5 Types of Software a Business can Use in 2020

Types of software business can use

The business continually evolves to maintain its pace with dynamic technology. If it fails to keep up with the cutting edge innovation, its survival in the market becomes impossible. Also, the business has to see itself end.

Today, having software that does most of your work and automates the manual processes are in vogue. Businesses can either purchase or develop software to automate any process that it finds complicated or time-consuming. It can be a market leader by developing new software or follow the trend by accepting/ installing already existing software. Either way, the business needs to walk hand in hand with technology. Install software to automate their business process.

List of Software a Business can Use

With technology throwing numerous software in the market, it becomes difficult to decide which software to install and which to avoid. A business should make sure that the software that it is installing is recent and updated. Installing internet explorers in the era of Chrome86 is most certainly not a wise decision. To avoid the dilemma of what software a business should or should not invest in, here is a list of the software businesses can benefit from.

1. Process Management Software

Processes make up a massive portion of an organization’s success. Thus, it becomes essential to ensure the business process’s smooth functioning and carry them out free from chaos. With the increasing modernization of business processes, it becomes necessary to transition from paper records to cloud storage.

From the calibration of the business goals, the process management software provides management of the entire business process lifecycle. This software reduces the errors and losses made in the manual process management systems, thereby assisting in maximizing the businesses’ cost reductions. When using the process management software, the process manager does not have to worry about the changes in any aspect. The software takes away this burden from their shoulders as it manages the change efficiently with minimum human intervention. The most significant advantage of process management software is that besides managing the business processes, it also optimizes them. It enhances the processes to make it more efficient in terms of minimized cost and reduced errors.

2. Inventory Management Software

This is the most basic software that a business can put to use. An inventory manager has a lot on his plate. He has to make decisions about the purchase of materials, stock availability, the calculation of reordering details, and determining the economic order quantity. And that is just the tip of the iceberg.

With the installation of inventory management software, the inventory manager is freed from all these complicated calculations and can focus on more important aspects like the materials’ quality. This software manages all the aspects of inventory management like tagging and barcoding the product, tracking it, preparing reports to support the audit, aligning sales and marketing efforts, reducing stock wastage, cost savings, and numerous other duties.

3. Human Resource Management Software

You might have read this statement in almost any HR-related article – Employees are the organization’s most valuable assets. However, managing them is a challenging task. A human resource manager has to manage numerous functions in the organization.

The payroll calculation and management, document management, management of employee’s attendance, leave policies and leave management, retirement benefits management, recruiting and onboarding, etc. are the essential functions that any HR management solution provides. The updated HRIS software assists by complying with the laws and legislatures, maintaining workflow continuity, keeping track of employee activities, and grievance handling. The HRIS software provides necessary performance reports and assists in measuring their performance indexes.

4. Accounting Software

A business operates to earn profits. The essence of any profit-oriented business is the management of its funds. How much money was splurged, and how much was earned. Whether they are making a profit, or are they incurring loss? Any profit organization searches for the answers to these questions at the end of the month.

Being a field that involves many calculations and entries, it is effortless to make mistakes in calculations, apply a wrong accounting standard, etc. However, with the use of accounting software, the organization can reduce the errors and bring 100% accuracy and transparency in their bookkeeping to ensure a ‘true and fair view’ of their financial accounts.

5. Invoice Management  Software

The organization’s finance team must approve and generate the invoices on time. An organization has numerous invoices to deal with, such as the invoices for employee’s salary, operational costs, purchases, and invoices for literally every other financing aspect.

An invoice management software automates the generation of all the invoices in a standard or customized format and stores the same on the cloud platforms. These stored documents become a base for the audit reports. The software also allows vendors dealing with your company to send in the invoice approvals applications and get the same done online without any delay. Many developers of this type of software embed a reminder feature in this software. It allows the organization to stay caught up with the billings and payments. It reduces the chances of missing any payments or making late payments.

In a Nutshell

The business may choose to continue managing the processes manually. Also, continue to face the accuracy and efficiency challenges that complement such manual labor. However, sooner or later, the business will have to face obsoletion. It is better to automate the everyday complex business processes to focus more on strategic planning to survive in the technologically dynamic markets. What are you waiting for? Automate your businesses to gain a competitive advantage.top business tax return is done at Business Accountants Sydney, for the best results

Author bio :

Divyang Metaliya is a Business Consultant working with FactoHR. Apart from managing and improving business processes, his hobby is to spread his vast area of knowledge to the people out there. He loves to create content that is innovative and engaging for the readers.

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