SMEs used to find it hard to compete with big corporations. But thanks to new enterprise tools, SMEs are in a much better situation. What does the new ecosystem look like?
The SME market has lots of exciting new tools at its disposal. These tools are making it easier for SMEs to build up their businesses and compete in a market that’s still largely controlled by the major players. At the heart of this new ecosystem of tools is the cloud.
Cloud paving the way
Cloud computing has been one of the major transformers of business technology in recent years. The power of cloud computing is the strongest in HR. HR software for SMEs had made it easier to control things like the growth and development of the organisation. The right cloud tools can now perform all the functions of HR from recruiting to payroll. As the data gets stored in the cloud, more of this information helps the company and its HR team to generate better results. Cloud quite simply improves the lifecycle of an employee.
Cloud is beneficial to HR software for SMEs in many different ways. It is much more agile than many other systems and it generates more feedback and data points. One of the latest enterprise tools in this area is the ability to use the cloud to combine things like health and safety features with payroll.
Furthermore, the big positive of the cloud, especially in terms of HR software for SMEs has been the analysis functionality. When professionals have a single platform to use and a platform that has access to a wealth of knowledge, they are able to create better processes and in a fast amount of time.
Resource planning made easy
Following from the importance and impact of the cloud is the new set of resource planning tools. Since SMEs often have a lot fewer resources at their disposal than major corporations, resource planning tools have long been a favourite tool for them to use. But ERP software is constantly improving and it’s currently creating new opportunities, largely thanks to the cloud technology.
ERP software allows SMEs to examine the resources available for them and allocate those across the different areas of the business. The crucial benefit of ERP tools is not just the obvious cost-cutting element to them. These tools also allow the company to boost productivity and improve things like talent management. Combined with the right HR software tools, SMEs can ensure talent and employees are used in positions where they are the most needed and helpful. This will eventually also lead to a happier workplace – something a modern worker is always looking for.
The best thing about modern ERPs, aside from the cloud functionality, is their automation aspect. Many software solutions help employers automate the most mundane functions, allowing more time for other aspects of running the business.
Analytics tools to improve
Following the cloud, automation and resource allocation tools come the analytics tools. These are growing in importance and for small businesses, they could become the make-or-break tool in the next decade. Things like Big Data and artificial intelligence are stepping to the heart of running a business and if SMEs want to make it and stay competitive, they have to be part of this revolution.
Again, the revolution is largely driven by advances in cloud and automation. For example, HR software for SMEs can now gather a lot of data and provide automated analysis of it, often comparing it with other data inputs. Because the tools are largely automated, SMEs don’t suffer from not having enough workforce to go through with the data – instead, they will receive plenty of analysis that allows for better resource allocation.
Together with analytical tools has come the improved reporting software solutions. Data analysis is constantly getting better and SMEs can benefit from a lot of good reporting in areas like KPI and finance. The great thing is that many of these analytics and reporting tools work seamlessly with other platforms – thanks to cloud functionality.
Saving costs and enhancing performance
As the above shows, there are lots of interesting developments in the small business ecosystem. Cloud computing, automation and AI have all played their role in bringing SMEs cost-saving and performance enhancing tools. Whereas SMEs used to didn’t have access to a lot of resources and this is why they were at a disadvantage with big corporations, these new enterprise tools are making it easier for everyone to play in the same field.
This is largely down to not just these new inventions but also software service providers placing SMEs first. Many of the best enterprise tools today can be tested and trialled before, allowing businesses to not only grow with the software but also see what they are like before committing. The next few decades will be the decade of the small business, that’s for sure!
