Today’s essential enterprise software stack: The must-haves for maximum business growth

When Bill Gates and Steve Jobs were in their respective garages, or when Sam Walton took a loan from his father-in-law to transform his small hardware store into what we know as Walmart today, one thing remained constant: all companies start somewhere. What often begins as a humble idea can be formed and expanded into a full-fledged revenue-positive company.  

Each business comes to a point where spreadsheets and email are no longer sufficient to support the business growth that they’re experiencing. Luckily, business tools have been developed over time. Today, there is an entire division of software companies (now tech giants) that were built with the goal of helping manage business operations, improve user experience, and increase business growth.  

So, as software and innovative business operations technology continued to grow over time, where do we stand today? What key components should be included in your software stack so that you can ensure your business is set up for its utmost growth and success? Let’s take a look.  

The rise of Enterprise Resource Planning (ERP)  

ERPs are often seen as the foundational software for any modern business. As this backbone, ERP software was designed to create a central hub for multiple business functions and units. Most often leveraged for Finance, general Operations, supply chain, and some Human Resources functions, it has the ability to perform a holistic view of an organization’s processes. As a true comprehensive solution, today’s ERPs like Oracle and SAP are most valuable when properly integrated with the other systems within your software stack, like including your Contract Lifecycle Management (CLM) platform. This integration ensures leadership is making truly informed business decisions with accurate and timely operational data.  

The Customer Relationship Management (CRM) evolution 

The customer is always right, right? As this ethos has transcended the business-to-consumer space and become a principle in the business-to-business space as well, CRM systems have become essential for building and maintaining strong relationships with clients. Modern CRM solutions, such as Salesforce, are equipped with features for sales tracking, customer support, and marketing automation, making it easier for companies to monitor and manage their customer lifecycle. Now, businesses have a comprehensive view of customer interactions, enabling businesses to tailor strategies to meet individual needs. Similar to your ERP, integrating your CRM with other software within your software stack, like CLM, can ensure contracts with your customers are executed quickly and seamlessly providing and effortless customer experience and elevating and leveraging important customer contract data across your enterprise.  

Human Resource Management & Human Capital Resource Management (HRM/HCRM) tools  

As you expand your customer base, the staff needed to support those customers will also grow. Effective HRM tools are crucial for nurturing and retaining talent within the organization. Streamline recruitment, onboarding, performance management, and even insurance and payroll tasks in a single place. These tools are growing in necessity as teams expand globally and work remotely more frequently than ever before. Now, whether you’re sitting at the desk next to your coworker or they live 9,000 miles away across an ocean, complete employee profiles can be managed with ease.  

Big data software: Harnessing the power of analytics 

We (should be) in the era of data-driven decision making, which has solidified big data software as an indispensable tool for businesses looking to gain more insight into their business operations. These systems were designed to visualize and analyze vast amounts of data, turning raw information into actionable business intelligence. These platforms provide interactive dashboards, real-time analytics, and powerful data visualization capabilities that help businesses uncover patterns, trends, and correlations that might otherwise go unnoticed. Having valuable information like contract data from your CLM ensures that both contract details and contract process data are incorporated into broader business analytics for comprehensive performance monitoring and strategic decision making. 

CLM is here to stay 

While later to the market in the grand scheme of things, CLM has become equally as important as the rest of this must-have software. Everything you buy for your business and everything you sell to your customers starts with this fundamental document. The ability to store, process, search, analyze and report on the different contracts that your business manages can fundamentally change the way you operate. Utilizing these contracts as what they are – a treasure trove of foundational business data – can be leveraged throughout each and every other piece of software in your stack and are the underlying documents on which your company operates. Liberating this data to be used across the operation is what can take a business from simply existing to truly thriving.  

The future of business software 

While these components are viewed as the most essential software that every business should take advantage of, there are additional tools on the market that can further enhance your operations. For example, collaboration tools like Microsoft Teams or Slack for real-time communication, project management tools to keep teams on track, or even your cyber security software are all important elements to an effective enterprise software stack. It’s important to continuously look for ways to iterate and improve your business processes, so don’t be afraid to find the tool that’s right for you.  

Ultimately, you know your business better than anyone else – so take the time to find the tools and software providers that are right for you. The best software providers don’t view themselves as just a vendor, but a partner that’s invested in seeing your business grow and thrive, with their tools acting as an enabler and force multiplier to your future growth.  

Learn more about why integrations are the key to an effective software stack. Watch our on-demand video now.