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Articles 20th January 2023

5 Tips for Maximizing the Business Value of Your Software

Correctly using technology has been shown to reduce costs by up to 30% and increase productivity.

However, many businesses miss the mark by not using the application solutions to their full potential. This leads to wastage of resources and overcrowding of applications.

Getting the most use out of the software applications should be your first priority as it directly impacts your performance and management.

We’ve come up with some tips for maximizing the business value of your software. Read on to know more.

5 Tips for maximizing the Business Value of your software

The use of apps in business operations is not even in question anymore. Have you tapped into the digital potential? 59% fear it might be too late.

There are many reasons you’re not using software to its full potential. You mightn’t be aware of how to use it optimally or you mightn’t have trained your staff well enough. It mightn’t be the best fit for your needs.

Optimize your software by starting from the ground up. Take account of current needs and match it with your future plans to get a broader perspective.

Here are some tips to maximize the business use of your software for optimal performance:

Deploy an asset management tool

One of the most hassle-free ways to maximize your software usage is to deploy an asset management tool. Software asset management (SAM) is a recognized business practice that deals with managing and optimizing software usage in business operations.

It might seem counterintuitive adding another tool to your roster when you’re already struggling to juggle existing ones. But an asset management tool is not just an extra tool, rather one that supervises the operations of others.

It takes care of everything, from purchase, deployment, usage, maintenance, and disposal of your software solutions. You don’t have to micromanage your applications to see if they’re being fully utilized once you put your management tool to work.

Different tools offer different benefits depending on the nature, size, and scale of your business. Here is a comparison of software asset management tools to help you choose the best one.

Key benefits:

  • A greater understanding for your day-to-day operations
  • Identify software that are underutilized, overutilized, or obsolete Control spending with budget management and tracking
  • Maintain a neat record to be audit-ready and maintain license compliance
  • Get ahead of trends regarding usage and requirements

Choose the correct software

More often than not, entrepreneurs make the mistake of choosing the wrong solution for a task. It ends up yielding less than ideal results along with overspending and general confusion. You need to choose the most suitable software for the task at hand to gain the maximum usage out of it.

For example, you might need a software solution for managing HR in your firm. However, you choose a software that only takes care of salary payments of your employees and not much else. It only takes care of an element of HR and not in its entirety.

The ideal solution would be to either completely do away it and choose a fully rounded HR one. Or keep the tool and add supporting software to pick up the slack.

Choosing the correct tools for the task at hand tremendously improves the efficiency and productivity of your operations.

Educate yourself

The digital revolution we’re experiencing today is rapidly changing the way things are done. Not everyone is tech-savvy or up-to-date with the latest technological trends. This leads to poor choices.

Have a basic understanding of the technical aspects related to your industry to make the right calls in choosing one. While you can always enlist the help of professionals, you yourself need to have the basic concepts clear.

This will help you better understand features and choose smartly instead of simply acting on what the consultant says. When you have the basic concepts clear, you’ll be able to pick the tool that truly serves you.

Train your employees

Too often, you have the perfect software but your team wasn’t properly onboarded. This results in the underutilization or misuse of the software, yielding negative results.

Employee training plays a crucial role in business’ growth and success. Companies that invest in employee training enjoy a 24% higher profit margin. The training and development should include the correct way to use the software.

We talked about the rapid digital growth around us and the challenges entrepreneurs face in keeping up with them. The same applies to your employees as well. You need to empower them by providing regular training.

It helps them use the software correctly and get the most usage out of it. It also ensures that all your software is being used at optimal capacity and no wastage is occurring. Remember, the usage of software often changes with the arrival of new technology.

Integrations and updates

Some software needs integration with third-party platforms in order to perform to their full potential.

To get the maximum value out of your software, check its integration requirements. They need to be compatible with your existing system to be able to perform their function. If they’re not compatible or able to integrate, they’re not suitable.

In such a case, look for a different tool. Similarly, you need to update your software regularly for it to be able to perform at its full potential.

A software update improves the overall efficiency of the software while removing minor bugs to keep the system running smoothly. It also adds new features and removes obsolete ones to give the application a new look.

Plan to get the most out of software solutions

Software solutions and applications play a pivotal role in the functioning of modern-day businesses. It becomes crucial to make sure you’re getting the most out of the software solutions you deploy for efficiency and growth.