Since its inception in the late 40’s, the software has changed from being mere programming systems to platforms hosting a variety of applications. Software is now an essential part of enterprises to streamline various business operations, These include sales and marketing, accounting, customer relationship management, human resource management, etc. Enterprise software applications play a major role in enterprises defining their roadmap to success.
The advent of cutting-edge technologies like cloud computing and IoT has resulted in an increase in enterprise software implementation.
Enterprise software market is expected to grow by 18.91 Billion US Dollars by 2024.
Key trends like cloud adoption, software as a service, mobility, consumerization, and business analytics are profoundly changing enterprise software application infrastructure.
Cloud applications market is at about 133 billion dollars this year.
Enterprise software applications have transformed from on-premise deployments to cloud technology. This has been advantageous for both small and medium sized enterprises in increasing productivity, streamlining business activities and subsequently generating more revenue.
With this plethora of cutting-edge technologies and new innovations around you, it is imperative for enterprises to stay ahead in competitive world and be a trendsetter. This article compiles a list of top enterprise software applications every business should not miss.
Before diving into the list of top enterprise software applications, let us first have a basic understanding of what defines enterprise software.
5 Traits of Enterprise Software Applications
Enterprise software applications are purpose-oriented software used to run different areas of a business.
- The enterprise software should be flexible enough to support new features, extra modules, and functional expansions.
- It must be scalable to match the expected user growth.
- It should be secured to protect any kind of paramount information. It should be robust to be executed smoothly and without any issues.
- It should be manageable to achieve above mentioned traits without redesigning.
Top 7 Enterprise Software Applications
1. Customer Relationship Management (CRM)
The internet is overwhelmed with various definitions of customer relationship management. As per Salesforce, customer relationship management is vital to manage your company’s interactions and relations with its existing and potential customers.
With CRM tools, you do not have to worry about dwindling communications, missing cross-sell, upsell opportunities and marketing opportunities. The software provides a single platform to consolidate various customer information such as contact details, purchase history, frequent preferences, and concerns. You can now easily explore customer preferences to identify sales opportunities, manage marketing campaigns, and address issues.
Given below are key takeaways from a recent survey on companies currently implementing or about to implement CRM tools:
- 13% of companies consider investing in CRM as their top sales priority.
- 64.2% of businesses view CRM tools to be impactful for their bottom line.
- 48% of sales teams implement CRM systems to improve operations.
- 50% of companies claim to improve productivity by using mobile CRM
- 65% of companies have achieved sales quota by implementing CRM
In fact, CRM market is going to be largest among other software markets with an expected revenue of about 80 billion dollars by 2025. Figure below shows growth in CRM market in US billion dollars.
Though there are many top market players providing the best customer relationship management software, full-stack management tools like BIRD are emerging in the market which can successfully integrate CRM features with BI application. The tool provides CRM features like marketing and campaigning, leads management, client interaction tracking, customer contact management, etc.
Figure shows a salesforce CRM dashboard integrated into BIRD BI tool providing a view of top sales sources, current and prospective leads and opportunities along with a number of leads, closes and wins for each quarter.
2. Accounting Software
Now you do not need to run across different departments and projects for monetary information. This is because you have a single source of truth of all the financial transactions in your business. An accounting software would provide you with financial analysis for internal and legal purposes, external and internal audit data. Also, you can get insights on parameters such as payroll, sales, purchases, credits, debits, etc.
A ERP solution would be enough for account management needs in a smaller organization. But for larger enterprises, an effective and agile accounting software system to deal with different currencies across multiple locations and bank accounts would be needed.
Given below statistics prove how cloud accounting is the latest norm adopted these days by companies to make ledgers more available and ease collaboration between accountants:
- Companies relying only on cloud accounting have 5 times more customers than those who do not.
- Worldwide cloud accounting market is going to be 4.25 billion dollars by 2023.
- 67% of accounting professionals choose cloud accounting over other methods.
- Cloud accounting is used by about 58% of large-scale companies in their operations.
- While 20.4% organizations choose cloud accounting software, 19.7% choose on-premise accounting software.
BIRD‘s single view augmented analytics platform allows provides a broad-gage perspective of important accounting features like budgeting, payroll, fixed assets, billing, tax reporting, manage debts, etc.
Figure below shows BIRD’s integrated accounting dashboard build through Quickbook connector.
3. Enterprise Asset Management
Can you think of a business without your valuable assets like associated labor, inventory, materials, tools, etc.? Obviously No! Managing those assets is naturally a much-required aspect. An enterprise asset management software provides you with a holistic view of your company’s assets spanning their entire lifecycle from design to disposal.
Unlike a computerized maintenance management system, an EAM solution deals with entirety of an asset lifecycle as depicted in below diagram:
Other important features of an Enterprise Asset Management include inventory management, work order management, materials management, maintenance, repair and overhaul (MRO), vehicle maintenance, labor management, service contract management, and many more.
4. Human Resource Management
An integrated asset management system would be enough to combat labor-management issues in small and medium-sized enterprises. However, if yours is a multi-national organization with a much larger workforce, the requirement is for a large-scale dedicated software application which can optimize human resource management.
An effective human resource management would assist in encouraging talent, addressing employee concerns, keeping employees happy and fuel productivity. An organized database of employees would be more beneficial to be maintained and leveraged rather than disorganized and erroneous paper records.
Figure below shows popular statistics on the HR software market which is expected to grow because of various factors like analytics, vendors’ interest in team focused management, and mobile apps.
Important features include automating onboarding process, easy to use employee interface, automatic payment system, employee information management, automating tax deductions, etc.
5. Supply Chain Management
If you are a manufacturer or a product developer, you must be aware of the perks associated with coordinating various stages of a product development. The end-product your enterprise is delivering to the customer doesn’t depends only on logistics but is a result of cumulative efforts of multiple organizations.
An effective supply chain management system would provide the much-needed solution to facilitate production process from the time of order to the pinnacle of product delivery to the customer. You can now reduce excessive inventory thus curbing on production, storage, insurance, and shipping costs.
Given below are few key points from a recent report showing how companies are leveraging technological advancements in supply chain management.
- 50% of companies owe success in supply chain, logistics, and transportation operations to advanced technologies.
- 57% enterprises say implementing SCM gives them a competitive edge.
- 40.7% believe data analytics would play an important role in supply chain management by 2022.
- 3/4th of large-scale manufacturers prefers using IOT and analytics-based awareness in supply chain operations.
Figure below shows growth in global supply chain management software market from 2018 to 2023 as per which the total revenue is expected to be 8.6 Billion Dollars by 2023.
Important features include warehouse management, sourcing and procurement, order processing, inventory management, monitoring and planning supply chain, supply chain analytics, etc.
6. Enterprise Resource Planning
The above-mentioned enterprise software applications pertain to specific departments or areas of your business. However, there is a requirement to have a centralized software application which can integrate other business applications. These include business intelligence, CRM, asset, and supply management, etc. Consider an ERP application akin to a human brain, connecting different business modules through a complex network.
Given below are key points which reflect popularity of ERP software among different businesses:
- About 53% of companies prioritize ERP along with CRM among top investments.
- 3/4th of global companies is expected to invest in on-premise ERP solutions by 2020.
- Global ERP system market is expected to grow to 47 billion dollars by 2022, at a CAGR of 7%.
- ERP software has helped about 95% of companies to improve their overall processes.
- Global ERP software revenue is expected to reach 48.21 billion USD by 2025, at a CAGR of 7.88%.
An effective enterprise resource planning software would ensure cohesivity and transparence in business activities and workflows, while improving overall business performance.
7. Business Intelligence
Even though it is included in the last of our list, its importance should not be written off. In this digitized world overwhelmed with a chunk of data at your fingertips, it is paramount to leverage this data for your company’s progress. And this can only be achieved by an efficient and robust business intelligence system.
In this highly competitive world, you cannot imagine a business without a system which can glean data, extract valuable insights, and convert it into profitable actions at a quick instant. A state-of-the-art business intelligence tool would include features like customized dashboards, scorecards, reports, and other visualizations.
Figure below shows important Business Intelligence trends in 2020 from the scale of 1 to 10.
Despite the availability of existing players in the business intelligence market, you can always rely on BIRD’s full stack data management business intelligence platform providing advanced AI driven augmented analytics to provide instant answers to your business queries.
Since we do not believe in beating our own drums, we would recommend you to verify BIRD’s supremacy over its peers with a single click