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The term tech stack, also known as solutions stack, describes the group of technologies used to build and run projects. It is a set of tools made up of databases, frameworks, and programming languages designed to improve efficiencies and processes across an organization.
One of the biggest mistakes companies make when designing their tech stack is a lack of prior research. Before your team decides to buy software, evaluate your company's goals and overall vision for the future. By identifying your company's strengths, weaknesses, and future plans, you will have a better idea of which solutions you should be prioritizing to support overall business processes. Whether you are incorporating an email marketing tool or a customer relationship management software, all of the different solutions in your modern tech stack should be integrative and scalable.
Traditional methods of managing finances lack the scalability and flexibility needed for today’s business environments. Whether your Sales team needs software to track the average Sales rep deal size or your finance team needs a BI tool with a great user experience, there are many types of tools that can support business processes within the organization.
When building your ideal tech stack, consider the solutions below to drive business impact.
Scalable accounting software allows teams to manage bookkeeping and other essential financial processes.
Examples: QuickBooks, Xero, and FreshBooks
Human Resource Information Systems (HRIS) allow employees to access information about benefits, compensation, performance reviews, and more from one centralized location. HRIS systems are often integrated with payroll and time tracking software.
Examples: Sage People, BambooHR, and Paylocity
Payroll and time tracking software help businesses keep track of employee hours and pay them accurately. This type of software is especially helpful for small businesses that might not have the resources to hire full-time staff.
Examples: QuickBooks Time, Gusto, and Clockify
Enterprise resource planning (ERP) software provides a central hub for all operational functions such as sales, human resources, inventory, and manufacturing. ERPs help organizations streamline operations by providing a single platform where data can be accessed and analyzed.
Examples: Netsuite, Unit4, and SAP
HR departments require a flexible solution that can meet the needs of today's workforce. An HR & Payroll software solution supports everyday business processes by automating basic administrative tasks.
Examples: ADP, BrightPay, and Square Payroll
In order to turn data into insights, companies need to use BI tools that can collect, transform, analyze, and report raw data from a variety of sources. Through the use of a BI tool analytics tool, companies can better support data-driven decisions and drive change across the entire organization.
Examples: Looker, Tableau, and Domo
The customer relationship management system (CRM) is a platform that serves as a centralized hub for customer interaction. An intuitive CRM system allows companies to improve customer retention, create better transparency, and drive organizational growth.
Examples: Hubspot, Salesforce, and Netsuite
FP&A solutions are designed to support a team's budgeting, planning, and forecasting initiatives. Finance teams using FP&A software can better manage performance by linking corporate strategy and execution to modeling, collaboration analytics, and performance-reporting capabilities.
One of the most common types of tools for companies is a payment processing tool. Having a robust payment processing tool in place will ensure that all payments are collected quickly and efficiently right from an easy-to-use platform. invoices and subscriptions
Examples: Stripe, GoCardless, and Square
This category of solutions allows CFOs to stay up-to-date on all corporate expenditures. A solid platform will collect, categorize, maintain, and evaluate all spending data for an organization. Spend management platforms can also provide more visibility into workflows, improve efficiency, and reduce procurement costs.
Examples: Spendesk, Expensify, and Scannable
A project management system helps organize, plan, and manage the different aspects of a project. This addition to a tech stack can help segment projects into smaller tasks, allocate resources, oversee risk management, and improve communication across all teams.
Examples: Monday, Asana, and Trello
Does your CFO tech stack need an upgrade? Find out how with the help of our latest article! Read on now.