Key Takeaways:
- Enterprise software is a computer-powered tool commonly called enterprise application software that is used by businesses and organizations to simplify the way they work.
- Enterprise software has a variety of benefits including increased productivity, better collaboration and cost savings.
- There are many types of enterprise software, including business intelligence, customer relationship management and supply chain management.
Businesses must embrace new technologies to be competitive in today’s rapidly changing digital landscape. When properly applied, technology has the power to help businesses, big and small, forge new efficiencies and connections with customers and employees.
Enterprise software is one particularly important form of technology that has become increasingly pivotal for businesses in recent years. From helping businesses simplify operations to boosting collaboration, enterprise software has greatly transformed how organizations function.
Ahead, we explore what enterprise software is and its benefits. In addition, we will cover the different types of enterprise software and one individual’s passion for furthering the applications of enterprise software.
What Is Enterprise Software?
Enterprise software, also called enterprise application software, is a computer-powered tool that organizations use for everyday tasks to simplify the way they work. While traditional marketing and technology businesses commonly use this form of software, it is also used by other organizations, including schools, government offices and charities. Organizations use enterprise software to boost growth and streamline operations and processes. Some companies also use enterprise software to build applications that are unique to their business needs.
Benefits of Enterprise Software, and Why it Is Important
Enterprise software offers a wealth of benefits to organizations, including those mentioned above, which is why it is so important. From a boost in efficiency through task automation to better decision-making fueled by data analytics, software plays a pivotal role in enhancing performance. Below, we have listed additional benefits of enterprise software, including:
- Increased productivity
- Enhanced customer satisfaction
- Improved collaboration and communication
- Increased cost savings
- Reduced human error
- Increased organization
- Enhanced scalability and adaptability
- Improved process standardization
- Enhanced cybersecurity
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Get Industry leading insights from Robert F. Smith directly in your LinkedIn feed.
What Are Seven Different Types of Enterprise Software?
There are several types of enterprise software, or more aptly, enterprise applications or systems, including business intelligence and project management. That is because, despite rapid improvements in technology, no single software tool can fulfill all the unique and complex needs of an organization. In fact, companies can use a variety of different types of enterprise software systems, such as the following seven.
1. Enterprise Resource Planning
Enterprise resource planning is a software system that can perform several business functions in a single platform. For example, instead of solely focusing on human resources, an enterprise resource planning software tool may help with human resources, finance and inventory management. Integrating several enterprise software functions into one can help organizations significantly streamline their processes.
2. Business Intelligence
3. Human Resource Management
While software like enterprise resource planning can handle multiple tasks for different departments at once, some software systems are specifically tailored to meet the needs of a single department. For example, many organizations implement human resource management software to streamline and manage functions. These functions may include organizing employee records, benefits and performance management. Not only does this promote better workforce management, but it also ensures companies are compliant with complex labor regulations to protect them from legal and financial consequences.
4. Customer Relationship Management
Organizations use customer relationship management software to keep tabs on the status of relationships and interactions with current and potential customers. Today, customer relationship management tools can help manage entire customer lifecycles, from marketing and sales to customer service and beyond. Depending on the brand, some customer relationship management software offers product-based services, including order tracking and invoice development.
5. Project Management
Project management software is a tool that companies use to plan and track several projects across departments at a time. This type of software helps teams handle tasks, such as assignment management, project timelines and launches. Not only can using this type of software establish processes, it can help ensure projects meet client and business goals.
6. Supply Chain Management
Supply chain management software helps organizations optimize their supply chain operations. Specifically, this type of enterprise software system supports procurement, manufacturing, distribution and warehouse processes. However, this form of software can vary widely regarding complexity and features to fit the unique needs of each company. Some supply chain management software is a single system, and others are a part of software systems that can be combined with other business functions.
7. Marketing Systems
With the rise of digital media in the last few years, organizations have searched for tools to update and streamline their marketing efforts. Today, many companies use marketing software to plan and automate their marketing efforts. This software can help with a wide range of marketing tasks, including email marketing, social media posting and campaign management. Using this type of software can help companies deliver timely communications and drive conversions and revenue.
Robert F. Smith’s Passion for Enterprise Software
Dealmaker and entrepreneur Robert F. Smith is one of the most prominent figures in the enterprise software investment industry. He is the Founder, Chairman and CEO of Vista Equity Partners (Vista), a leading global investment firm that invests solely in enterprise software, data and technology-enabled businesses. Smith’s passion for enterprise software stems from his previous experience as an engineer. After he graduated in 1985 from Cornell University with a B.S. in chemical engineering, Smith spent the first six years of his career working as an engineer at notable companies like Goodyear Tire and Rubber and Kraft General Foods, nurturing his love for both technology and investments.
Toward the end of his first years in the workforce, Smith came to realize that the foundational elements of his job as an engineer could translate into multiple industries. Shortly after, he took a risk and changed his career path, pursuing an MBA from Columbia University. After working for several years at Goldman Sachs post-graduation, Smith launched Vista in 2000. He created a firm that exclusively focuses on his passion for enterprise software because he believes that technology has the power to create a brighter future, a healthier environment, a stronger economy and a more equitable community.
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