The organization and optimization of on-going, everyday tasks and normal business procedures requires lots of resources and manpower. Business management software aims to provide support to business process managers and roles responsible for business operation. Common features include inventory and expense tracking, customer and lead management and especially workflow and process visualization tools to identify bottlenecks, forecast capacity limits and resource use.
Business management software is any digital solution that helps an organization manage most of its day-to-day business operations from a single dashboard. Typically, products in this category combine multiple applications into one integrated suite, allowing businesses to automate several important administrative tasks, such as, accounting, contact management, inventory management, time tracking, and customer relationship management.
The right business management software helps save time and money while improving the efficiency of your business operations. It allows you to create and store documents, monitor employees, view a customer's’ buying history and purchase patterns, all on a single application. With real-time visibility into the business database, you can make informed decisions in a timely manner.
Often, products in this category focus on several other areas of business management including task management, time management, lead management, expense tracking, payments and invoicing, attendance tracking, resource planning, training and onboarding.
The first thing to decide is whether you need an all-in-one or a specialized solution. All-in-one solutions offer a little bit of everything. For instance, you may want a solution that provides the basic features of accounting, inventory management, customer relationship management and human resources management. Alternatively, you can look for business management software focused on one critical area of your business. For instance, if scheduling is an important area of your day-to-day operations, you’ll need advanced scheduling features, such as calendar management, time clock management, the ability to set goals, assign the right tasks to the right employees and send automatic reminders.
Another important thing to consider is the integration capability of the software. While most software products in this category handle the majority of your everyday operations, you may still need a standalone application to supplement your business operation software. For instance, if you run a retail business, you’re probably using a point of sale (POS) system already. So it is worth checking if your business management software integrates with your existing application(s).
Solutions focused on a specific industry are also available. Some products even come with a range of prebuilt solutions for a number of industries. For instance, one integrated solution may support back office operations, sales and marketing operations as well as ecommerce management, which makes it suitable for call centers, marketing firms and retail stores.
It is also important to choose a solution depending on the size of your business and growth potential. For instance, if you are expecting rapid growth, consider choosing a solution that can handle more users than you already have.
|Accounts Payable||Keep on top of payables and manage what you owe to creditors and suppliers.|
|Accounts Receivable||Track unpaid invoices and keep on top of what your customers and debtors owe you.|
|API||Application Programming Interfaces (APIs) are programmatic intersections with external products or platforms that allow for custom integrations with your own solutions or other solutions you are using.|
|Batch Permissions & Access||Control user or group access and permission settings for software or other systems.|
|Budgeting||Planning and tracking capabilities for financial budgets and plans often used to manage funds across different departments or for investor / shareholder oversight.|
|Calendar Management||Manage and update calendars for scheduling or consolidation of events across teams, departments or business functions.|
|Customer Management||Manage customer databases and/or track outstanding shipments, payments and more.|
|Dashboard||Dashboards are digital interfaces commonly used to visualise data or give quick access to important features and functions of online platforms. They often serve as an overview gateway in software applications.|
|Data Export||Exporting functionality can be used to streamline the migration of data sets and information across systems, platforms or applications.|
|Data Import||Importing functionality allows you to use data sets from other systems or platforms to cut down on data entry requirements or to more easily migrate records from similar applications you have used in the past.|
|Data Visualization||Data visualization features render a visual interpretation of data sets through the use of charts, infographics and other visual cues generally in form of a reporting dashboard.|
|Expense Tracking||Track employee travel and other expenses to stay on top of budgeting requirements and reimbursements.|
|External Integrations||Integrations with other software products or platforms to improve efficiency and compatibility across systems.|
|Forecasting||Forecast upcoming expenses, sales, revenue, user levels, etc. through the use of predictive methods and past data.|
|General Account Ledger||Track transactions in the form of account information to prepare financial statements and reports.|
|Inventory Tracking||Stay on top of inventory levels, to manage the storing, reordering or production of stock items.|
|Lead Management||Manage business leads to improve sales outreach processes or stay on top of prospect inquiries.|
|Lead Scoring||Manually or automatically assign quality scores to business leads to target / segment sales outreach efforts.|
|Marketing Automation||Automate marketing processes, such as outreach emails, customer engagement, chat replies through the use of chatbots and others.|
|Multi-User||Supports more than just one user account and generally allows for collaboration with colleagues.|
|Notifications||Includes notification support and sends you alerts with information on important events and other time sensitive instances. For example through push notifications on mobile phones or email notifications.|
|Password & Access Management||Manage passwords or access to systems for yourself or your organisation.|
|Payroll||Manage employee payroll to keep track of taxes due to the government, pension schemes and payments to employees.|
|Project Management||Manage projects from conception through the planning stage to delivery and post-project reporting phases. This allows organisation teams to organise resources, plan budgets and improve efficiency in the delivery of project objectives.|
|Scheduling||Schedule tasks, resources, appointments, payments, communications, etc.|
|Supplier Management||Manage suppliers and purchases required in the day-to-day operation of a business.|
|Tax Management||Manage tax payments and reporting requirements to ensure compliance with local or national taxation regulations.|
|Third-Party Plugins/Add-Ons||Offers additional features or integrations built by third-party developers in form of plugins or add-ons.|
|Travel Management||Manage travel plans and expenses for employees, prospects or potential recruits through a central environment.|