Top 5 Biggest Bang For Your Buck Software Solutions

Top Software Solutions for Your Business

Top 5 Biggest Bang For Your Buck Software Solutions.jpgIn today's technology-driven world, different software solutions can help to drive your business operations forward by optimizing workflows, improving efficiency & productivity, and cutting down on corporate overhead.

Vis-a-vis above, there are certain software solutions that offer incredible value with a great Return on Investment (ROI). The five top software solutions for your business that give the biggest bang for your buck are Customer relationship management systems, business intelligence software, content management systems, accounting software, and security software suites. These software solutions give your business a powerful set of tools to produce quality content & market your services to prospects (CMS), analyze and understand the needs of your leads to turn them into customers that are retained (CRM), aggregate and analyze data to determine what business decisions to make (BI), manage your financial accounts and organize your corporate funds (accounting software), and protect your entire corporate infrastructure from cyber-attacks (security suites).

 

CRM (Customer Relationship Management)

What is it?

Customer relationship management software focuses on recording data on customers and leads in order to increase sales and better understand the preferences of customers. Such software suites are also used to document and analyze all communications between your company and the lead throughout the entire customer lifecycle. CRM is also used to record (for analysis) all engagements with your customers or leads. Salesforce, a popular vendor of CRM software, perhaps put it best when they simply described Customer relationship management software as a system that is used to manage corporate engagements with leads and customers (Salesforce, 2016). [1]

Why is it important?

CRM solutions help to optimize your business in regards to your sales strategies, which greatly helps to make your business more efficient and productive. According to Nucleus Research, CRM software returns $8.71 for every dollar spent (Nucleus Research, 2014). [2] In addition to this, stats show that CRM software can increase revenue by 41 percent per sales specialist. [3]

Business value?

CRM software can greatly increase revenue and increase corporate efficiency, all at a relatively low cost. CRM is a cost-effective way of improving the bottom line of your company, and such solutions pay for themselves with a great ROI in a short time.

In addition to above, Cloud-based CRM solutions are readily available and offer the best value due to decreased cost of management, maintenance, and installation of the IT infrastructure needed to utilize such systems.

 

Business Intelligence (BI)

What is it?

Business Intelligence software is a set of tools that aggregate and analyze data in order to aid with the corporate decision-making process. BI processes include data mining, data analysis, reporting, querying, etc. This is done to give insights that can answer generic or specific corporate questions that can aid the evolution of your business.

Why is it important?

The knowledge resulting from these processes gives insights and information that can shed light on corporate issues, give executives solutions to problems, reveal new possible business opportunities, define new business strategies, indicate faulty or inefficient strategies that need to be revamped, and more. Within BI is Business analytics, which analyzes organized data with a focus on statistical analysis, predictive analytics, and data mining.

Note that while BI uses aggregated data to answer questions that can aid business strategies, Big Data analyzes large datasets to reveal new patterns that can unearth questions that need to be asked, but weren't.

Business value?

Though BI is useful for all businesses, for certain industries, e.g. the food industry, BI is already regarded as very valuable for data-driven decision making and the establishment of new business strategies based on hard data. According to Travis Pearson and Rasmus Wegener, companies that use BI software are five times more likely to make decisions compared to companies that don't use such software (Bain and Company, 2013) [4], a stat that is still pertinent today.

 

Content Management System (CMS)

What is it?

A CMS operates in several capacities to aid in the dynamic creation of web content - usually without requiring HTML knowledge - in order to publish content, data, and media to a company website. In addition to this, since inbound marketing is a prime factor in the marketing strategies for many companies - and inbound marketing often includes using a company website as a major platform to market its services via quality content - CMS and marketing software are often mixed together and seen as a single package. For example, marketing strategies such as SEO, low-hanging fruit, blogs, social media links, etc. can all be managed, organized, and published via a CMS.

Why is it important?

That said, a CMS allows for more than just marketing, and is primarily used to edit, publish, manage, and organize digital content for a website. Hence, a CMS is an invaluable tool for a business that values a well-built website.

Busines value?

A CMS aids in the productivity and efficiency of both website IT & marketing teams by producing quality content that can act to disseminate information and automate marketing campaigns to prospects & leads, therefore having the potential to greatly improve the bottom line of your company from a single software package.

 

Accounting Software

What is it?

Accounting software suites are invaluable tools that facilitate the recording, tracking, management and organization of financial data for a business. They can also be used to analyze day-to-day financial transaction data and to provide aid with corporate tax & auditing processes.

Why is it important?

Accounting software greatly improves the efficiency of accounting processes in relation to older, manual methods. They provide analysis and reports of financial transactions, histories, patterns, etc. and are thus needed to ascertain the financial state of a company to aid with creating better financial strategies & decisions via comprehensive reports.

Busines value?

For businesses that seek to make a profit, accounting software is a must as such suites help to fully manage the accounts and finances of the company, and thus pay for themselves.

 

Security Software

What is it?

There are a number of security suites that exist for the sole purpose of protecting the IT infrastructure of your business. This includes the protection of your network and application systems with the use of powerful Encryption, Firewalls, Intrusion Detection Systems, Unified Threat Management, Anti-malware software, and more, along with methodologies such as vulnerability scanning, penetration testing, etc.

Why is it important?

In this day and age of constant and evolving cyber-attacks, protecting your enterprise from cyber-criminals is mandatory to keep your customer-base and your company safe. Cross-site Scripting (XSS), SQL and code injection, malware, DDOS attacks, etc. are becoming more commonplace and are becoming advanced enough to cripple entire businesses. A single data breach can cause massive damage. For instance, according to Symantec, each day in 2015 saw one million web attacks occur (Symantec, 2016). [5]

Business value?

Providing your IT systems with adequate protection can save your business from expensive data breaches that can result in millions of dollars in financial losses, not including potential fines from legal bodies due to not conducting security assessments on your systems and ensuring complete data security. That said, security suites pay for themselves very quickly and can potentially save your company millions of dollars in the long run.

 

Final Thoughts 

It is important for businesses to utilize the best and most cost effective software solutions of the modern day. With such a wide variety of possible software products, choosing the right ones can be daunting. While there are a good number of possible software solutions out there, five specific solutions - CRM software, Business Intelligence software, CMS, accounting software and security software - represent the best and most cost-effective software solutions that truly provide the best corporate services for the best price possible. All of these software solutions can be integrated and used to truly optimize your entire business workflows and operations.

The integration of these software systems represents one of the largest advantages and priorities of their use, as each suite can act with other systems in a cohesive manner to reveal the details of - and truly optimize - particular workflows. This is because data from one software system can be integrated with the mechanisms of another system to create a pipeline of data integration in a software complex that can efficiently increase your company revenue with a large ROI.

For example, while CRM is often used for sales teams, marketing software associated with CMS is more for marketing campaigns, yet they work together very efficiently. Marketing your company via quality content and marketing automation can help to foster leads from prospects, which in turn can be followed up by a sales team using CRM to manage sales, nurture leads, analyze data and track engagements with customers throughout the customer lifecycle.

Marketing software associated with CMS also assists your marketing team with disseminating information and data via alternate channels to prospects and leads while taking data on your customer-base - from CRM databases - in order to determine appropriate marketing campaigns. This allows your company to engage prospects in order to increase potential sales and revenue.

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