Despite economic headwinds caused by geopolitical risks, inflation and labor shortages, global software spending continues to rise. According to Gartner’s latest forecast, global IT spending will reach $4.5 trillion by 2023, with software spending reaching $856,029 from $783,462 in 2022. With inflation, job cuts and reduced consumer spending, managing a startup has become more complex than ever.
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However, the current market downturn should not stop you from starting and expanding your small business. All you need is to come up with a game plan, including choosing the several types of software that your business needs to float. With the right software and applications, you can improve workflow management and increase productivity without breaking the bank. Below are the software and apps for building and growing startups.
Data analysis software
Using data analytics in your small business is essential to identify market trends and consumer behavior. Having accurate customer data can help you develop or improve your products to meet the specific needs of consumers, which is key to attracting more traffic. To enjoy the benefits of data analytics, you need to collect data in a structured way. Then constantly analyze it to get a better understanding of your audience.
When shopping for data analytics tools, consider Google Analytics, Tableau, Google Search Console, Microsoft Power BI, and Retool. Each tool has unique features for collecting and analyzing data. For example, Tableau supports a variety of data sources and provides informative dashboards that allow startups to visualize and understand data to make informed decisions. Meanwhile, Google Analytics offers free tools to collect and analyze data, including your demographics, traffic sources, online customer behavior and consumer expectations.
Applications to increase productivity
One of the best ways to improve your team’s productivity is by integrating the right productivity software. Apps designed to increase workplace productivity simplify communication and collaboration between team members. They help automate day-to-day business processes to increase efficiency. Examples of productivity tools worth investing in are Asana, Slack, Monday.com, Notion, Trello, Google Workspace, Microsoft Teams, and Wrike.
Outlook is another must-have productivity tool as it enhances email management and productivity. With Outlook, you can snooze emails, set up automatic replies, and schedule meetings using the built-in calendar. However, to get the most out of Outlook, you need to learn a few tricks. For example, we like to let you know that you receive a lot of emails during the holiday break and can’t respond to customers right away. The correct step is to prepare out-of-office responses online in Outlook. Setting up automatic replies in Outlook can help you improve internal and external communications and efficiency.
Accounting software
While there’s nothing wrong with hiring professional accountants to handle your startup’s accounting, there is value in integrating accounting software into the process. In this digital age, with more businesses completing transactions online, it’s important to have tools to manage finances with zero errors. The best accounting software every startup should consider includes FreshBooks, Zoho Books, QuickBooks Online, Wave, and Xero. Remember, the accounting app you choose depends on the size of your startup, industry, and personal preferences.
The importance of software is something that businesses across all industries cannot afford to ignore. Enterprise software helps automate various tasks in an organization, thereby improving productivity, communication, customer service and reducing errors in the accounting process. Access to software like productivity software, data analysis tools, accounting software, and communication apps is essential for any startup looking to grow.
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