Andy Cole believes that Manchester United shouldn't look back on their season as a failure, with the club coming close to stealing the title from big-spenders Manchester City and making some good investments in the transfer window already.
The end of the season came down to a matter of minutes for the Red Devils, who needed City to go without a win to win the trophy over their northern counterparts.
And while the Citizens were able to grab a last-minute winner, Cole believes that United have a lot to look forward to next season, and that building the squad significantly isn't necessarily the answer to them winning the title back.
"Yes, we lost the league, but that doesn't mean we need an overhaul," he told the official United website. "Manchester City spent almost £300million to reach this level and only won the league on goal difference.
"I'm not disputing they were the best team last season - you can never argue with the league table - but they've had to spend a lot of money to even get near us. That's why I think we're in good shape. And whoever the manager signs between now and the start of the season will only improve that squad."
One shining light for United this month has been the confirmation that Shinji Kagawa will make the move to the club next season.
A reported target for the club for some time now, Kagawa is seen as a possible long-term replacement for Paul Scholes, and will give a great deal of support in the midfield, where the club had problems in the middle of last season.
And Cole has given his seal of approval to the 23 year old, saying that his experience in the Bundesliga has set him up nicely for a stint at United.
"I think Kagawa will be a very, very good player," he explained. "To achieve what he achieved at Borussia Dortmund in just two seasons is incredible.
"I think the German league is one of the best leagues in the world. It's a fantastic league - the players and the teams there are of a very high standard. So for Kagawa to have made that sort of impact, that tells you he's a top prospect.
"Our other signing so far, Nick Powell, is probably one for the future. I'm not sure we'll see too much of him in 2012/13.
"When you look at the forwards we have in the team at the moment, you'd have to say Wayne Rooney, Danny Welbeck and Javier Hernandez would all be ahead of him. Dimitar Berbatov's still at the club as well. Powell's a talented boy, though, judging from what I've seen of him in a Crewe shirt."
Ferguson has admitted on numerous occasions that he only has a limited amount of time left at United - three or four years according to the Scot - and building for the future will no doubt be a priority as he aims to create a legacy at Old Trafford that will continue after his retirement.