It’s long been recognized the software industry as a whole is in a period of growth. Much of this progression can be attributed to the rapid adoption of cloud computing and SaaS models that allow users a more seamless integration process, lowered initial costs, and a painless upgrade experience.
Sand Hill Group confirmed this in their most recent 2014 CEO/CFO Outlook study finding that 29 percent of the interviewed participants disclosed that their planned revenue growth over the next year is 50 percent or higher; and within that group, 17 percent believe their revenue growth will increase by 100 percent or more.
Participants reported that Big Data/analytics and social/collaboration will have the greatest impact on software industry revenue in 2014-2016. This aligns well with some of the key focal points for Intacct. We have added extensive business intelligence and analytics capabilities into our cloud financial system in recent years. One example is Intacct Flex Reporting—which empowers finance organizations to understand and manage what’s important to their unique business by tracking not just financial metrics, but also key business metrics too.
Intacct is also seeing that social is now integrating with the enterprise and in a really big way. For Intacct, this has meant coalescing social platforms across the finance processes, as we did most recently by integrating with Salesforce Chatter. This provides a unique social layer to Intacct that encourages users to collaborate and work together with financial data—speeding business processes, eliminating communication barriers, and improving decision making.
In today’s digital age, social data, and the subsequent insight it allows, is a source of immense competitive advantage across all industries. For those that get it right, welcoming the epoch, the possibilities for innovation, growth, and profitability are limitless.