Subj : Many IT bosses end up regretting their purchases
To   : All
From : TechnologyDaily
Date : Mon Oct 16 2023 11:15:04

Many IT bosses end up regretting their purchases

Date:
Mon, 16 Oct 2023 10:11:04 +0000

Description:
Study reveals how companies can prevent software-buying regret from vendor 
and customer points of view.

FULL STORY
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As 2023 begins to draw to a close, Gartners look at the previous year has 
found that three in five (60%) global software buyers regretted their 
purchase. 

The firm's study revealed the acquisition and retention challenges facing 
-aaS providers, including online collaboration software companies, with 
around one-quarter (24%) canceling their contracts and a further one-third 
changing providers. 

The good news for software companies is that Gartner spells out two of the 
key areas for focus: immediate responses to customer requests and the 
provision of enhanced implementation assistance. Both individually could 
prevent almost half of customers from walking away. Businesses arent happy 
with their software subscriptions 

Gartner Digital Markets Global VP of Product, Thibaut de Lataillade, noted 
that software buying isnt just a transaction, but rather its a strategic 
choice aligning with business objectives. 

The study reveals that customer reviews and product trials are equally as 
important factors when considering a vendor, with many other companies 
interested in product demos and having a good relationship with the provider. 

That initial impression is vital because a staggering 96% of the 3,400 
international software buyers said they start with a vendor list when 
shopping for new software, but only four brands on average even make the 
list. Of those, around nine in 10 (89%) purchase from their list, leaving 
very little room for newcomers. 

Purchase regret looks to be at its highest five months into a new contract, 
and is likely to more affect businesses experiencing growth, and 
particularly, accelerated growth. Failure for software to keep up with 
business needs looks to be at blame for the most part. 

For providers, Gartner says that giving customers dedicated account managers 
to answer questions and assist with implementation can help reduce walkaways. 

Customers looking to be confident in their purchases should use comparison 
sites, consult with colleagues before committing, and consider future needs 
as their business shrinks or grows. More from TechRadar Pro Here are the best 
hybrid working tools to support your workforce Businesses are spending 
thousands on unnecessary software every day Stay in touch with colleagues 
wherever they are with the best video conferencing software



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Link to news story:
https://www.techradar.com/pro/many-it-bosses-end-up-regretting-their-purchases


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