Business Management Software Key Terms

Business.com / Business Intelligence / Last Modified: February 22, 2017

Business management software is the most efficient way to gather and store all the information that is needed to run a large business. ...

Business management software is the most efficient way to gather and store all the information that is needed to run a large business. The software that is selected should be scalable, is able to grow as the business grows and flexible so that different packages can be added later on when more functionality is needed. Before purchasing software, key decision makers will need to make sure that processes that are used in the business are well understood and documented. As you review the various options on the market, you will want to understand some of the acronyms and jargon you might run across.

ERP

ERP or enterprise resource planning is a business management software system that is used throughout a company to manage and coordinate all the information, resources and functions of a business and is done so from shared data bases.

CRM

CRM or customer relationship management is comprised of processes and systems that a company uses to organize and track contacts with current and prospective customers. Typically, it is part of business management software and is used by employees from different departments to improve the services provided to customers.

Business process management

Business process management (BPM) is a discipline that is focused on the alignment of organizations with the desires and needs of clients. It advances effectiveness and efficiency in the organization while striving for flexibility and integration with technology. Business management software is designed to improve business process management.

Sales force management systems

Sales force management systems are automated systems, which are another element of a business management software package that automatically records all stages in the sales processes that have been defined by an organization. Typically embedded in a CRM, it includes a contact management system, which tracks contacts that have been made with customers to ensure that sales efforts are not duplicated.

SaaS

SaaS stands for software as a service in which a provider licenses an application to a customer for its use on demand. It is usually a subscription based service in which the vendor may host the application on their web servers or the customer can download the application for its use until it expires. Business management software can work with SaaS when required.

Point of sale

Point of sale (POS) is an element of business management software and refers to wherever a transaction occurs in a retail establishment. Typically, in addition to the software it is also the hardware that is used for checking a customer out, similar to an electronic cash register.

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