For a small business just starting out, managing clients and business processes can be fairly easy. Individual programs and tools are brought in to meet specific needs, and it’s generally not too difficult to track down each of these solutions.
However, when that same business begins to expand, things can quickly get complicated. With increased complexity comes an exponential increase in administrator workload, leading to inefficiencies, inaccuracies, and burnout.
Business management software can provide the answer. By bringing together several different applications under one suite, and by introducing advanced automation capabilities to critical business workflows, administrators can more effectively manage various areas of their business, such as finance, operations, people, etc.
What are the types of business management software?
Because business management software is designed to support multiple industries and brings together many different types of solutions under a single umbrella, there is no single business management solution that fits every use case.
Instead, it’s important for every business to be aware of their own needs when choosing a business management solution, and also be aware of their options. Following are common examples of different types of business management software:
1. Accountancy
Accounting business management software is designed to help administrators keep an eye on important financial data. Software must be capable of connecting with individual finance modules to manage inventory, purchase orders, and other related tasks. This type of business management generally also includes financial reporting in the form of balance sheets, cash flow statements, income statements, etc. Graph outlining the capabilities of the business management software.
2. Content management
Content management deals with important documents in business. Content management systems exist to enable companies to upload, access, retrieve, share and back up files and documentation more effectively and securely. This may apply to all documents used in a business, from employee W2s, purchase orders, contracts and more.
3. CRM
A customer relationship management (CRM) system is an organization tool for tracking, recording, and coordinating customer interactions, with the goal of streamlining service and increasing customer value.
While many businesses rely heavily on CRM, it’s actually the best suited for sales and marketing efforts; Customer service management (CSM) picks up where CRM left off, providing a fully unified view of how customers engage with the company as a whole.
4. HR
Human resource management (HR) addresses processes and solutions that are relevant to company personnel and can also be used to manage contractors and third-party vendors. This form of business management includes employee scheduling and hours tracking, payroll, and benefits administration.
5. Resource management
Resource management is a broad category of business management software that includes HR management, along with asset management and inventory management. Along with employees, resource management also tracks and coordinates financial, technology, raw materials, and other limited resources that may need to be scheduled, allocated, distributed, and accounted for.
6. Marketing and sales
Marketing automation, lead generation, email marketing, social media management, and marketing/sales analytics all fall into the marketing and sales management category. This kind of software uses automation to nurture and track prospects through the sales pipeline, and to help sales teams find and close new prospects.
7. Reporting and analytics
While reporting and analytics are often included as important parts of other business management solutions, these special categories also deserve to mention. Reporting and analytics systems track vital metrics, incorporate critical business intelligence to analyse data and provide valuable insights using dashboards, and flag potential problem areas that may arise.
8. Project management
Project management is used to coordinate, control and automate business workflows. Project management can incorporate automatic notifications, time tracking, and task assignments.
What are the benefits of business management software?
Business management software is designed to meet a broad spectrum of management tasks. As such, the possible benefits it brings to the table may be as varied as its functions. In general, however, business management software offers the following advantages:
1. Single and unified system
Perhaps the main benefit of business management software is that it allows organizations to control various business applications from a centralized hub. Instead of having to handle multiple controls, interfaces, passwords, and vendors to meet ongoing business needs, enterprises can enjoy a simple management solution coordinated through a single system. Any updates made to the relevant software or data are reflected in all connected applications.
2. Optimum coordination
Business management doesn’t just bring together tools and solutions; it also unifies departments. Everyone involved has direct access to one platform and one source of data truth, facilitating improved communication and coordination across projects, strategies and outcomes.
3. Improved data accuracy
By implementing effective automation solutions across all connected applications, organizations can significantly reduce errors. This increased data accuracy not only helps prevent costly errors, but also provides businesses with a more reliable dataset for reviewing performance, evaluating projects, and building strategy.
4. Improved efficiency
Process automation enables companies to achieve more, while using less resources (such as money, time, or employees). In other words, when built on effective automation technology, business management software can be a reliable solution for businesses hoping to get more out of their investment.
What should companies look for in business management software?
While business management software provides real value by bringing together relevant applications and tools under a single control system, it is not necessarily a one-size-fits-all solution.
Organizations that are in the market for business management software should be very aware of their needs and should take time to evaluate their options before making any commitments. Consider the following factors:
Deployment options
When it comes to implementing business management software, businesses have several choices. Choosing a cloud-based solution will allow businesses to take full advantage of the functionality of the software, without having to be responsible for installation, setup, maintenance, repair, updates or security.
On the other hand, on-site solutions give businesses more freedom in choosing exactly how they manage their business functions, but also make them fully responsible for m managing and securing the software themselves.
Integration capability
Given the complexity of modern business, many organizations will need more capabilities from their business management software that is available out of the box. If so, these organizations should priorities business management solutions that can easily integrate with stand-alone applications, and allow for a customized approach.
Industry specific solutions
While every business is unique, businesses operating within the same industry often share the same basic requirements. As a result, there are several business management software options built specifically to serve specific industries. Companies may want to start their search within their industry, before branching out into other possibilities.
Business size
Finally, organizations should consider their own size, as well as projected growth, when investing in business management software. Generally, the larger, more complex the business, the more control, automation, and alignment between technology and data they need to function efficiently. On the other hand, small business is likely to Achieve Agility and Scalability.
And that’s an explanation of the benefits of using business management software. Are you interested in using it? For better business continuity, why not?