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How Software Is Revolutionizing the Business World

Software is integral to virtually every business worldwide. With the rise of the global marketplace and an increased focus on the customer experience, it’s essential to understand how software has become the driving force behind the current economy.

Acceleration

Customers expect greater speed, efficiency and ease-of-use from both customer-facing and back-end software. As a result, overall business performance relies heavily on the speed offered by software.

34%

of companies are already in the process of a digital transformation

52%

of businesses leverage advanced and predictive analytics

98%

of business leaders say optimizing digital performance is essential for business success

Growth

With the right software in place to streamline business processes and manage customers, businesses can scale with greater efficiency. This expands access to markets, allows companies to set new paths for growth and adds economic value worldwide.

82%

of organizations have experienced financial gain from their machine learning (ML) and artificial intelligence (AI) investments

32%

of IT leaders say digitization has helped their companies to grow

70%+

of companies prioritize investment in ML and AI

Analytics

Analytics provide businesses with data to make smarter decisions and improve their bottom lines. The combination of advanced analytics with machine learning is uncovering previously unknown information, giving businesses actionable insights to improve business outcomes.

87%

of companies are adopting at least one transformative technology in their businesses

By 2027

software revenue from advanced analytics and big data will reach $46BN

80%

of project management tasks will be completed by AI by 2030

Personalization

With software, businesses can track, store and analyze infinite data about their markets to customize experiences for individual customers. Improved personalization allows businesses to better serve their customers and ultimately increase revenue.

 

73%

of B2B buyers choose products based on a vendor’s knowledge of the buyer’s company and its needs

78%

of organizations that experience revenue growth have a personalization strategy

48%

of consumers left a company’s website and made a purchase elsewhere when faced with too many options

Software has disrupted the global economy by intelligently and efficiently improving transactions, user experience and data collection.

With the infiltration of software into nearly every business worldwide, the buyer experience has shifted from a business-focused experience to a marketplace wherein consumers are the key drivers of business operations.

Sources

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