Business management software is a widely used term and has been applied to various different types of software systems. However, a true business management system will be one that streamlines and manages most, if not all, aspects of business operations as an end-to-end, all-in-one solution. For this reason, it is often used interchangeably with the term "ERP software".
Both ERP and business management software are designed to accomplish a variety of tasks across an organization such as:
- Accounting
- Inventory management
- Customer relationship management
- Warehouse management
- Purchasing
- eCommerce integration
- Sales
- Invoicing
- Service
One of the main benefits of business management software is that you only need one system to handle all your business needs. This eliminates the need for double entry of data and simplifies the management of the system. Any information updated in the software will be reflected across all modules and through to any 3rd party applications, and all information is available in real-time. This results in better information management and reporting, fewer entry errors and more accurate data. However, because of the extensive nature of such systems the process of choosing and implementing one that best fits your needs is a large commitment. It involves investing the appropriate amount of resources (including time and money) into evaluating vendors and making a decision. Business management software can be deployed both as a hosted (cloud) and on-premises solution with some vendors providing both options.
Since the term business management software is used so arbitrarily, it is important to do your research into what a proper business management system will include, how much a system will cost and how to choose the best one for your business. Keep in mind that there are tiers, or ranges, of software offerings best suited for certain businesses based on their transaction volume, functional requirements and growth predictions.
