It wasn’t long ago that cutting-edge business technology was the exclusive purview of large enterprises, which gave them a competitive advantage over small business.
Large companies could invest in expensive information technology tools and software, a cost that would pay off across a large corporation. Enterprise Resource Management (ERP) software helps businesses to maximize efficiency and minimize cost. For example, a national chain of hardware stores could use ERP to collect data on how many of each product are in inventory, as well as how many are purchased daily—synthesizing this data to automatically order more of each product at the exact moment needed.
One can imagine how helpful this kind of large-scale solution could be. For big enterprises, it eliminated the need to maintain huge, costly inventories at all times.
Small businesses could not afford the large up-front cost to invest in these enterprise-level systems. However, with recent advances in technology, small businesses have new options. Software as a Service (SaaS) works on a subscription model and allows scalable and affordable access to business technologies.
Small businesses can now afford many useful bookkeeping tools: time tracking through products such as TSHEETS, bill payment through Bill.com, automated document fetching with Hubdoc, and payroll processes with ADP RUN. The prevalence of SaaS is changing the landscape of the business world, allowing small entrepreneurs and innovators to stay competitive and play with the same set of tools as the big guys.