Business Intelligence Part 6 - Software & Technology

Business Intelligence Part 6 – Software & Technology

-George Fassett

Date :- October 4, 2022

Modern corporate settings are increasingly dependent on technological innovations. It is possible for a company to realize its full potential by implementing the appropriate software or technology. Business software may improve the efficiency with which a company operates while also simplifying the management process. Small enterprises can handle all of their needs and duties with the aid of the correct software or technology, from high-level strategic objectives to day-to-day business operations. The best software for all small and medium-sized companies is one that is meant to help them manage and execute work more efficiently, lower expenses, and transform manual processes into digital ones. Small to Medium Businesses (SMBs) are the target audience for this kind of software.

Some of the software and technologies that SMEs should integrate in their operations include:

Antivirus Software

Malicious cyber-attacks such as ransomware are becoming more common, and systems all across the globe are vulnerable to these kinds of incidents. SMBs are often targeted because they lack the cyber defenses and security procedures to defend themselves against these cyberattacks. Furthermore, because of the complexity of cyber assaults and the rapid improvement of attack methodologies, small and medium-sized enterprises are always at danger of being targeted. Security and antivirus software are essential components of every company’s information technology security plan. Antivirus software safeguards servers, computers, and data against a variety of threats such as malware, viruses, hackers, spyware, phishing emails, and more. McAfee, Windows Defender, Trend Micro, Sophos, and Sequrite are just a handful of the software companies that have received high ratings.

Office Productivity Software

An SMB in today’s modern environment should be more connected and better equipped to convey information than ever before. For small and medium-sized businesses, better teamwork, document preparation, file storage, and secure communication are all key focus. Collaboration, communication, and the creation of new material and initiatives are all made possible by tools like email management. Emerging technologies like cloud storage are revolutionizing our existing technological landscape. Cloud storage’s greatest benefit is its ability to accommodate almost infinite amounts of information and data. Crisis preparations or business continuity safeguards may be simplified with the use of cloud storage. Workers may collaborate on many projects simultaneously and exchange refinements in real time thanks to cloud storage. This is useful for businesses with employees spread out over many regions. When it comes to accessing information, cloud technology is the most convenient since it can be used from any location and at any time. Microsoft 365 to include Office 365 and Google G-Suite Email and Apps are famous examples of cloud management software.

Accounting Software

Companies of all sizes gain significant and quantifiable benefits from accounting software, which streamlines, optimizes, and improves the accounting systems. It simplifies a number of accounting procedures, including monitoring cash flow, calculating earnings, and accurately distributing payroll. Accounting software ensures the safety of financial data and allows for remote access using a unique security code. An all-in-one inventory management system that includes stock, invoicing, and data integrity Using accounting software, accounts receivables and payables, the general ledger, bank reconciliation, etc. may be categorized in an easy-to-understand manner. Among the most popular accounting programs for small and medium-sized businesses include QuickBooks and Xero.

Point of Sale Software

For every retail facing company, having a dependable point of sale system is critical. A well-designed point-of-sale (POS) system may increase revenue, reduce costs, and improve the efficiency of a firm. Buyers don’t want to be kept waiting as employees manually input their purchase information into the system, and that’s understandable for any firm. The use of a point-of-sale system (POS) may also improve the profitability and marketing tactics of a business. It’s reasonable to assume that selling things is the heart of every company, and a strong POS system is the soul of any firm.

Human Resource and Payroll Software

Businesses may save money by using HR and payroll software instead of doing it traditionally to improve the efficiency of their human resources (HR). Bottom-line benefits include increased productivity and a reduction in the likelihood of human mistake. When compared to traditional methods, payroll processing is far more efficient and time-saving. The program is a time and money saver. Pay slips, requests for vacation and reimbursement, and declaration of investments may all be done by employees without using the time of the human resources department (HR). There are many well-known HR and payroll software options, including packages that are built directly into your account packages such as QuickBooks Payroll or Gusto. In addition, you may find payroll, processing and submitting tax and employment forms to the state and federal government, as well as multi-state payroll processing to be better handled by a payroll firm such as ADP or Paychex.

Business Intelligence Software

While all the above software packages get the day to day job done getting analytics, key performance indicators (KPIs) and reporting doesn’t necessarily flow well through those packages. Most industries have Line of Business (LoB) software available to them that is very unique or specific to the industry you work in. Even those packages can be difficult to get business analytics out of in a measured and meaningful way. Software packages like NetSuite, or Salesforce allow you to get more critical analytics information out of them. In addition many of these software packages such as Salesforce allow for you to bring in data from your Line of Business software, your accounting software, your cloud productivity suites, as well as custom integrations to almost any other part of your network to allow easy to build charts, dashboards, reports, and graphs. You can build out complete customized workflows, objects, data entry points, reports, etc. as well in these types of packages. In addition, many times robust packages like these help bring best practices into your organization. The hardest obstacles to implementing wholistic software and Business Intelligence platforms like this is:

Cost – many times software packages like this cost a great deal of money to fully integrate your business to have meaningful data, KPIs, reporting, and dashboarding.
Training – many times employees need not only initial but continued and repeated training on these software packages. Like our smartphones, tablets, laptops, and computers the software is constantly evolving and as it evolves milestone training points need to be identified to ensure everyone is up to date on the newest features, user interface changes, and capabilities of the software.
Adoption – even when you spend the money to build out business intelligence platforms your employees will not properly train and adopt the platform causing bad data in, bad data out.

Finally, there are huge enterprise business intelligence packages we are not touching on in this article or series. It isn’t that we don’t recognize their strength in enterprise application, but our series is aimed what most small to medium businesses can afford as they mature so they can grow and change successfully in their journey.

Small and medium-sized businesses operate on a shoestring budgets and cannot afford to overspend, it is often a good idea to look for cost-effective options that provide the approval to a large number of users. Equally the ability to measure the lean effectiveness of your team and organization by implementing technology and business intelligence methods to keep your payroll and expenses optimized by using technology to help you know what your capacity to deliver effectively with the least amount of defect is.

Stay tuned for the series starting in late October 2022. Please post any feedback on the Mebuis LinkedIn page where we share daily thought leadership, business solutions, and discuss the latest in business and technology.

Business Advisors focused on Leadership & Business Intelligence, Strategy & Change. Mebuis focuses on significant problem solving, strategies for remedy, and implementation for your business needs.