For many businesses, a software solution may be an off-the-shelf program used to fix a simple problem and improve the speed or quality of a process. Enterprise software solutions often include features such as:
- Customer relationship management
- Supply chain management
- Human resource management
- Financial management
Enterprise solutions software will keep everything centralized and all on the same page. Messaging, real-time updates, and other accessories keep everyone in the loop about changes, meetings, schedules, financial reports, and more in one place instead of opening other platforms.
For example, if your company needs a financial software solution such as payment processing integration. It is crucial to understand that each company’s needs may vary greatly, but one thing stays constant: payment processing is required.
There are a plethora of payment processing options available to business owners today. Stripe, Clover, Square, and other companies provide simple payment processing options that business owners can use. Many organizations turn to these off-the-shelf payment processing solutions because payment processing can be so complicated.
Complexities of payment processing example
As consumers, we may not give much thought to the complexities of payment processing. On the business backend, however, payment processing can be a complex requirement that necessitates using a well-designed, secure, and efficient fintech solution.
Five common payment processing challenges faced by professional service businesses include:
- Lack of transparency in pricing
- High processing fees
- Fraud and chargebacks
- Lack of support
- Lack of integration with other business software
Plug-and-play options like Stripe or PayPal represent dependable processing solutions for simple transactions for many organizations. However, businesses may require additional assistance or more complicated integrations to complete, monitor, and track transactions and related activities as transactions and financial management needs become more complex.
Customized integrations assist startups, small enterprises, and large corporations in bridging the gap between their current payment processing system and their business requirements.
A payment processor oversees, arranges, and transmits essential data to the customer and your merchant account, whereas a merchant account retains the money. Payment processors keep track of transactions and report them to your customer’s bank and your account. It also guarantees the integrity of a transaction by ensuring that the information provided (e.g., CVV, expiration dates, cardholder information, etc.) is correct.
Enterprise software vs SaaS
First, let’s define what SaaS is. According to PC Magazine, SaaS (Software-As-A-Service) is “Software that is rented rather than purchased. Instead of buying applications and paying for periodic upgrades, SaaS is subscription-based, and upgrades are automatic during the subscription period. “For example, I pay Microsoft yearly for the Office Suite. If I do not pay, I cannot utilize that software.
In the traditional definition, enterprise software is software your organization buys and installs on your organization’s servers. By contrast, SaaS software is software that you “rent” and is hosted “in the cloud” and accessed via the internet.
Below are excellent examples of Saas:
- Salesforce – a cloud-based customer relationship management (CRM) platform.
- Adobe Creative Cloud – provides access to various creative software, such as Photoshop and Illustrator.
- Google Workspace – offers a suite of productivity tools, including Gmail, Drive, Docs, Sheets, and more.
- Slack – a collaboration platform for teams to communicate and share files.
- Zoom – a video conferencing software widely used for remote meetings and webinars.
- HubSpot – an all-in-one marketing, sales, and customer relationship management software.
- Dropbox – a file storage and sharing service accessible from any device with an internet connection.
- Shopify – an e-commerce platform for creating online stores and managing business operations.
- Canva – a graphic design tool for creating professional-looking visuals and marketing materials.
- Trello – a project management tool that organizes tasks and facilitates team collaboration.
ERP software list
Defined by Forbes Magazine, “Enterprise resource planning (ERP) systems help companies in all types of industries manage and integrate essential business functions and processes in one system. Features such as accounting, customer relationship management (CRM), human resources (HR) and supply chain management simplify workflows, reduce inefficiencies, and streamline productivity. “
- Forbes Advisor found and ranked the best ERP systems in the market. Below are a few from that list:
- Oracle NetSuite: Broad enterprise resource planning features apply to a wide variety of businesses
- Microsoft Dynamics 365 Business Central: Best overall
- Syspro: Best for distribution companies
- QT9: Best for life sciences companies
- Acumatica: Best for role-based solutions
- Katana Manufacturing ERP: Best for manufacturing companies
- Cougar Mountain Denali Summit: Best for nonprofits
- AccountMate: Best for financial management
The Forbes Advisor Small Business team brings unbiased rankings and information with complete editorial independence. They use product data, strategic methodologies and expert insights to inform all of their content to guide you in making the best decisions for your business journey.
What is msp in technology examples
A managed service provider (MSP) delivers services, such as network, application, infrastructure, and security, via ongoing and regular support and active administration on customers’ premises, in their MSP’s data center (hosting), or a third-party data center.
PC Magazine defines MSP as “An organization that manages a customer’s computer systems and networks which are located on the customer’s premises or at a third-party datacenter. MSPs offer a variety of service levels, from just notifying the customer if a problem occurs to making all necessary repairs itself. MSPs may also be a source for hardware and staff for its customers”.
Furthermore, an MSP is a business that offers specialized outsourced services to other companies. While MSPs can encompass a wide range of outsourced professions, most MSPs manage IT services.
Examples include big players such as:
After looking at this list and understanding what MSPs are, I realized that I briefly worked with an MSP company. Their global consulting and technology services company offers combined technology and industry best practices to formulate effective strategies and solutions utilizing a team of high-caliber professionals with accomplished finance, accounting, logistics, manufacturing, human resource management, and information technology backgrounds. Professionals like my friend are proficient in suites from Oracle, PeopleSoft, IBM, Microsoft, Salesforce, Workday, and SAP, to name a few.
What are enterprise software solutions
All in all, a software solution holistically addresses the customer’s business needs or problem statement with a set of technology components designed, configured, and developed to work in tandem with one another.