Key Factors in Assessing Agribusiness Software

Considerations for Agribusiness Software

Here are four key factors when assessing agribusiness software. Broadly speaking, depending on the software’s purpose and capabilities, they each provide distinct features. Thus, it is important to evaluate your specific needs in order for you to select the right software that suits your agribusiness.

Four Factors When Considering Agribusiness Software

When comparing different solutions, it’s essential to consider four crucial factors: cost, customer support, technology, and innovation. Specifically, each agribusiness needs to evaluate how these factors can improve their business, to make an informed decision. 

Evaluate ROI When Choosing Software

When considering software based on cost savings, it is important to evaluate the potential return on investment (ROI) the software can provide. With this in mind, look for software that streamlines processes, automates repetitive tasks, and reduces manual labor. Also, compare the cost of the software to the potential cost savings it could generate for your business overall. Considering these factors, you can choose software that can provide significant cost savings for your business.

Automation and Cost Savings

As stated above, implementing automation is an important way to increase your ROI. Within agribusiness software, one great example of automation is “automating the reconciliation process”. In truth, this process saves a considerable amount of time compared to manual reconciliation. Thus, freeing up your employees to tackle other essential tasks.

Automatic Reconciliations

Therefore, it’s imperative that reconciliations are automatic and carried out throughout the day. At this time, many software solutions, including the one your agribusiness may use, utilize a batch system. However, this requires your staff to apply batch true-ups each evening, to reconcile your system.  

Cost Savings of Automated Reconciles

One of our industry partners recently shared their calculations with us. When their team performed daily reconciliations, it required three people to work on applying batch true-ups for three hours every workday. Considering this is a daily process, carried out 5 days a week, for 52 weeks in a year, their employees’ total labor hours spent on this process would add up to 2,340 hours annually. For our calculation, let’s say those 3 employees have a salary of $50,000 annually, which is a little more than $24 an hour.

 

Calculation for Manual Daily Reconciliations

3 people x 3 hours per day = 45 hours per week  

45 hours per week x 52 weeks per year = 2,340 total hours 

2,340 x $24 hourly rate = $56,160

 

Cost Savings of Manual vs Automatic

Based on an hourly rate estimation of $24 per hour, the total savings of having automatic reconciles is an estimated cost savings of $56,160 per year. This cost savings alone is worth considering another solution, especially if you multiply it by the length of time you’ve been using your current software.

Evaluate Customer Support during the Consideration Process

Essentially, customer support teams are an extension of your team. Having access to the best-in-class, onshore customer support team means your employees are given the resources they need to be successful in their roles. In turn, it helps keep your business running smoothly. 

 

Prioritizing Support Cases

Typically, exceptional software customer support teams triage cases. Hence, this helps prioritize and categorize incoming requests based on their urgency and severity. By triaging each case, Customer Support can efficiently allocate resources to address the most critical issues first. By doing this, they can ensure all customers receive timely and effective support. 

Take Technology Integration into Account When Assessing Software

It is critical that you have access to your data. This enables you to integrate with suitable technological solutions seamlessly. Not to mention, the ability to integrate with hardware you already have in place. No matter the case, your agribusiness should not have limits on the ability to access and use your data. Overall, having full access removes data silos and eliminates duplicate data entries. 

Include Innovation in Your Evaluation of Agribusiness Software

Continuous innovation is essential for any software technology company. As an agribusiness, when you partner with an innovative provider, you’re setting your business up for success. In addition, it is important to look for a software solution that offers the latest technology and has a proven track record of success in the industry. 

Helping Your Business Grow

An innovative partner will work with you, by listening to what’s important for your business. When your business provides feedback, an innovative partner will incorporate your input into their product and service development, resulting in a tailored solution that will help your business grow and thrive. 

Key Software Considerations to Reflect Upon

All in all, when choosing agribusiness software, it is important to consider four key factors: cost, customer support, technology, and innovation. By taking these factors into account, you can select a software solution that will help you streamline your operations, improve productivity, and ultimately drive business growth. 

Are you looking for a new software partner?

Above all, keep these key factors in mind when evaluating software partners. In the event, you need assistance assessing your needs before making a decision, Greenstone‘s team is happy to help. 

Let's discuss the unique challenges of your agribusiness.

Leave a Reply

Your email address will not be published. Required fields are marked *

Post comment