More IT, finance pros view s/w systems key to survival

UK: According to research by document management software company, Version One, more IT and finance professionals than ever are recognising the importance of implementing the right software systems to assist them through the downturn. Version One carried out its research with 84 senior finance and IT professionals (finance directors, financial controllers and IT managers) across a range of UK public and private sector organisations.

An overwhelming 94 percent of senior finance and IT professionals believe it is important to have the right software systems in place if businesses are to prosper, a 6 percent increase on the findings of an identical survey carried out by Version One in November 2008. The remaining 6 percent of respondents believe that it is “fairly important” to have the right software systems in place. Interestingly, the number of respondents who state that they are interested in implementing document management technology, in some part, due to the current market conditions, has also risen. from 37 percent to 52 percent.

Of the 94 percent of respondents who recognise the importance of implementing software systems, 69 percent of these believe that having the right software systems in place is “vital” if businesses are to prosper during the economic downturn, an increase of 9 percent on November 2008 figures.

Lynne Munns, General Manager of Version One, says: “This research suggests that having the right software systems in place is becoming an increasing priority for organisations as they seek to cut costs and run their businesses with greater efficiency. This is more important than ever in the current tough climate.”

One of the respondents who believes that software systems are “vital”, a financial controller from an NHS Trust, comments, “It’s the only way to run an efficient and successful organisation of any size.” Another respondent, an IT manager from a global plumbing and heating supplier says: “Harmonised tools and business processes provide a foundation for us to exploit economies of scale.” A financial director from a large medical supplier agrees. He states, “Our growth needs to be supported by systems to ensure overheads do not spiral against top-line achievements.”

The survey also highlights a number of measures that organisations are undertaking to ensure that they not only survive, but thrive during a time of economic turmoil. As well as implementing new software systems, these include putting a freeze on recruitment, placing an increased focus on customer satisfaction levels and ensuring tighter budget controls.

Fifty eight percent of the survey’s respondents feel that if UK businesses are to prosper at this time, they need to streamline their internal processes AND invest in the right software systems, whereas 19 percent believe that investing in software systems alone is the answer, compared to only 7 percent previously.

Munns adds: “Software systems, such as integrated document management, automate business processes to ensure a lean, streamlined operation whilst providing a fast return on investment. Companies that fail to invest in these types of systems risk paying a heavy price as the economic crisis deepens.”