500 people in the U.S. were asked if upgrading or purchasing new enterprise software was a priority at a time when businesses are responding to an escalating health crisis
PITTSBURGH — New research from DocsCorp finds that updating underperforming or outdated legacy software will be a priority for businesses in 2020 – despite the impact of the global pandemic COVID-19. More than 60% of people surveyed said the main objective of buying new enterprise software would be to improve productivity, as opposed to reducing costs or increasing reporting capabilities.
DocsCorp surveyed 500 Project Managers in the U.S. in March 2020, when businesses’ responses to the escalating health crisis were already in place, and several of the country’s biggest cities had implemented various stages of lockdown. The findings show that the response to COVID-19 has not adversely affected investment in enterprise software. Possibly, it helped some organizations realize their existing systems weren’t ready to support a fast transition to remote working.
Those surveyed said the most significant barrier to purchasing new software was budget. One third of respondents said their most recent software purchase went over budget, and more than half said it also took longer to implement than expected. Despite these challenges, more than 40% say they plan to purchase new enterprise software this year.
A lack of software demos and pilot programs may go some way in explaining the misjudged expenses and time frames. 43% of Project Managers surveyed did not organize a software demo with the vendor before their last enterprise software purchase, and nearly half didn’t run a pilot program before deployment.
DocsCorp VP of Global Commercial Operations, Ben Mitchell, commented on the research: “We hear directly from IT managers, CIOs, and CTOs that they want to update and modernize their core systems so they can take advantage of breakthrough technologies like Artificial Intelligence (AI). Given the current climate, they also want to be able to support agile and remote working – and not all of their current enterprise software will support that.”
DocsCorp partnered with Chris Doig, enterprise software selection consultant, speaker, thought leader and author to publish a new guide designed to help people switch to software that’s better suited to how they do business. Chris commented on the latest research: “Enterprise software should be an investment, not an expense. It can transform how a business operates, increasing productivity and, ultimately, profits. But it’s not always easy to buy enterprise software that meets every expectation and delivers a true return on investment. More than 90% of enterprise software purchases cost more than budgeted and deliver less than hoped.”
DocsCorp surveyed 500 Project Managers in the U.S. using crowd research platform Pollfish. A copy of the raw survey data is available upon request.
About DocsCorp
DocsCorp designs easy-to-use software and services for document professionals who use enterprise content management systems. We provide solutions for metadata removal, document processing, PDF manipulation, and document comparison. DocsCorp is a global brand with customers located in the Americas, Europe, Asia Pacific and beyond. Find out more at docscorp.com or follow us on LinkedIn, Twitter, Facebook, and Blog.
TORONTO – Canada’s main stock index was down more than 200 points in late-morning trading, weighed down by losses in the technology, base metal and energy sectors, while U.S. stock markets also fell.
The S&P/TSX composite index was down 239.24 points at 22,749.04.
In New York, the Dow Jones industrial average was down 312.36 points at 40,443.39. The S&P 500 index was down 80.94 points at 5,422.47, while the Nasdaq composite was down 380.17 points at 16,747.49.
The Canadian dollar traded for 73.80 cents US compared with 74.00 cents US on Thursday.
The October crude oil contract was down US$1.07 at US$68.08 per barrel and the October natural gas contract was up less than a penny at US$2.26 per mmBTU.
The December gold contract was down US$2.10 at US$2,541.00 an ounce and the December copper contract was down four cents at US$4.10 a pound.
This report by The Canadian Press was first published Sept. 6, 2024.
TORONTO – Canada’s main stock index was up more than 150 points in late-morning trading, helped by strength in technology, financial and energy stocks, while U.S. stock markets also pushed higher.
The S&P/TSX composite index was up 171.41 points at 23,298.39.
In New York, the Dow Jones industrial average was up 278.37 points at 41,369.79. The S&P 500 index was up 38.17 points at 5,630.35, while the Nasdaq composite was up 177.15 points at 17,733.18.
The Canadian dollar traded for 74.19 cents US compared with 74.23 cents US on Wednesday.
The October crude oil contract was up US$1.75 at US$76.27 per barrel and the October natural gas contract was up less than a penny at US$2.10 per mmBTU.
The December gold contract was up US$18.70 at US$2,556.50 an ounce and the December copper contract was down less than a penny at US$4.22 a pound.
This report by The Canadian Press was first published Aug. 29, 2024.
The crypto market has recently experienced a significant downturn, mirroring broader risk asset sell-offs. Over the past week, Bitcoin’s price dropped by 24%, reaching $53,000, while Ethereum plummeted nearly a third to $2,340. Major altcoins also suffered, with Cardano down 27.7%, Solana 36.2%, Dogecoin 34.6%, XRP 23.1%, Shiba Inu 30.1%, and BNB 25.7%.
The severe downturn in the crypto market appears to be part of a broader flight to safety, triggered by disappointing economic data. A worse-than-expected unemployment report on Friday marked the beginning of a technical recession, as defined by the Sahm Rule. This rule identifies a recession when the three-month average unemployment rate rises by at least half a percentage point from its lowest point in the past year.
Friday’s figures met this threshold, signaling an abrupt economic downshift. Consequently, investors sought safer assets, leading to declines in major stock indices: the S&P 500 dropped 2%, the Nasdaq 2.5%, and the Dow 1.5%. This trend continued into Monday with further sell-offs overseas.
The crypto market’s rapid decline raises questions about its role as either a speculative asset or a hedge against inflation and recession. Despite hopes that crypto could act as a risk hedge, the recent crash suggests it remains a speculative investment.
Since the downturn, the crypto market has seen its largest three-day sell-off in nearly a year, losing over $500 billion in market value. According to CoinGlass data, this bloodbath wiped out more than $1 billion in leveraged positions within the last 24 hours, including $365 million in Bitcoin and $348 million in Ether.
Khushboo Khullar of Lightning Ventures, speaking to Bloomberg, argued that the crypto sell-off is part of a broader liquidity panic as traders rush to cover margin calls. Khullar views this as a temporary sell-off, presenting a potential buying opportunity.
Josh Gilbert, an eToro market analyst, supports Khullar’s perspective, suggesting that the expected Federal Reserve rate cuts could benefit crypto assets. “Crypto assets have sold off, but many investors will see an opportunity. We see Federal Reserve rate cuts, which are now likely to come sharper than expected, as hugely positive for crypto assets,” Gilbert told Coindesk.
Despite the recent volatility, crypto continues to make strides toward mainstream acceptance. Notably, Morgan Stanley will allow its advisors to offer Bitcoin ETFs starting Wednesday. This follows more than half a year after the introduction of the first Bitcoin ETF. The investment bank will enable over 15,000 of its financial advisors to sell BlackRock’s IBIT and Fidelity’s FBTC. This move is seen as a significant step toward the “mainstreamization” of crypto, given the lengthy regulatory and company processes in major investment banks.
The recent crypto market downturn highlights its volatility and the broader economic concerns affecting all risk assets. While some analysts see the current situation as a temporary sell-off and a buying opportunity, others caution against the speculative nature of crypto. As the market evolves, its role as a mainstream alternative asset continues to grow, marked by increasing institutional acceptance and new investment opportunities.
