Enterprise software solutions are powerful tools that help businesses streamline operations, improve efficiency, and drive growth. They’re not merely nice to have — they’re must-haves.
As of January 2024, the number of private sector businesses in the U.K. was 5.5 million. One source says, meanwhile, that around six in 10 businesses in the U.K. fail within five years. But just because many businesses crash and burn before they have the chance to gain traction and flourish doesn’t mean you have to be one of them.
Businesses fail for different reasons. From poor financial management to ineffective marketing, leadership issues to insufficient capital, and ignoring customer needs to failing to develop a unique value proposition, many businesses fall by the wayside due to missteps.
The reasons mentioned above are the tip of the proverbial iceberg. Another big reason many businesses go out of business sooner rather than later is failing to invest in the right tools. Getting the right software solutions will cost you something — but what will cost more is failing to earmark sufficient funds to get the tools needed for corporate success. It could be the difference between thriving or losing the battle.
That’s where enterprise software comes into the equation. Statista says projected revenue in the enterprise software segment is estimated to reach $315 billion worldwide by this year.
Meanwhile, Grand View Research reports that the worldwide enterprise application market was worth $320 billion last year and is on pace to expand at an 11.8% compound annual growth rate from this year to 2030. It adds that the growth is due to enterprises seeking to enhance their digital infrastructure and improvements in cloud analytical solutions.
With that said, here are three benefits you’ll get by investing in enterprise software for your business.
1. Improved Efficiency & Automation
One benefit you’ll get with enterprise software is better efficiency and automation. Enterprise software automates repetitive processes. That can eliminate or greatly reduce the errors common with manual processes.
By streamlining business processes like human resources functions, accounting, and inventory management, your company can increase overall productivity and ensure your staff members aren’t spending too much time on processes and procedures that can easily be automated. They can use their time to work on higher-value projects.
2. Enhanced Data Security
The “Cyber security breaches survey 2024” on Gov.UK estimates that U.K. companies have experienced around 7.78 million cybercrimes and around 116,000 non-phishing cybercrimes over the last year. The report adds, among other things, the following:
- 50% of companies and 32% of charities experienced a cybersecurity attack or breach in the last year
- 71% of large businesses used security monitoring tools
- 54% of large businesses were insured against cybersecurity risks
- 98% of large businesses say cybersecurity is a top priority for their senior management teams
Businesses that take cybersecurity seriously use enterprise software applications to gain access to strong security features like compliance management, encryption, and access controls.
The threat landscape for businesses in the U.K. and elsewhere is fierce. However, your business will be better able to withstand the threats with the right enterprise software implemented.
3. Better Decision-Making with Analytics
Good strategic decision-making is an essential part of growing a business and avoiding mistakes that jeopardize business interests.
The right enterprise software will offer accurate real-time analytics and data insights to facilitate informed decision-making. Your company will have the tools to track key performance indicators and find vital trends.
If interested in exploring enterprise software options, it’s best to first focus on finding the right option from a reputable provider of enterprise software solutions. It makes sense to do your homework and look for companies that have experience serving businesses in your industry.
The right enterprise software can be a game-changer and help your business reach the next level.