Times, when transactions were recorded and controlled manually, are gone. Routine tasks, as well as everyday transactions, have been crucially improved with the different specific applications and tools. It doesn’t matter in what sphere the entity acts and what type of operations it aims to optimize, the market offers decisions for all fields and the majority of key processes inherent to the enterprises.
Considering the variety of options and the specifics of each entity, selecting the proper set of applications, which would not cost too much and bring maximum results, may be confusing. The major concerns relate to:
Defining of the most popular examples of business management software;
Defining spheres of applying of these tools in order to gain the highest benefits;
Defining solutions regarding small business accounting software solutions and the way to realize them?
The following guide covers all the questions providing recommendations about reliable tools.
Enterprise Resource Planning
Entities with a wide range of operations require effective governing at any stage of the operating cycle, and, considering possible complexity, governance can become a key concern for the stakeholders.
Using Excel files or maintaining manual bookkeeping records is not a sufficient way to provide operational excellence and control over it. It doesn’t provide reliable data maintenance, prompt updates, and data exchange in a quick manner, which may lead to errors, delays in transactions or recording, and significant losses. Thus, business accounting software becomes a must-have for properly maintained transparent operations.
Enterprise resource planning became irreplaceable widely used business management software. Its huge benefit is an option of the simultaneous running and control over the following operational cycles:
Record to report (accounting);
Customers and vendors master data;
Customers and vendors transactions;
Inventory and shipping;
HR and P&O.
This type of business software can be combined with others and provides to stakeholders a helicopter view regarding all transactions, which take place on the enterprise level. Even when it comes to small business accounting software, it’s still much more efficient to implement the ERP with fewer modules, but allowing to support transparency in all transactions at the same time.
SAP is a business software used by successful companies of every size all over the world. It proposes a set of modules for core operations which may vary depending on the entity’s need making it universal. For example, the entity may choose only accounting and HR modules and control other operations with other tools, if applicable. SAP Business One is a special offer, which often serves as a small business accounting software.
Other large providers are Sage, Oracle, Microsoft Dynamics.
Business Intelligence Software
When it comes to data analyses and the search for new improvement directions, business intelligence software plays a key role. It allows collecting and interpreting of the data gathered from different sources, like marketing, HR, commercial operations, and so on. The main task is to find patterns and trends, present them in a convenient form, and serve as the reliable base for decision making.
Tableau is a bright representative of the BI tools, which is valued for transforming the data into a representative format in a very quick manner. This makes it very convenient for analysis and working with data.
The other large providers are Qlik and Microsoft.
Customers Relationship Management
Any entity exists for delivering services or goods to clients, this makes customer relationship management an essential part of operating. It allows maintaining all the client-related data, including client profiles, transaction history, sales order management, invoicing, and so on. It provides respective reports and has options for planning any activities with counterparties. It is often integrated with another system, for example with enterprise resource planning.
One of the top-providers is a SalesForce, which has decisions for both small and large entities. Except for basic functions it allows getting market insights, analyzing data from convenient and informative dashboards, and make certain integrations with client’s systems.
Other large providers are Zoho, Oracle, Hubspot.
When it comes to the entity, which is busy in production or distribution, supply chain management must take place. The solution can be realized in a different manner either as a module in an ERP or as a separate application. The main tasks it is aimed to resolve are the following:
inventory (stock) management and security;
The proper governance of the above mentioned processes allows avoiding losses, inventory impairments, fraud, and client service issues connected with late deliveries or mistakes in orders.
When the entity implements complex solutions the SAP described in the first paragraph is considered as a commonly used application for supply chain operations. When it comes to separate tools another popular solution is Logility, which allows optimization of demand, stocks, performing planning and analysis.
Other vendors are Oracle, E2Open.
Business management software helped to enhance human resources governance as well. The most helpful it became for fast-growing companies with the continuously increasing number of personnel and frequently appearing new positions. Another type of user is HR agencies.
Optimizing a human resources cycle allows resolving the following tasks:
quick and convenient search for candidates via various platforms according to the specified search parameters;
automation of the huge part of manual work, including automatic replies to candidates, job interview appointments, feedback collecting, and so on;
database maintenance, including profiles of candidates, employees, job profiles, positions descriptions, and others;
The bright example of the application for governing the HR processes is the Workday, which except for the above mentioned standard functions includes planning and analytical tools, and Big Data reporting.
Also SAP, Oracle are commonly used.
Business Software for Marketing
For medium and large entities the marketing becomes a subject for optimization as well, as other processes. The software solutions allow automating official communications, improve control over marketing campaigns, and evaluate their effectiveness.
The commonly used tools are Adobe Campaign, Marketo, HubSpot.
It’s impossible to imagine a prosperous enterprise that still didn’t automate and optimized its activities. Except for easier and convenient operations governance, properly selected and set business management software is aimed to improve an entity’s KPIs, prevent losses, increase transparency, and create an internal environment, which can be managed complexly. Although the major providers don’t allow applying tools for free, the results achieved with the benefits from using business accounting software, ERP, SCM, CRM, and others, are certainly worthy of time, costs, and efforts for the installment.