Less than two weeks ago, ChangeWave released its most recent report, Corporate Spending: 90 Day Outlook. In it, they disclosed the results of their 1,800+ respondent survey which found 40% of corporations will spend less on software over the next 90 days. This represents a 15% drop since the last report in July.
All categories of software are affected, according to the survey. However, Document & Enterprise Content Management (ECM; Net Score = -26), Enterprise Resource Planning (ERP; -24), Business Intelligence (BI; -21) and Customer Relationship Management software (CRM; -20) are taking the biggest hit.
While 23% of the respondents suggest the general economic slow down as the reason for not spending right now, nearly a third of all respondents indicated their firms don't need to make this sort of investment now anyway.
While you don't need to be Warren Buffet to recognize things are a bit tight these days, it does make sense to assess your organization's health and consider taking the following actions:
- Drive down costs and increase efficiencies across the board
- ‘Double-down' on your successful sales and marketing initiatives
- Maintain liquidity and tightly monitor credit issues
- Enhance the customer experience and sell your value
- Remain optimistic and confident in what you are delivering
- Retain key and committed employees and counsel out marginal performers
- Identify YOUR ecosystem and leverage it
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