Not all businesses have been created equal, and this means that no single commercial budget is ever the same. However, one things that unites business in the modern age is the need to invest heavily in technology, with an estimated 19% of all SME expenditure on IT.
Increasingly, this money is being spent on innovative software packages and solutions, with a growing emphasis on reducing operational costs and making the most of the manpower at the disposal of a company.
In this post, we’ll look at three types of software that can save businesses time and improve productivity in the process.
1. Payroll Software
We’ve seen a number of innovative payroll solutions introduced to the market in recent times, with the solution designed by Moorepay offering a relevant case in point.
Aside from being cloud-based and extremely secure, this software also features an in-built reporting tool called Extractor, which offering a diverse range of templates and training reminders for the optimal efficiency.
It’s also equipped with an employee self-service feature, which enables staff members to access a secure and web-based tool that offers them real-time access to essential data sets. This includes payslips and P60s, while it’s also possible for employees to update their personal and banking details at any time.
This saves considerable time within firms, particularly the HR departments that would usually have to source such information. As a result, HR professionals can devote their time to more profitable pastimes and focus on driving viable growth strategies.
2. Business Intelligence (BI) Software
In simple terms, business intelligence (BI) software acquires company data by collating, analyzing and transforming relevant information.
This can pertain to everything from customer demographics to a businesses financial performance, with the information capable of providing real-time commercial insights from stored data.
Another example of BI software is a tool that connects employees and enables them to stay in touch with the developments taking place inside the organization.
This type of interactive tool makes it far easier to create a collaborative workplace, while it also ensures that information is shared efficiently across entire departments. With the use of visualization tools, BI software can also make data easier to review and understand, freeing up more time for staff members to commit to their actual day jobs!
3. Enterprise Resource Planning (ERP) Software
Enterprise planning is the integrated management of core business processes, and historically it has been a major drain for businesses.
The reason for this is simple; as businesses previously had to use different databases for alternative needs and computer functions, creating significant delays and making it hard to create a single, holistic interpretation of data.
This would also cause misunderstandings and miscommunication between different departments, with potential cost and time implications incurred for business-owners.
Enterprise Resource Planning (ERP) software has changed this, however, by creating single databases with integrated sets of information that can be accessed by stakeholders in real-time.
As a result, all data storage and sharing functions work in complete harmony, while the speed of a business’s operation is also increased.