According to Statista Global Spending for IT and software solutions was projected to be “USD $4.5 Trillion” (Feb 2022), however, the truth seems to be much higher. Scalable investments are being prioritised in an attempt to optimise operational processes, increase flexibility and enhance innovation.
And whilst solution priorities are always changing and adapting, especially around the end and the beginning of the year, long-term initiatives for forward planning and growth require research and confidence in the service or product provided.
According to Gartner (Sep. 2022) there are some key attributes investors should consider when looking to prioritise their budget for IT and software solutions, regarding Packaging and Product Specification Management (PPSM). We have consolidated this advice below, as well as further explained how best to search out the savviest solution for your investment.
- “Drive vendor strategy for new purchases and replacements by utilising [their] Market Guide to identify specification management solutions and solution providers.”
Gartner’s Market Guides are developed through rigorous research methodologies to ensure the insights are independent and objective. It is a tool used for understanding the positioning of providers, analysing new market offerings and requirements. 4Pack, along with other PPSM solution providers, are listed as standouts – which counts as recognition and recommendation for our service.
Taking the time to thoroughly read their guide, where the benefits of the services and solutions are provided and explained, means that you don’t need to complete the market research and expend those resources yourself.
- Provide solutions to functional teams and subject matter experts struggling with sustainability reporting, speed to market, regulatory compliance, cost optimization and collaboration by adopting specification management solutions.
If you’re aware of the specific requirements your current PPSM process isn’t meeting, finding a solution which focuses on those requirements would be your next step.
Finding a solution to invest in that leverages your data should be a priority, as this will help you and your stakeholders understand, with perfect clarity, the benefits of the investment.
- Promote emerging applications and evangelize the benefits of advanced specification management solutions to resolve existing inefficiencies and drive the digital transformation of specification management.
Your solutions should be adaptive – not reactive, and those providing the applications or IT solutions for you should be striving to be ahead of the curve. Innovation within digital specification management should not over-complicate your process, instead it should offer something more efficient and transparent.
For example, 4Pack is cloud-based, meaning that you and your international collaborators can log into your dashboard from anywhere at any time. Supplier controlled access means that supply chain partners can be incorporated into the projects and provide the information when you need it without have to email and chase. This reduces the admin burden, by at least 40% for the product and packaging launch teams.
- Enable improved transparency and accuracy of specifications by using enterprisewide specialized applications and services to structure and centralize otherwise disparate data sources.
This leads to rich and accurate data that is available for instant reporting at both an operational and executive KPI level.
Vendor cost transparency (including maintaining the software and updates), correct licencing, and security; enables you to budget for today and in the future. You should expect a level of transparency from your solution provider to enable a business case to be built incorporating compelling return on investment metrics.
If you’re looking for a ‘savvy’ solution to invest in, or if you have established your budget for integrated digital PPSM, we’d like to hear from you. Contact us today.