A few decades ago, we maintained the business records in books. The date of entry, the manual entry of the documents, the calculator and a room to keep the whole chunk of books kept the business in tune. Gone are these days when calculators and books drove the economics of the company.
Today, things are more straightforward. The books are virtual, and the cloud keeps it secure. Business software drive day-to-day business and track activities. They make an entrepreneur’s life simpler.
Here are trends that have affected business process management over the years.
1. Cloud in Business
In the 1990s, usage of computers became widespread in businesses. Keeping records on the system saved time. A software, installed locally, managed bills, inventory and accounts. This software cut down a lot of manual work. But the space on the hard-disk became very crucial.
Soon, space became an issue. Now a room full of physical accounting books replaced a shelf full of hard disks. More powerful storage and servers added to the cost. Business owners soon realized the need for compatibility between the data and the software version.
The more prominent companies would have dedicated engineers to tackle these issues, but what about the young, upcoming businesses?
But today, we have moved past these issues. We have Saas-based applications that reduce the overhead of install, upgrade, and maintenance.
2. AI in Business
Artificial Intelligence helps businesses make smart decisions. AI understands patterns to derive the right solutions to solve problems. These results help in the growth of a business. AI unites technology with expert fields. The expert subjects include statistics, maths and analytics. The expert systems deep learn from the data of the company. The in-depth smart results help to grow the business.
Learning these skills or hiring talent to work on different needs of the companies is expensive. Even to study the data and analyze the various data points or calculate in depth, takes up a lot of time.
In today’s rapidly growing environment, companies can afford to spend time and money on in-depth analytics or artificial intelligence. Today, business management software comes with packages that predict sales that help in hiring talent and that suggest results to improve the business.
3. Automation in Business
Automation helps in day-to-day activities. Take a simple example of invoice management — in the world of printed bills, changing the terms and conditions means reprinting. So, with static invoices, adding other taxes, discounts, or even simple inventory price changes is painful.
Static invoices need re-configurations that need changes in many places. For example, if we add a new currency to the business, then changes related to tax calculations need a manual update. These changes cost money to the company.
Hence, automation helps in easy software re-configurations.
In the same way, automation simplifies managing sales deals. Hence, assessing the monthly payouts becomes easier. Even with meeting management, tools can manage schedules, create tasks, and keep the tasks up-to-date. With these tools, understanding the lag in task completion is easier. With simple tasks such as these taken care, the business can focus on other operational activities, thereby saving money for the company.
4. Suite not Software
With access to a good deal of productivity and management software in the market, a host of tools is available to manage different aspects of the business. With multiple means, managing data spread across the many applications is cumbersome. How does one collate the data?
Managing and tracking tools is an added task. Why would businesses spend time in complicating and syncing data from many tools? Wouldn’t it make sense to preserve the data in one place?
Hence, a Business Management suite helps in both collating the data and showing the data in a single pane of glass. The integrated dashboards with the employee, customer, project plan and sales data help the companies with operations. Further, it enables them to grow better.
With the host of features, the suites offer management software that helps in saving money. One may think to invest in suites burns pockets. Business management software need not be too expensive. Today, different subscription-based models exist that further help companies. Also, many companies have freemium models that customers can explore. These models help in growing the business and providing cost-effective structures.
Since small and medium businesses work on a limited budget, software like ‘Bizex’ optimizes day-to-day operations. Bizex is a product made by studying the Indian ecosystem, and we have made this product in India. It has both premium and freemium models that are pocket-friendly. To try a demo, please visit and bizex.co.in and avail a free trial.