Want to learn about the types of business software? Or about the types of business applications? Check out these business application types. We’re here to demystify that for you and provide an overview of all the software and applications you can choose from and how they compare and stack up against each other.
There are a number of business software types out there covering a lot of areas. Choosing the right software can be a challenge, particularly in this day and age when businesses are using a variety of tools. To make this a little easier let’s take a look at the 6 different types of business software.
There are many different types of business software. Deciding which one is best for your business is not always easy and will often depend on:
- the size of your business
- the particular needs of your business
- the tasks that need to be automated
Common types of business software
Common types of software used in business are:
- word processing programs
- accounts software
- billing software
- payroll software
- database software
- asset management software
- desktop publishing programs
These usually come as bespoke products or off-the-shelf software.
Pros and cons of bespoke software
It is possible to build bespoke software specifically for your business. You can either:
- Write the software yourself. If you run a small business, writing the software yourself is unlikely to be cost-effective as you need to have significant expertise and lots of time.
- Have the software written by an external supplier. With specialist help, you should get the exact functionality you need. However, the price is likely to be high, and you will be tied to that supplier for future support.
Producing any bespoke software can take a long time and your staff should be able to input in the development process. For most small businesses, bespoke software may not be the best choice.
Pros and cons of packaged, off-the-shelf software
Packaged software is standardised and generally low priced in comparison to bespoke software. The functionality may not be exactly what you need, but it could make sense to change your business practices to suit the software rather than having software specially written.
The high volume of sales of such software usually means that you will be able to get support and training from a number of different sources.
Standard software packages are usually the best choice for small businesses. In some cases, you can modify the software to meet your requirements if it doesn’t include all the functions you need.
No matter the objective of an organization, there is a software solution to optimize nearly every process, including-
1. Human Resource Information System (HRIS)
A Unit 4 study disclosed that globally, office employees spend nearly 70 days a year on administrative processes, costing businesses approximately $5 trillion annually. As HR is one of the most essential sectors in any business, implementing a human resources software program can streamline several clerical tasks. Recruitment, employee onboarding, record keeping, training, and payroll can all be monitored and automated through HRIS, which handles digital documentation.
2. Inventory Control System
As one of the standardized business solutions, inventory management systems monitor stock levels, updates, turnover rates, and automates cycle counts. Integrating inventory systems with replenishment solutions enables automatic reorder points and point-of-sale (POS) systems to show real-time quantities on all items.
This software application eliminates the need to assign employees to manually count, record, and cross-examine stock across multiple locations, saving time and money. Inventory control solutions can also alert users immediately when it detects an error or discrepancy so that warehouse management can rectify the situation promptly.
3. Communication Software
In order to adequately exchange data, companies need to ensure that communication throughout all departments and locations is streamlined. Communication software, such as web-based email and Microsoft Office, is commonly used to enhance information sharing both internally and externally. However, organizations can also use a cloud-based system integrator to connect all existing software. This creates a centralized database that allows verified users to access reports at any time and work seamlessly with other departments.
4. Accounting Software
Accounting software helps financial advisors monitor business performance by tracking real-time expenses, revenue, and the bottom line. With up to date information, accountants can ensure books contain relevant data, and the business remains profitable.
5. Service Management Solution
Customer relationship management systems enhance every interaction between a business and consumer, such as transactions and customer service. An effective solution not only enhances the customer experience to save clients time but adequately addresses their concerns in an orderly fashion as well.
6. Reservation Software
With a cloud-computing reservation system, appointment-based businesses, such as medical offices, salons, and restaurants, can consolidate in-person and online reservations. By integrating appointments from all platforms, companies can prevent understaffing shifts and overbooking clients, hindering customer satisfaction and loyalty.
7. Schedule Management System
Modern cloud-based scheduling software allows business managers to access and alter employee schedules from anywhere at any time. Some providers offer a web-based interface and mobile app, along with an on-site monitor that allows management and employees to interact and confirm shift swaps and time-off. This accessibility ensures that users can change schedules promptly to avoid confusion and employee absenteeism. Schedule management software also handles labor budgets and payroll to monitor pay cycles and identify top-performers.
8. Demand Forecasting Software
When integrated with POS and inventory systems, demand forecasting software can sift through historical and real-time sales and stock data to project future customer demand. The data can then be automatically consolidated and generated into detailed reports and analyses to provide actionable insights. With forecasting, organizations can prepare for spikes and dives in demand through proper inventory management, saving on stock and labor costs.
There are different types of application software available to fulfill various business needs, regardless of the company’s size or industry. Through automated project management solutions, organizations can save time, capital, and effort on standard processes.
Buy vs build: how to choose enterprise software
Enterprise applications can automate routine tasks, improve client relationships, and increase the company’s bottom line via higher efficiency or direct revenue.
With a great variety of industries, it’s hard to come by two identical enterprises. Each of them has its own unique processes that have been up and running for many years.
That’s why enterprises often have difficulties keeping up with the times.
They face a tough choice: build a custom solution around existing processes or change the way their organization works in order to adopt a 3rd-party enterprise tool. Both choices have their advantages, so there is no one-fits-all approach.
Fortunately, there is a well-tested way to find whether existing solutions can satisfy your requirements.
Conclusion:
The software used by businesses today has evolved into many different categories or types. The world of business software can be very confusing. There’s a lot that goes into having a great business. The type(s) of software that you use will go a long way in helping you build and grow your business.