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3 questions to ask when investing in new software for your business

Hopefully, by applying this advice, you will be able to embark upon a stress-free and cost-effective software investment process going forward. 

person typing on laptop software
Image: Unsplash

If it is time for you to upgrade your business from a technology standpoint, you will probably feel slightly overwhelmed by the number of options available to you. How can you be sure that you invest in the right solutions? What exactly should you be on the look-out for? Below are three questions to ask when making any decisions regarding new business software. 

How Much Does it Cost and How Much Will it Save My Business? 

Many business owners are put off by a hefty price tag when it comes to shopping for new software. However, in this instance, it is safe to say that cheaper definitely isn’t better. In order to determine the exact cost of a piece of software, you need to look deeper than the price tag or subscription fee. You also need to think about how much the software, and its many features, will actually save you in the long run. 

For example, field service management software can save service companies thousands of dollars over the years due to the fact that it ensures an improvement in customer retention of up to 42% and improves technician utilization by up to 63%.

In short, measure the potential savings against the initial/monthly cost of the software and you will have a good idea of whether or not it will be a worthwhile investment. 

Is Software Necessary Right Now? 

It is important to know when the right time is to invest in software solutions. If your business is just starting out and you are coping with handling certain tasks manually, you can put the money reserved for software investment to better use in terms of growing your organization with marketing, etc. You will know that it is time to invest when you are no longer managing to keep up with the demand, and other aspects of your business are suffering because of it. 

How Do I Choose the Right Provider? 

The simple answer to this is by conducting thorough market research. The good news is that there are a variety of websites that can assist you with software comparison or provide you with some helpful tips in making the right choice. 

Ultimately, the best course of action is to investigate the numerous offerings and create a shortlist of those providers who fit in with your company’s requirements and budget constraints. Along with impressive features, there are several other factors to consider when comparing software providers. For instance, you should look into how scalable the solution is. In other words, can it be upgraded with ease as your business grows and demand increases? 

Further to this, you should find out what to expect from the implementation process. Is there any downtime required? If so, how long is it likely to last? The simpler the implementation, the better — especially from a cost perspective. 

Finally, be sure to enquire whether the software in question can be integrated with any existing technology that you may have already invested in for your business. 

Hopefully, by applying this advice, you will be able to embark upon a stress-free and cost-effective software investment process going forward. 

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Chris has been blogging since the early days of the internet. He primarily focuses on topics related to tech, business, marketing, and pretty much anything else that revolves around tech. When he's not writing, you can find him noodling around on a guitar or cooking up a mean storm for friends and family.

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