meeting management solution

Software has emerged as the main aspect of many business processes and is a vital element in both products and services. It is often at the core of business models and is an important differentiator. It is a major factor in innovation and productivity and is an essential component of the digital transformation process across all industries. This is why software has also become an essential part of business administration and IT classes even for non-technical pupils.

In the 1980s computers revolutionized the world of business. Word processing software like Microsoft Word and Word Perfect, which quickly replaced IBM’s typewriters, was among of the most prominent examples. Mathematical spreadsheet software like Lotus 1-2-3 and Excel became popular as well. In the 1990s, globalization led to further changes as businesses began to implement SAP software to coordinate supply chain vendors. These applications were utilized to streamline manufacturing and logistics operations.

Companies that are considering implementing software should think about how to appraise this intangible asset. The process of software valuation is complex, whether to determine the purchase price or financing cost, or to determine the best method to affect the value of flow over the lifetime of the product. The IT team and the managers of business units must therefore concentrate on maximising the value of software investments. They should be encouraged and aided by management to make educated choices that positively impact the flow of value in their company.