The business world isn’t what it used to be. Thanks to technology and the internet, consumers now have access to all the products and services they’re looking for at the click of a button.
However, it’s not just consumers that have benefited from these changes as developments in business software have allowed companies themselves to optimise their internal operations, boosting both efficiency, accuracy and as a result, profitability. This has led to the global business software market being valued in 2021 at an eye-watering $429 billion, with expectations that the market will grow at an annual rate of 11.7% until 2030.
But why is software so important to business growth? Below we discuss the main benefits…
Improved efficiency
Software undoubtedly helps businesses work more efficiently and deliver greater productivity gains as it ensures 100% accuracy by virtue of the fact that it’s not prone to human error (unless the human inputs the wrong information of course.) Take a VAT return for example – a key business function that requires a high level of accuracy – a non-digitalised or manual accounting operation may rely on hard copies and/or spreadsheets. Both these methods are inferior compared to using software for VAT and making tax digital software, both in terms of speed, scalability and accuracy, so much so that the government has mandated that companies move to digital tax returns.
Widespread connectivity
Software has also made it possible for businesses to stay connected to their employees, clients and partners all around the world. Whether a company has offices in multiple countries or frequently sends staff to conferences, communication software makes it possible for operations to run as usual. That said, connectivity isn’t limited to communication-specific software packages. While it’s true that applications like Zoom, Slack and Google Meet are indispensable when it comes to staying in contact, content management systems, scheduling solutions and online spreadsheets also help businesses to stay connected. Many of these packages are designed to be collaborative and can be accessed from anywhere in the world through the internet.
Flexible working
One of the biggest widespread shifts in recent years has been the rise in remote working, which has allowed both businesses and their employees to enjoy a more flexible schedule. While it’s true that only 16% of businesses are fully remote, an incredible 80% have integrated some type of remote working into their operations since the pandemic struck. This change has only been possible as a result of the increased connectivity that software solutions provide, allowing businesses to not only increase their global networks but create virtual office spaces as well.
A balanced approach to work
Software has undoubtedly also made many business processes much easier through the power of automation, which has both boosted productivity and allowed workers to enjoy a greater sense of balance in their lives. Some workplaces have even begun to transition to a four-day working week, recognising that their employees can maintain productivity levels with the help of software while spending a shorter amount of time in the office. To combat burnout and reduce the number of remote workers blurring the lines between downtime and work time, some businesses are now using time tracking software to make sure their staff aren’t staring at their screens longer than they should.
Cutting-edge security
With over 80% of businesses in the UK experiencing a cyberattack in 2021-22, security is at the forefront of many entrepreneurs’ minds. Fortunately, thanks to cloud-based software, hackers have a much harder time accessing sensitive data and files.
Cloud-based software stores business information on a secure server rather than on a computer’s hard drive. This means that if a physical computer or local network is compromised, by a virus or physical break-in, for example, your data will still be safe. What’s more, problems of losing information due to natural disasters or technological malfunction are also no longer an issue for those using cloud-based solutions.
It’s now also possible for businesses to invest in software specifically designed to keep their systems secure. Solutions such as password managers and VPN portals make companies much less likely to suffer a breach due to employee errors or a lack of security measures.
What’s coming next?
It’s hard to predict how the business world will change in the next decade, but one thing’s for sure: software is here to stay. We’re likely to see organisations all around the world relying more on digital solutions and becoming more productive, efficient and profitable as a result.
