Business software is a type of software specifically designed for businesses. It assists a business in accomplishing particular objectives with the help of applied principles.
Business users use business software, which is a pack of computer programs, to execute various business functions. Business applications boost and measure productivity and aid in the accomplishment of other business tasks.
Types of business software (1)
Several types of business software are used by different companies. The selection of suitable business software depends upon:
- The scope of the business
- The specific requirements of the business
- The duties that need automation
Following are some types of business software.
- Human Resource information system
According to a study, office staff works about 70 days per year on administrative procedures. This costs businesses nearly $5 trillion annually. As Human Resources is an important vicinity in any business, executing a human resource software program can facilitate different clerical duties. Payroll, training, record keeping, employee onboarding, and recruitment can all be automated and supervised through the Human resource information system. This software controls digital documentation.
- Inventory control system
The inventory management system is one of the basic business solutions. It monitors updates, stock levels, and turnover rates. It is also involved in automating cycle counts. Integration of replenishment solutions with inventory systems allows automatic point-of-sale (POS) and reorder points systems. This is how it can tell real-time amounts of all products. This software eliminates the need for employees to record, count, and cross-check the stock manually. It also notifies users when it recognizes a discrepancy or an error so that storehouse management can govern the condition immediately.
- Communication software
A company needs to ensure proper communication among all locations and departments to exchange information adequately. Communication software like Microsoft Office and web-based email is used to enhance both external and internal sharing of software. However, enterprises combine all existing software by using a cloud-based integrator. This generates a centralized database that can be accessed by verified users at any time.
- Accounting software
This software aids financial advisors to supervise the performance of the business by tracking revenue, real-time expense, and the bottom line. This software keeps accountants up to date with the new relevant data.
- Service management solution
Service management solution enhances the relationship between consumer and a business, whether it is related to customer service or transactions. A productive solution improvesthe consumer experience as well as properly addresses their queries in an orderly manner.
- Reservation software
Appointment-based businesses, like restaurants, salons, and medical offices, use the cloud-computing reservation system to consolidate online and in-person reservations. This software integrates all appointments from every platform to avoid overlooking clients and understanding shifts.
- Schedule management system
Advanced cloud-based scheduling management system permits business managers to alter the schedules of staff members anywhere anytime. Some companies offer a mobile app and a web-based interface with an on-site monitor, which allows employees and management to communicate and confirm time-off and shift swaps. This accessibility confirms that employees can edit schedules instantly to avoid employee absenteeism. This software also controls payroll and labor budgets to supervise pay cycles and recognize top performers.
- Demand forecasting software
Demand forecasting software integrates with inventory and POS systems to sift through real-time and old sales. It also forecasts stock data to meet customer demand. Companies can prepare themselves for ups and downs in demand with the help of proper demand forecasting software
Top providers of business management software 2021 (2)
It is considered best for small as well as large businesses. This software has features for team tasks, project planning, and project timelines. It helps in the automation of repetitive tasks. It delivers security through google authentication, session management, audit log, and two-factor authentication, etc.
- It gives insights into the expenditure
- Gives the overview of the project status
- File storage starts from 5 GB to unlimited
- It provides additional features like time tracking, forms customization, and advanced search.
- It offers four plans:
- The basic plan costs $17/month per 2 users
- The standard plan costs $25/month per 2 users
- Pro plan costs $39/month per 2 users
- Enterprise plan is quote-based
- Studio Creatio
It is considered best for medium and large businesses. Studio creatio is a BMP platform that gives outstanding features and templates. In this software, a company can develop an application according to the requirements. It is the forum for marketing, sales, and services. It has gained high customer reviews for its opportunity management, lead management, product management, case management, document flow automation, and analytic features.
- Personalized communication
- Conserves product record hierarchy
- The navigation feature is available
- Enterprise costs $25/month/user
It is considered best for small as well as large businesses. It is a collaboration hub and all-around tool that assists the fast-paced team in planning, tracking, and delivering their projects. With the help of its features, managers can examine the project overloads and time consumed on a specific task, which allows better allocation of resources and time.
- Automatic reporting of project status
- Project milestones to illustrate project goals
- Time tracker that tracks billable duties across tasks, projects, and members.
- Allows productive communication among team and clients via video calls, project discussion, and team chat
It offers four pricing plans:
- The starter plan costs $39/month
- Pro plan costs $79/month
- The business plan costs $124/month
- Enterprise plan is quote-based
- Oracle NetSuite
It is considered best for small and large businesses. It is cloud-based software for ERP/financial, e-commerce, and CRM. It provides multiple reporting levels and shows real-time enterprise-wide KPIs on the dashboards.
- It possesses international capabilities for payment processing, audit & compliance reporting, comprehensive currency management, configurable tax engine, accounting & financial regulations, tax compliance, and language management.
- It offers cloud-based ERP software with characteristics of supply chain management, production management, order management, financial, and management & planning.
The licensing cost of NetSuite is $999 per month and accessing cost is $99/month.