Business management software can also be known as Enterprise Resource Planning (or ERP) software. It is sometimes thought that ERP systems suit larger corporations whereas business management software is for smaller organisations. This isn’t necessarily true and the two terms can be used interchangeably to mean software or a system used to manage business processes.
Business management software here in Australia, can have a number of different functions. It can be either custom built or customised to meet the unique needs of not only a given industry but a given organisation. In simple terms though, it is business management software designed to integrate, automate and streamline processes to make businesses more time and resource efficient which in turn, increases profitability.
Business management software is used for managing inventory, production sales and accounting. It also monitors and manages resources throughout a business such as:
- – revenue
- – materials
- – orders
- – human resource
- – expenses
This is achieved via a single interactive database management system so that one source of truth exists within your business and there is no inaccurate and conflicting data, reporting and insights.
What types of business management software is available in Australia?
Online – Cloud-based or online business management software solutions are accessed via the internet and payment is a subscription basis. The software itself isn’t owned or licensed by the end user but is provided as a service. This is also known as Software as a Service (SaaS).
On-premise – Business management software solutions that are installed on a server physically located on the business premises are known as on-premise solutions. Traditionally the license for an on-premise system is sold on an up-front basis and treated as a capital expense. However, many on-premise systems now also offer a subscription-based license.
Some on-premise systems also offer a “hybrid” deployment option, where the software may be hosted in a cloud data-centre environment rather than on-site.
What are the benefits of business management software?
Small businesses will see many benefits and over time they will see the return on their initial or ongoing investment. Let’s take a look at some of the key benefits:
Transparency: Rather than each part of your business having its own information system, data is shared and can be accessed throughout your business. This eliminates the need to enter data into multiple systems or export data, which means less human error, increased efficiency and cost savings.
Decision-making: The real-time data enabled through an all-in-one system can benefit many areas of your business for the purposes of marketing, management, accounting, forecasting and more. This enables business owners (or managers) to make intelligent business decisions and respond quickly to changes.
Productivity: The increased efficiency of streamlined business processes allows for a shift in focus from operations and logistics to business strategy which leads to business growth. Business management software will enable you to work “on” your business instead of “in” it.
Stock management: For any business that handles stock, effective stock control is crucial for success. Effective small business stock control will help you to review your buying cycles, supply and demand, seasonal fluctuations, pricing strategies and more. Knowing your best performing products will inform your buying strategy to increase the profitability of your business.
What types of industries use business management software in Australia?
Any business in Australia that handles stock will benefit from business management software that integrates stock management with accounting and point of sale functions. Businesses with large and complex inventory needs or with multiple stock locations will see the greatest benefit, with operations streamlined across all locations.
For further information on ProfiitPlus, Foresiight’s leading business management software in Australia, leave your details via our contact form and one of our business consultants will be in touch. We’ve been helping small businesses to grow for over 35 years and we’re ready to help you.