Business software generally means software programs that can be used by businesses and companies to carry out business activities or to increase or measure their business productivity. The business software solution is tailor-made software for specific business purposes such as railway and airline ticketing systems, billing and inventory control systems for department stores, etc. Business software can do away with any type of business activity such as cash transactions, receipts, issues, returns, rejections, interests, and depreciation, which entail final accounts, profit and loss accounts, balance-sheet, etc.
A computer machine and business software are interdependent, with computer technology becoming more advanced with each new software addition. Nowadays even a tiny business entity tends to use small business software for its easy to handle and ready to use features. Many of the business software is plug and play type for which no special computer knowledge is essential. However, for complex calculations, tedious programming, and special technical training, business software with learning tools are exceptionally helpful. IT companies on the other hand sometimes use business software for training purposes, enabling modern technologies like medical transcription.
The business software market is a billion-dollar industry today and anyone with a sound knowledge of the system can make his or her own earnings very easily. Business software has acquired an important position in the economy of developed and developing countries. Software developing countries like India are doing good business by exporting business software to developed countries. The sprawling BPO sector is providing business software solutions to many MNCs and domestic companies.
Small business software markets throughout the globe and have captured a substantial part of the software market in recent times. Small business software may include toy and game software, audio-visual software, accounting software, etc. Electronic spreadsheet software, a business software solution, has engaged itself successfully in the vast use of microcomputers.
There is standard software available for business such as Microsoft Excel, Word, Access, and Outlook, etc., which cater to the everyday needs of most businesses. However, custom business software has many advantages over standard business software. The custom business software can customize the functions and features in a manner required by the customer, be they automatic generation of letters, automatic sending of emails, deadline reminders, the printing of receipts and bills, tracking of customers and orders. Many business software uses operational research methods and algorithms for optimum utilization of resources, maximizing profits, and minimizing costs. Business software has the potential to maximize the efficiency of businesses, systematize the way business is done and keep the business under control.