Global executives are aware that effective administration is the key to long-term business success, yet they still find themselves caught in administrative tasks, leaving no time to concentrate on other business aspects.
Luckily for businesses of today, software tools can handle most of the administrative and management processes including contract management, bookkeeping, payroll, customer relationships etc.
And the available options are growing as each year passes by. It was estimated by TechNavio that the global social software industry will grow by 18% each year from 2010 to 2014, and rising collaboration and productivity is the reason behind this increase. Also, the global relationship supplier management software was estimated to grow by 8% in the same time period.
ReportLinker also points out that the SaaS ‘software as a service’ market will grow by a record 41% each year from 2008 to 2015. The prime drivers of this growth are web-based applications and the low costs of implementation rather than buying full software licenses. Apart from the U.S., the growth is strong in emerging markets like China, Hong Kong and Singapore.
The stats show the ROI of business software tools; the following are some offerings that will save time in any company, regardless of its size, and maximize business efficiency.
1. Payroll software
Payroll software can prevent company owners from spending hours hunched over documents and spreadsheets by keeping time sheets of users, delivering reports for finalization and paying employees when salaries and wages are due.
According to IBISWorld, companies are performing payroll processes in-house using payroll software rather that outsourcing the processes to save on costs in the recession. This is the reason why the HR& Payroll software industry increased by 6% from between 2008 and 2013. Businesses can use RambooHR, HRSmart or another offering for payroll integration and compliance, and these software tools can also be customized to meet individual business needs.
2. Contract management software
Contract software implementation can be a daunting task for companies, but a reliable software provider will also have a dedicated team of system specialists and consultants to guide the user through the implementation process. Most of the integration plans are based on customer demand and timeline, so the support team is able to stay flexible when meeting the demands of different companies.
As for the benefits, users are able to increase the visibility and compliance of contracts throughout the company, manage contracts in the shortest possible time, access these documents from any remote location using an internet-enabled computer or smartphone and significantly improve management decisions. The International Association for Contract & Commercial Management says that the hidden benefits/values of contract management slowly continue to emerge.
3. CRM (customer relationship management) software
CRM software can assist the business in making well-informed decisions, following up on customer activities, increasing contact segmentation efficiency and taking timely actions against inefficiencies. A report from Gartner shows that the global CRM market grew by 12.5% from 2011 to 2012 from $16 billion to $18 billion.
Salesforce, InfusionSoft and Mhelpdesk are some of the top-notch offerings in the CRM software field. Most of such software contains a bevy of features for customer relationship management while allowing fine-tuning of processes to increase sales and customer support efficiency.
