Industry-specific software is something of a luxury for some SMEs who find it difficult to afford. For them, a broader SaaS is likely to be something they can adapt to rather than expecting to use a custom or industry-specific solution. Here are 4 benefits of industry-specific software over more general-purpose ones for small businesses.
- Industry-Specific Features
With a software solution that’s designed around the industry, it comes with a far greater degree of specificity. For instance, loan servicing software will include modules or features that permit debt arrangements including the interest rate and loan calculations, payment tracking, and debt collection features too.
A solution such as a loan servicing software package will be tailored to provide the features that the industry requires. They’ll also be more responsive to requests that further enhance the industry-related nature of the software.
- Familiar Terminology
Every industry uses familiar jargon and terminology that employees who have studied and/or worked in that sector understand and use in their everyday vernacular. When using a broader SaaS, it will not ‘speak’ to the staff by using language that is at once familiar to them. Instead, the terms will sometimes be generalized and, at other times, plain wrong.
For experienced people in the sector or industry, this will make it harder to appreciate which features to use to get certain tasks completed. This will be because the terms used to refer to them will not make sense at first. An industry solution does not suffer from these problems.
- Far Less Need to Adapt to the Software Platform
A SaaS or other software that has been produced just for one industry (or even a handful of related ones) isn’t going to suffer from an identity crisis. It will be clear what it’s there to do and how it can help people working in that sector.
Similarly, staff switching companies from one that was using an industry solution to a different company using a general-purpose solution must adapt to major change. It may well slow them down because it’ll add extra steps at times compared to better options. Depending on how well each staff member is being compensated, that can be costly to the company in surprising ways.
- Reduced Training Time
Due to familiarity with industry software – often companies may use similar or the same packages – they don’t require much training. In some cases, no employee training is needed if the business is using the same package as a new staff member is familiar with.
However, additional training time is required to get staff up to speed with a software solution where it was a basic product and has been customized to make it more suitable. This is often done poorly and will create workflow problems for organized staff who are used to something better.
Often, upgrading to an industry solution can save money in the long run. While it may seem like an initial cost saving to management, it will frustrate employees and slow their productivity down. Ultimately, it’s inefficient to stick with general software solutions.