongoing promotions that allow businesses to use their collaboration tools for free, whether that be video conferencing, one-on-one video messaging, instant messaging or collaborating on documents, etc. The ability to maintain a high-level of communication is crucial right now, and current software makes it easy.

Paying the Bills
As much as we wish there weren’t, there are still bills that need to be paid. If your processes in a pre-COVID-19 world included opening mailed invoices or getting signatures and mailing checks, you likely ran into a few roadblocks with the stay-at-home orders — you are far from alone. As a result, accounts payable automation tool usage has skyrocketed, driven by the fact that these solutions typically enable remote processing, electronic signatures and electronic storage, which means little to no physical handling of bills or payments.

Cutting Costs

If cutting costs is a focus, it’s a good time to find savings on software.

Replacing / Re-Negotiating Software Using Marketplaces
Search engines and word of mouth aren’t the only way to find software solutions these days. Software marketplaces make finding pricing information, reviews and best-fit solutions incredibly easy compared to past years. This is easily obtainable information to help you identify cost-cutting opportunities by re-negotiating your existing software and/or replacing it with something lower priced.

Managing Inventory
“IoT” (internet of things) and machine learning are two terms that are far from new in the tech world, but accessing this type of technology for inventory management purposes has become increasingly easier. Now businesses can make decisions on the correct amount of inventory to maintain based on data available inside and outside of an organization, which can lead to less shrinkage, less downtime and lower costs.

Managing Work Hours
Sticking to the theme of saving money by utilizing improved analytics tools for business operations, resource-scheduling software options have grown tremendously over the past few years and now include the ability to predict required work hours and utilization based on projects, jobs, available skillsets, skill development and much more.

Consolidating Softwares With Cloud ERP
Enterprise Resource Planning (ERP) systems contain modules, functionality and tools to accommodate many different aspects of an organization. With an ERP, accounting, operations, sales, inventory, marketing and HR can all be available under one “software umbrella,” thus bringing down the overall software costs for an organization while reducing integrations between systems and providing a system that is easier to maintain overall.
The good news is, ERP systems on the market these days no longer require years and hundreds of thousands of dollars to implement. Cloud and SaaS (software as a service) software have changed the model and made ERP solutions available to organizations of all sizes.

Parting Thoughts

If resources and time allow, now is the time to fast-forward your technology. I’ve seen discounts at the 50% level in some areas, with the opportunity to lock in that discount for extended periods of time. These lower prices yield a quicker ROI and result in long-term savings in both dollars and time spent on business processes. The opportunities are there.

 


 

Perspectives Guest 02

Kyle Malone is a CPA and a business owner living in Madisonville. He recently launched Solugence, a company that helps businesses quickly find financial software that best fits their organization. For more information, visit Solugence.com.