How Software Is Revolutionizing the Business World

Software is an integral aspect of virtually every business worldwide. The increasing pace of industry is driven by customers who expect speed, agility, automation, and transparency in their exchanges. These expectations are rooted in businesses’ ability to continuously improve their workflows through software to meet growing demands, creating a cycle in which improved efficiencies produce higher expectations and vice versa. 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.

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45 hours of work is the average time a company would lose if an application or business service did not perform for just 2% of the year

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98% of global executives believe peak enterprise application performance is essential to support peak business performance

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33% of companies with poor application performance experience lost customers

GROWTH

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

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1.07TN of all value-added GDP in the United States in 2014 came from the software industry

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11.6MM jobs were created by software in the European Union alone in 2014

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+23.8% increase in the global software market value from 2011 to 2015

ANALYTICS

Software analytics provide businesses with data that allows them 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 that improve business outcomes.

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20-30% of a company’s annual revenue can be lost as a result of business inefficiencies

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By 2020 predictive and prescriptive analytics will attract 40% of enterprises’ net new investment in business intelligence and analytics

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$203BN+ is the total estimated global revenue for big data and analytics in 2020, which is an increase from $130.1BN in 2016

PERSONALIZATION

With software, businesses are able to track, store, and analyze infinite data about their markets that allow them to customize experiences for individual customers, both B2B and B2C. Improved personalization allows businesses to better serve their customers and ultimately increase revenue.

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94% of B2B buyers choose products based on a vendor’s demonstrated knowledge of the buyer’s company and its needs

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79% of organizations that exceed revenue goals have a personalization strategy

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39% of consumers left a company’s website and made a purchase elsewhere due to too many options

Software has disrupted the global economy through its ability to intelligently and efficiently improve 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 that of a marketplace wherein consumers are the key drivers of business operations.

Sources: EcommerceInsider.com, Riverbed.com, SoftwareImpact.bsa.org, Accenture.com, DemandBase.com, Rackcdn.com, Forbes.com, Forbes.com, Statista.com, SoftwareImpact.bsa.org, Information-Age.com, Monetate.com

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