The factors that determine growth or failure in a software business are constantly shifting.

Software companies need to be able to determine and respond to the dynamic nature of the market, which often shifts with near constant technological updates and advancements. In order to keep a competitive advantage, it is important for software organizations to be agile and to allocate resources strategically across the business. Yet many software companies today are struggling to adjust and maintain annual plans and budgets to be accurate and up to date as technology rapidly changes. 

‍The necessity of cloud-based solutions becomes more vital with each passing day as the software industry continuously makes new developments, like those in artificial intelligence (AI) and machine learning (ML), which have both been increasingly becoming more sophisticated and developed. NetSuite’s scalable infrastructure and on-demand resources mean that extra storage and computing power needed to deploy artificial intelligence and machine learning applications at your organization are available as needed. 

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Cloud-based solutions are unmatched in their scalability, flexibility, and cost-efficiency. The scalability of cloud-based technology means that companies can adjust resources and infrastructure with ease and surf the waves of the changing market instead of drowning. Cloud-based solutions like NetSuite are just as flexible as your organization is, and allow for easy access on any device that’s connected to the internet, which means the solution can be accessed easily even if your team is on the go. Solutions stored on the internet also are much more cost effective for companies compared to hardware stored locally which often require maintenance and upgrade costs. 

Security That Your Organization Can Rely On

High level data security is especially important for software companies. Software companies often store incredibly sensitive customer data, including their clients’ proprietary business data. This highly valuable data often makes software companies a target for phishing and cyber attacks. 

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With increasing demands for data protection, NetSuite’s prioritization of security and compliance is demonstrated in various impenetrable measures to protect sensitive information from data breaches and cyber threats. NetSuite encrypts both transitory and stored data to protect it from any unauthorized access. Data is secured when it is transferred from users’ devices to NetSuite servers, as well as when the data is at rest.  

NetSuite also supports multi-factor authentication and requires users to provide additional verification to access their account. Passwords are especially vulnerable to cyberattacks and this extra layer of security prevents unauthorized users from gaining access to sensitive data. 

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Above all, NetSuite adheres to the highest level of industry security standards. This includes compliance with regulations such as GDPR (General Data Protection Regulation), SOC 1 and SOC 2 (System and Organization Controls), and ISO 27001 (Information Security Management).  

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Changing Norms In the Software Industry

In today’s market, software businesses are increasingly turning away from basic data aggregation and instead implementing connected planning, data and plans to improve business performance through a unified process.  

Connected planning links a company’s budgeting and forecasting processes for more efficient decision-making. Budgeting and forecasting processes have historically been siloed by many organizations, with several different disconnected departments or teams managing their processes independently. This past siloed approach has led to inefficient processes that led to inconsistencies and divided decision making. 

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By replacing static annual plans with rolling forecasts and dynamic predictive modeling, businesses can more accurately forecast bookings and allocate capital for growth when and where needed. Unlike static annual plans, rolling forecasts regularly update and this gives businesses time to adapt to changing market trends or developments as they arrive, instead of months later. 

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Dynamic predictive modeling is also incredibly adaptive, and evolves over time according to changes in market conditions. Dynamic predictive modeling helps organizations by identifying and quantifying potential risks and how they could impact the organization. This modeling also empowers businesses by finding areas of inefficiencies or underperformance so resources can be allocated appropriately. By optimizing allocation of resources, businesses can enhance productivity and the success of high-impact activities. 

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Now more than ever, it's vital for your software company to stay updated on the latest technologies available to ensure sustained growth and competitiveness in the dynamic market landscape. With rapid advancements in technology, staying ahead of the curve is crucial to avoid being left behind by competitors. Embracing innovative solutions allows your company to break free from traditional siloed forecasts and static annual plans that may inhibit adaptability and responsiveness. By fostering a culture of continuous learning and innovation, your company can remain agile and ready to pivot in response to changing market dynamics. Additionally, leveraging cutting-edge technologies enables you to bridge gaps and eliminate disconnects within your organization, fostering seamless collaboration and alignment across teams. By embracing a forward-thinking approach to technology adoption, you can position your software company for long-term success and sustained growth in today's rapidly evolving digital landscape.

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This guide was created by the experts at Para to provide you valuable information about connected planning and forecasting for your software company. Download the guide now to learn more the benefits and value of unifying and implementing it at your own organization.