The purpose of business software is to automate certain business functions that would otherwise take longer without the help of the software. Here’s a look at five core business software functions that all businesses can benefit from, plus five bonus functions that are also beneficial to businesses.
5 Core Software Functions
These are considered to be some of the most essential features of business software that all businesses can benefit from having.
#1: Accounting and Finances
Accounting, invoicing and billing, payroll, and anything else that relates to your finances are one of the most basic and most important software functions you’ll need as a business owner. Automating these functions will take a lot of stress off of your already busy day, and you’ll save money by not having to pay someone to do these tasks for you.
#2: Customer Relationship Management
Customer relationship management (CRM) is another core solution that all businesses need as a part of their software because it lets you see how you’re interacting with both current and potential customers and vice versa. This solution will allow you to see what methods are working to retain customers and what methods may work for attracting (and retaining) new customers.
#3: Human Resources
Human Resources (HR) is considered a basic software function for businesses that employ others, which is the majority of businesses. An HR solution can automate certain processes, such as employee onboarding and even training in some cases. You can also keep track of your employees’ performances, making it easier to determine pay raises. Some HR software solutions also allow employees access to some features, such as requesting time off.
#4: Inventory and Warehouse Management
Inventory and sometimes even warehouse management are two core functions for businesses that sell products, rather than provide services. These types of businesses know the importance of tracking their inventory— and they also know how tedious this process is when done manually. Automating your inventory tracking relieves you of the stress of counting all of your products, and if you own your warehouse there’s also a solution that builds on the inventory function to help keep your warehouse organized.
#5: Orders and Procurement
Also for businesses that sell products— particularly those who sell products online— there are order management and procurement functions. Automating order processing means that there are fewer mistakes and happier customers. The same goes for purchasing from your vendors. This function will allow you to buy your goods more efficiently from your approved suppliers.
5 Bonus Software Functions
Businesses can get along fine without these five functions, but they’re helpful and can take your business to the next level. Software from a NetSuite implementation partner like GSI can provide you with all of these additional functions.
In simple terms, analytics refers to the analysis of data, and the analyzed data can be used to make future projections. When it comes to your business, analytics can help optimize your performance, improve efficiency, and increase your profits. Having this function as a part of your business software will give you deeper insight into your business as a whole.
Considered a core business function for eCommerce businesses (because they already operate completely online), an eCommerce function of your business software allows you to launch and manage an eCommerce site for your business. This is something to consider for many brick-and-mortar (or in-person) businesses, especially since the COVID-19 pandemic caused a lot of businesses to shut down.
#3: Demand Planning
One thing that your analytics function can analyze is the average demand for your products or services. Combined with a demand planning function, you’ll be able to plan for future demand based on your data history. This will let you know how much to order from your suppliers and how to prepare for your clients before you provide them with your services.
#4: Global Business Management
If you have subsidiaries in other countries, you’ll benefit from having a global management function. This software solution will allow you to manage all of your subsidiaries in one place. It will also be able to translate foreign languages and convert foreign currencies so that you won’t have to.
If you make your products, it will be helpful to have a manufacturing solution. This function will help with production planning, making it a great addition to your demand planning and inventory management solutions.
If you’re a business owner looking for software, make sure the service provider you choose offers the core software solutions listed above. It’s also not a bad idea to look into software services that offer one or all of the bonus functions as well. As your business grows, you’ll need more software solutions, so it’s best to get them in the beginning.