Business management tools are all the systems, applications, controls, calculating solutions, methodologies, etc. used by organizations to be able to cope with changing markets, ensure a competitive position in them and improve business performance.
Overview
There are tools related to each organization's department which can be classified for each aspect of management. For example: planning tools, process tools, records tools, employee related tools, decision making tools, control tools, etc. A classification by function would consider these general aspects:
- Tools used for data input and validation in any department.
- Tools used for controlling and improving business processes.
- Tools used for data consolidation and decision making.
Nowadays, management tools have evolved dramatically in the last decade thanks to fast technology advances, so fast that it is difficult to select the best business tools for any situation in any company. This is caused by a never-ending fight for lower costs and increase sales, the willingness for understanding the customers' needs, and the fight for delivering the products that meet their need in the way they require.
Under this scenario, managers should take a strategic attitude to business management tools instead of going for the latest tool. Usually, managers rely on the tools without any adaptation which leads to an unstable situation. Business management tools should be selected carefully, and then adapted to the organization needs and not the other way around.
Most used
In 2013, a survey conducted by Bain & Company showed how business tools are used around the globe. These tools reflect how their outcomes contribute to each region's needs, considering the downfall and companies' market situation. The top ten includes:
- Strategic planning
- Customer relationship management
- Employee engagement surveys
- Benchmarking
- Balanced scorecard
- Core competency
- Outsourcing
- Change management programs
- Supply chain management
- Mission statement and vision statement
- Market segmentation
- Total quality management
Software application for businesses
Software or collection of computer programs used by business users to carry out various business operations is referred to as business software (or a business application). These business applications are used to boost output, gauge output, and carry out various other company tasks precisely.
It started with management information systems and extended into enterprise resource planning systems. Then customer relationship management was added to the solution and finally the whole package moved into the cloud business management space.
Although there is an actual correlation between IT efforts and the organizations' performance, two elements are key to add value to the sum; these are the implementation's effectiveness and the proper tools selections and adaptation process.
Tools for SMEs
The tools focused on SMEs are important because they provide ways to save money and make the entrepreneur's businesses more profitable. These tools have different functionalities such as project management, tracking finances, managing projects, sharing documents, connecting and networking with people, managing social media, and carrying out marketing, as well as everyday uses such as word processing or spreadsheets.[citation needed] Their main objective is to help entrepreneurs perform everyday duties in simple, low-cost ways. The downside to take in consideration is that some of the apps may be unreliable or will require organizations to advertise them.
References
- "Management". Business Dictionary. Archived from the original on 3 May 2019. Retrieved 28 October 2014.
- "10 BPM tools every manager needs to know". Retrieved 28 October 2014.
- Piccoli, Gabriele; Ives, Blake (2005). "Review: IT-Dependent Strategic Initiatives and Sustained Competitive Advantage: A Review and Synthesis of the Literature". MIS Quarterly. 29 (4): 747–776. doi:10.2307/25148708. ISSN 0276-7783. JSTOR 25148708.
- Bilodeau, Barbara; Rigby, Darrell (December 2007). "Selecting Management Tools Wisely". Harvard Business Review. Retrieved 29 October 2014.
- Rigby, Daniel; Bilodeau, Barbara (8 May 2013). "Management Tools & Trends 2013". Bain & Company. Retrieved 29 October 2014.
- Kohli, R.; Devaraj, S. (2003). "Measuring information technology payoff: A meta-analysis of structural variables in firm-level empirical research". Information Systems Research. 14 (2): 127–145. doi:10.1287/isre.14.2.127.16019.
- Drnevich, P.; Croson, D. (2013). "Information technology and business-level strategy: toward an integrated theoretical perspective". MIS Quarterly. 37 (2): 483–509. doi:10.25300/MISQ/2013/37.2.08.
- Barua, A.; Kriebel, C.; Mukhopadhyay, T. (1995). "Information technologies and business value: An analytic and empirical investigation". Information Systems Research. 6 (1): 2–23. doi:10.1287/isre.6.1.3. JSTOR 23010849.
- Brynjolfsson, E.; Hitt, L. (1998). "Beyond the productivity paradox". Communications of the ACM. 41 (8): 49–55. doi:10.1145/280324.280332.
- Henricks, Mark. "6 Free Cloud-Based Business-Management Tools". Open Forum American Express. Retrieved 30 October 2014.
- Neidlinger, Julie. "The 8 Must-have Free Online Business Tools you need". Todaymade. Retrieved 30 October 2014.
- Barone, Lisa. "7 Best Business Management Tools for SMBs". Small Business Trends. Retrieved 30 October 2014.
- Gehl, Derek (2005-06-27). "12 Free Tools for Online Businesses". Entrepreneur. Retrieved 30 October 2014.
Business management tools are all the systems applications controls calculating solutions methodologies etc used by organizations to be able to cope with changing markets ensure a competitive position in them and improve business performance OverviewThere are tools related to each organization s department which can be classified for each aspect of management For example planning tools process tools records tools employee related tools decision making tools control tools etc A classification by function would consider these general aspects Tools used for data input and validation in any department Tools used for controlling and improving business processes Tools used for data consolidation and decision making Nowadays management tools have evolved dramatically in the last decade thanks to fast technology advances so fast that it is difficult to select the best business tools for any situation in any company This is caused by a never ending fight for lower costs and increase sales the willingness for understanding the customers needs and the fight for delivering the products that meet their need in the way they require Under this scenario managers should take a strategic attitude to business management tools instead of going for the latest tool Usually managers rely on the tools without any adaptation which leads to an unstable situation Business management tools should be selected carefully and then adapted to the organization needs and not the other way around Most usedIn 2013 a survey conducted by Bain amp Company showed how business tools are used around the globe These tools reflect how their outcomes contribute to each region s needs considering the downfall and companies market situation The top ten includes Strategic planning Customer relationship management Employee engagement surveys Benchmarking Balanced scorecard Core competency Outsourcing Change management programs Supply chain management Mission statement and vision statement Market segmentation Total quality managementSoftware application for businessesSoftware or collection of computer programs used by business users to carry out various business operations is referred to as business software or a business application These business applications are used to boost output gauge output and carry out various other company tasks precisely It started with management information systems and extended into enterprise resource planning systems Then customer relationship management was added to the solution and finally the whole package moved into the cloud business management space Although there is an actual correlation between IT efforts and the organizations performance two elements are key to add value to the sum these are the implementation s effectiveness and the proper tools selections and adaptation process Tools for SMEsThe tools focused on SMEs are important because they provide ways to save money and make the entrepreneur s businesses more profitable These tools have different functionalities such as project management tracking finances managing projects sharing documents connecting and networking with people managing social media and carrying out marketing as well as everyday uses such as word processing or spreadsheets citation needed Their main objective is to help entrepreneurs perform everyday duties in simple low cost ways The downside to take in consideration is that some of the apps may be unreliable or will require organizations to advertise them References Management Business Dictionary Archived from the original on 3 May 2019 Retrieved 28 October 2014 10 BPM tools every manager needs to know Retrieved 28 October 2014 Piccoli Gabriele Ives Blake 2005 Review IT Dependent Strategic Initiatives and Sustained Competitive Advantage A Review and Synthesis of the Literature MIS Quarterly 29 4 747 776 doi 10 2307 25148708 ISSN 0276 7783 JSTOR 25148708 Bilodeau Barbara Rigby Darrell December 2007 Selecting Management Tools Wisely Harvard Business Review Retrieved 29 October 2014 Rigby Daniel Bilodeau Barbara 8 May 2013 Management Tools amp Trends 2013 Bain amp Company Retrieved 29 October 2014 Kohli R Devaraj S 2003 Measuring information technology payoff A meta analysis of structural variables in firm level empirical research Information Systems Research 14 2 127 145 doi 10 1287 isre 14 2 127 16019 Drnevich P Croson D 2013 Information technology and business level strategy toward an integrated theoretical perspective MIS Quarterly 37 2 483 509 doi 10 25300 MISQ 2013 37 2 08 Barua A Kriebel C Mukhopadhyay T 1995 Information technologies and business value An analytic and empirical investigation Information Systems Research 6 1 2 23 doi 10 1287 isre 6 1 3 JSTOR 23010849 Brynjolfsson E Hitt L 1998 Beyond the productivity paradox Communications of the ACM 41 8 49 55 doi 10 1145 280324 280332 Henricks Mark 6 Free Cloud Based Business Management Tools Open Forum American Express Retrieved 30 October 2014 Neidlinger Julie The 8 Must have Free Online Business Tools you need Todaymade Retrieved 30 October 2014 Barone Lisa 7 Best Business Management Tools for SMBs Small Business Trends Retrieved 30 October 2014 Gehl Derek 2005 06 27 12 Free Tools for Online Businesses Entrepreneur Retrieved 30 October 2014
