The top priorities for software investment in 2024 are IT security (31%), CRM (25%) and IT management (24%), according to a recent survey by leading software research site, Capterra, which also showed that cybersecurity issues are an ongoing concern for Australian companies.

Capterra analyst, Laura Burgess said, “The report emphasises Australian businesses’ acute awareness of the growing cybersecurity threats associated with the increase of digital platforms. Recognising the need for robust security measures amid evolving threats, businesses view cybersecurity investment as a strategic necessity to safeguard operations and ensure long-term resilience in the digital landscape.”

Most recent software acquisitions, according to decision-makers, include learning management systems (60%), marketing software (59%), collaboration software (59%), and scheduling tools (59%). These investments align with addressing business challenges, such as the skills shortage crisis, through training and upskilling. Despite concerns, 97% of decision-makers expressed satisfaction with their last software purchase, emphasising ease of use (64%) and vendor response times (64%) as key satisfaction factors.

Buyer’s regret in technology purchases is a widespread issue, with almost two-thirds (63%) of decision-makers expressing regret in the last 18 months. The top three factors contributing to this regret are the unexpectedly high cost of the investment (35%), tools not being compatible with existing systems (34%), and difficulties in technical implementation (32%).

A significant 56% of those experiencing regret noted a substantial financial impact on the company’s annual or long-term performance. Beyond financial repercussions, businesses also suffer from increased costs (42%), employee dissatisfaction using the tools (38%), and reduced productivity due to poor purchase decisions (36%). 

“Investment in software looks to continue as it can aid companies in solving some of their critical business challenges and concerns, such as cybersecurity measures or adapting to emerging technologies,” Burgess added.