Today, the retail market is definitely much more uncertain and not what it used to be. Despite that, the market for enterprise software is expanding every day and it helps people around the world to run their online businesses. With more than 3000 software vendors in the industry right now, their number is growing 20 percent each year, and it’s definitely not gonna stop growing anytime soon.
The real challenge is for the retailers who are trying to figure out which is the right solution for their business. If a company wants to implement new technology, or maybe upgrade old one, this process could be kind of overwhelming given the number of options that they have. Here are some of the most important aspects you should consider when evaluating software, in order for you to make the best decision:
The bad news is that it’s kind of impossible for buyers to keep up with all the changes and everything that is happening in the market for enterprise software. And even if they somehow do, the person in charge of the decision should make sure that the vendors chosen as partners can support the size of the business in need of a solution. Therefore, it would be wise to focus on vendors capable to offer solutions for enterprises.
It is very important to be aware of what technologies your competitors are using, given the fact that they have kind of the same business needs as you do. You should ask yourself what vendors do your competitors use and what kind of technology has been provided for them, and maybe the same solution could work for your company too.
It is already established that learning from your competitors is imperative, but another challenge is to be careful who exactly you’re learning from. You should find the most relevant thought leader in your business area, figure out whatever works for them and then maybe try to implement similar technology.
The process of making a decision when trying to find the right software for your company can get even more overwhelming. It is pretty obvious that as a buyer you have to find the best solution for your current needs, but it is very important to decide if that solution is compatible with your existing one. This is also very dependant on your customers and niche as well, so try to find the one that is most specialized for your needs. For example, if you’re running a business in food & beverage industry, there are platforms tailored for that, or if you’re in real estate, consider a CRM made specifically for that, and so on.
Vendor’s Market Share
It can be useful to be aware of who is the vendor that dominates the enterprise software market, because it’s pretty obvious that they offer the best solutions. Well, that might not always be the case. You should make sure that this specific dominating vendor could actually offer an effective solution for your area in the market.
The key to successfully making a decision when it comes to buying enterprise software is definitely information. As a decision-maker, you should be informed about all the aspects of the industry, such as: new technologies, market share, the status of your competitors and the capability of the vendors. If you consider all of these aspects, you are more likely to satisfy the expectations of your customers.