July 1, 2024 | Blog

How to Prevent Software Buying Regret

Software buying regret has increased over the past few years as more businesses look for external support to help solve IT problems and enhance productivity. But what can a business do to streamline the selection process to ensure the service they are buying caters for their business needs?

There has been a technological boom in the past four years. Yes, the pandemic was largely responsible, but where our tech evolution has predominantly been guided by a responsive attitude, the past two years has seen software companies engage in more proactive solutions. And now we have a new problem, a flooded market of options that are proving disruptive.

Research carried out by Capterra in 2024, regarding software buying challenges, found that software purchase regret is experienced by 60% of businesses within 18 months of purchasing. In addition to this, 68% of accelerated growth companies report regret compared to only 59% of companies in a standard growth phase and 53% of those in a static growth phase.

More than half of these buyers regretted multiple purchases, which in a growth sector that prides itself on solution driven software, indicates a fundamental flaw in the objective. It also exposes an overconfidence with the vendor, and while their intentions might have been appropriate, the reality of a service that oversold their ability, inevitably unravels.

What’s the Solution?

Ultimately, the objective of purchasing a service or software is to create piece of mind by facilitating the efficiency of a business. Naturally at this stage a lot of effort goes into the procurement process. A recent article in Forbes provides 16 expert tips for choosing the best software vendors. One to focus on is thinking in terms of your ecosystem, because in today’s digital evolution, software doesn’t work in isolation.

An article from McKinsey echoes this sentiment by stating IT modernisation is a critical issue, and so an integrated approach to technology connects IT leaders as trusted partners that become part of a company’s DNA. This type of collaboration strengthens not only the systems, but the development of the sector, with consumers benefiting most of all from services that are efficient, safe and effective.

 When a Decision Needs to be Made

Digital assistance is here to stay, advancing our every process by amplifying the capabilities of a business. When a decision needs to be made, time and due diligence will become the most important factors when selecting the right partner.

Traditionally we would consult a friend or colleague on their experience of a service to ascertain whether it was right to adopt. Although this will always be high on the decision spectrum, within the digital world, a stranger’s review holds just as much importance as word of mouth. A recent article in Forbes states 91% of 18-34 year old consumers trust online reviews as much as personal recommendations.

But what does that mean for those who are in a specific industry, where solutions are responsible for countless accounts, sensitive data and processes that involve multiple vendors? Tech Informed recommends clarifying with the vendor the exact goals required for efficient operations and taking note of the potential warning signs that might lead to buying regret. Where possible, procurement teams should use demos before commitment, as this at least trials the software and will give a strong indication whether they are the correct partner for you.

The Holistic Solution has Arrived

One verifiable solution is software that has a holistic overview of a business’s entire IT system, ensuring maximum oversight for minimum purchase regret. Vista Technology Support recognises this importance, which is why we’ve added an exciting new software that is set to revolutionise the way in which traditional IT services are provided today.

Panorama provides IT executives with observability of every key component within their traditional physical IT and cloud infrastructure. Like a beacon shining a light on weaknesses within a business’s entire IT infrastructure.

Service fragmentation is a common theme in IT infrastructure support, especially as retail and hospitality businesses have invested heavily in Cloud, SaaS, SD Wan as part of digital transformation strategies, all of which require stable and secure internet connectivity;  we therefore can include ISPs in the mix. Until now, no single owner manages the modern end-to-end IT and cloud architecture, each service is effectively managed through individual contractual SLAs and remote management tools for each of the services, which leaves IT departments and service desks to manage multiple resolvers and any issues through a process of elimination.

With proactive problem solving before the technology user or customer are impacted, Panorama dramatically reduces the number of IT related incidents and subsequent IT costs.

Earning Trust for Long-term Partnerships

In the end, there is still a factor where committing to a software partner is required. The best one can do is their due diligence, asking the right questions, and ensuring the company of choice has a track record of delivering high quality software that solve requirements and challenges, proactively.

Vista Support Technology is dedicated to helping all their clients with services that support holistic, end-to-end IT management. Get in touch today to chat to one of our procurement specialists who can help find you the right vendors, along with our sales team who can provide any information about Panorama and our 360° IT Managed Services.

Contact our technology experts today to see how Vista Technology Support can assist your software buying experience: 0330 135 5795 | sales@vistasupport.com.