Over a decade ago, most software was built on a monolithic architecture because it was simple to develop, test, and deploy. However, the lack of flexibility and performance issues led businesses to adopt a more agile approach. A common complaint about monolithic software is that the technology limits how brands interact with their customers and the speed at which they can deliver.
With growing digital adoption, modern software is solving this problem by prioritizing employee experience. As a result, user-friendly interfaces that can be customized to suit a business need are increasing in demand and are the future of business-focused technology.
The closed market for SMBs
Despite how quickly the world is adopting new technologies, there is still some gate-keeping for businesses. Most leading software companies in every vertical are built for large enterprises that work on big projects and are not suited for small or medium-sized businesses.
Legacy software is built on a rigid architecture with less scope for scalability and reusability. While business needs for enterprises and small businesses tend to be similar, SMBs have difficulty finding software that can fit their scale and requirements. The software tends to be either too clunky or expensive, thus leading them to miss out on a great software experience.
Even the most ‘user-friendly’ enterprise software is not accessible to small businesses. For example, modern FinTechs in the credit card issuing industry claim to be much easier to use than traditional bank software. While this is true, to acquire these cards and the software, businesses need to have ample cash balances or accept shorter credit cycles, as less as a day or a month. This is not actual credit and closes off the market to most SMBs who do not have the cash balance required.
In the field of HRM software, you need effective HR technology in order to grow as a business. Automating HR duties doesn’t just save time and money for the department– it allows those benefits to reach other parts of the business, so employees can focus on being productive rather than managing paperwork.
Small businesses deserve good software
New-age software built for small businesses use a micro-services model that offers increased flexibility at an affordable price. SMBs can customize these software to suit their business use case, paying only for features that they need. Most are also highly scalable, growing alongside the business to cater to increasing demands and functionalities.
Small businesses can start with limited functions. For example, payroll and benefits while using an HRMS, and expense reporting and approvals in case of an expense management software. However, as they grow in size and revenue, they may want to access more features like HR management and compliance for HR, and project tracking, or fraud detection for expenses.
Modern software is built with an API-first design, allowing developers to quickly add new features to their software stack. With readily available API documentation, businesses can build an ecosystem where all their software interact with one another and allow for the seamless flow of data. They also leverage their partner ecosystem to offer value-added services, simplifying the lives of small businesses.
Additionally, tight-knit integrations with other software in a similar vertical have led to an increased presence of self-serve and no-code processes. Thanks to this model, small businesses can access the same functionalities and perks of enterprise software at a fraction of the cost. Not just that, these open models and easy flow of data significantly enhance user experience leading to faster adoption of the software.
PeopleStrategy’s HR technology suite offers a fantastic employee experience that can scale to meet your company’s ever-changing needs. Also, through partnerships with other companies, they offer additional services and break into new markets—all while building strong relationships with clients.
Fyle, a real-time expense management software, works where employees work. Without the need to learn a new application, employees can attach receipts or submit expenses from apps they use every day like Gmail, Outlook, Slack, MS Teams, text messages, or their phone gallery.
With real-time credit card transaction data, accountants no longer need to depend on broken bank feeds. They can see credit card spend as it happens and gain insights into suspicious activities and take quick remedial actions. Fyle ensures continuous compliance with real-time fraud checks, violation flags, and digital audit trails. Focusing heavily on enhanced employee experience, Fyle makes it easy for employees, finance teams, accountants and accounting firms to manage business expenses.
Flexibility does not mean loss of control
Enterprise software claim to be configurable. But, businesses usually need to hire special implementation experts who have in-depth knowledge of these products. Even then, you can only work with existing options within the software. For example, Concur, a legacy expense management software, says that ‘You can configure settings to your business needs’. Not only does this configuration need product expertise, but the end result is still not user friendly. Employees have to navigate unnecessary tabs and go through multiple steps to submit a single expense report.
New-age software like PeopleStrategy and Fyle make it simpler for employees by allowing them to to maintain their own personal information and have access to paystubs, benefits information, or submit expenses with a single click. Admins can also modify the software to show only features that they work with.
However, one of the main selling points of ERPs is their data security, thanks to their rigid software architecture. SMBs are usually wary that modern software with its open APIs and data flow between multiple software can pose a threat of data breach. This is especially true when it comes to HR or expense management software as they deal with sensitive information like employee details, compensation structures, bank information, credit card details, and more.
However, most modern software are built with close attention to data security. Some of the ways in which security protocols are enforced include:
Role-based access control: With software like Fyle, you can limit the data based on employee roles. For example, an auditor can only view the expense reports and cannot make any modifications.
IP restrictions: By allowing only specific IP addresses to access the software, admins can only use the software within selected locations or devices. This restricts the threat of making local copies of your data.
Single sign-on: Modern software facilitates the exchange of user authentication data from secure SSO platforms like Google, Microsoft, Meta, and LinkedIn.
Company-specific business rules: SMBs can create complex internal policies or workflows tailored to their business needs using a rules engine. Restrict employees from one project from viewing details of another, or make tax information of one employee level invisible to others.
Software built for small businesses
Modern software like PeopleStrategy and Fyle aim to be agnostic to all businesses. By creating an API-first approach, increased backend flexibility, and enterprise-grade security, they are steadily increasing digital adoption for small businesses with a heightened focus on employee experience.
By partnering with each other, they have built an ecosystem where data and functionality are not limited to just one software. Deep integrations and open API libraries allow the software to speak with each other, opening a realm of possibilities for small businesses.