Software used in Business Research - Significance of Software in Business Research

1. Unit 2 SOFTWARE USED IN BUSINESS RESEARCH
Dr. Thulasi Krishna. K
Dept. of Management Studies
MITS

2. SOME SOFTWARE USED IN BUSINESS RESEARCH
• Groupware
Groupware is software that runs on a network so that teams can work on
joint projects, and it allows people from different departments to access
data jointly.
Example: If the accounting, finance, sales, and production departments
have to coordinate their efforts to come up with a viable product within a
tight budget, they will be served well by groupware.

3. Neural Networks
• Neural Networks are designed to trace patterns in a set of data and generalize there
from.
• This software enables sales forecasts, stock market predictions, detection of weather
patterns, risk management, process control, customer research and the like.
• The California Scientific Software‘s Brain-maker used for managing investments by
recognizing patterns and trends influencing stock prices can be cited as a specific
example.
•

4. • Advantages:
-requires less formal statistical training,
-ability to implicitly detect complex non-linear relationships between
dependent and independent variables,
-ability to detect all possible interactions between predictor variables, and
the availability of multiple training algorithms.

5. CAM/CAD
* Computer-aided manufacturing (CAM) software helps engineers to design the manufacturing
components and directs the production of the product.
* Computer-aided design (CAD) software creates and displays complex drawings with precision,
enabling experimentation with different designs.
* Design sophistication and product development are made possible by this programme, and
this software is extensively used by manufacturing organizations.

6. Enterprise Resource Planning
Enterprise resource planning (ERP) is business management software that a
company can use to collect, store, manage and interpret data from many business
activities, including product planning, cost, manufacturing or service delivery,
marketing and sales, inventory management and shipping and payment.

7. The advantage of ERP packages is their capability to provide comprehensive
solutions to all the needs of an organization in its day- to-day work.
This is so because they provide complete support for the executive support system
and the Management Information System (MIS), and can work with all existing data
bases built on different platforms.
Software developers use various tools to build and modify data tables and develop
custom functionality.

8. ERP solutions were initially targeted for big companies and organizations that had
to reengineer to install ERP in their systems, with only one goal as the objective—to
increase the return on investment.
With the top organizations almost saturated, ERP software companies are now
targeting their products to the bottom of the pyramid, facing the challenge of
meeting a diverse set of applications while trying to keep their costs down.

9. Data Analytic Software Programmes
Software programmes are available to obtain, store, and analyze raw data collected
through surveys, using Statistical Package for the Social Sciences (SPSS), Statistical
Analysis System (SAS), Excel, System Analysis and Program Development (SAP)and
the like.
Sophisticated business presentations of the results obtained from data analysis are
also possible through computer graphics and interactive CDs.

10. Group Video Conferencing
Face-to-face meeting effect by using large TV monitors or multimedia projectors.
It has the advantage of integrating with other vital business technologies like
spreadsheets and presentation software.
Thus, much data (including numerical figures) can be exchanged during
videoconferencing as organizations try to engage in consultative decision making
and further research and analysis.