Business Software and Types of Tools in It

Business software is any software which is used in the business to improve the business efficiency and to improve or measure the productivity of the business.

• Small businesses generally use software such as accounting software and office suits such as MS office and open office.
• Medium size businesses uses a wide range of software such as accounting software, groupware, human resource software, loan origination software, field service software, customer relationship management, outsourcing relationship management and shopping cart software.
• Large businesses use enterprise level software such as enterprise resource planning, business process management, product life cycle management, enterprise content management.

Types of Business Software Tools:
Digital Dashboards:
These are the visual summaries of the business data that use metrics and key performance indicators, one can understand these summaries by just having a glance at them. These are also known as Business Intelligence Dashboards, Enterprise Dashboards or Executive Dashboards.

Online Analytical Processing:
It is commonly known as OLAP. It has capability of management, decision support, and executive information systems which supports interactive examination of large amounts of data.

Data Mining:
Data mining is a process which combines methods from statistics and artificial intelligence and it is used to extract useful data from large databases. It is useful in large number of profiling activities such as marketing, surveillance, fraud detection and scientific detection.

Business Performance Management:
It is a set of management and analytical processes which is used to measure the performance of organization based on the predetermined goals. Business management performance has three main activities. Those are, selection of goals, measuring of organization progress against these goals and corrections made by managers to improve future performances against these goals.