Capterra, the world’s leading software reviews and selection platform, recently surveyed 350 people involved in the software decision-making process at organisations in India to find out what businesses in India learned in 2023 and how they are planning their software purchases for 2024.
The survey reveals the following key highlights:
- A substantial 79% of software buyers have expressed remorse over tech investments made in the past 18 months. Buyers struggle with seamless implementation despite thorough product evaluation and face unexpected costs and integration problems. Vendor behaviour also plays a significant role. Among those with regrets, 51% had issues transitioning from sales to implementation, while 47% felt vendors overpromised and underdelivered.
2. 57% of respondents expressing regret reported a significant impact on their organisation's annual or long-term performance. This impact is driven by increased costs and reduced competitiveness, among other factors. The three most prevalent strategies they have employed or plan to implement include seeking vendor assistance, exploring alternatives, and renegotiating contracts. These regretful buyers have specific expectations from their software vendors, including Prompt Customer Response, Dedicated Support and enhanced implementation assistance.
3. The software landscape is poised for significant expansion in 2024 as companies gear up for a surge in technology investments. 40% of tech buyers anticipate an increase ranging from 10–20%, while 44% foresee even more substantial budgetary increments exceeding 20%. Priority areas for software investment include accounting and finance tools (chosen by 41%), followed by business intelligence and data analytics, and call centre and customer service software.
Commenting on the survey, Sukanya Awasthi, analyst of the study, said: “As we look to 2024, software buyers express optimism for business growth. They plan strategic software investments to tackle their key challenges, drawing from their extensive experience in selection and implementation. Yet, they acknowledge the potential pitfalls, emphasising the need for comprehensive deployment strategies to avoid unexpected setbacks.”