Human Resource Software also known as Human Resources Management System (HRMS) helps organizations and businesses manage employee records and information. It also offers a structured outline for HR professionals about process oriented administrative tasks.
360Quadrants has released a quadrant on best HR Software to help businesses make quicker and more informed decisions. Ranking Quadrants are generated post analysis of companies (product portfolios and business strategies) and will be updated every three months based on market and regional analyses and developments in the Human Resource Software space. 360Quadrants conducts an in-depth SWOT analysis which helps service providers in learning about new opportunities and areas where they lag their peers. It also helps clients in choosing the most appropriate vendor for their requirements.
CATEGORIZATION OF HUMAN RESOURCE SOFTWARE COMPANIES
360Quadrants evaluated over 150 companies offering Human Resource Software out of which the top 10 were categorized and placed on a quadrant under Visionary Leaders, Innovators, Dynamic Differentiators, and Emerging Leaders.
Paylocity, Workday, ADP, Krons, SAP, and Zoho have been identified as visionary leaders as they have established product portfolios and robust market presence and business strategies. They have strong portfolios of best Human Resource Software and associated services. These vendors have been marking their presence in the Human Resource Software market by offering highly customized and easily deployable software for their commercial clients, coupled with their robust business strategies to achieve continued growth in the market.
Oracle has been identified as an innovator as it has focused product portfolios, and an innovative business strategy, which helps it in setting new trends in the market. The company has an innovative portfolio of Human Resource Software and strong potential to build strong business strategies for its business growth to be at par with the Visionary leaders. It has been providing HR software solution offerings as per customer demands. Innovators have been at the forefront in deploying their solutions for niche and custom requests by their clients requiring the processing of high-performance workloads.
IRIS Software Group Limited (formerly Cascade HR) has been identified as an emerging company as it has a niche product offering and a decent business strategy which helps it in achieving consistent growth. The company specializes in offering highly niche and tailor-made solutions and services to its clients. Most of the emerging vendors have been undertaking multiple acquisitions and boosting their sales capabilities in various regions to offer their integrated services to a wide range of clients.
Vibe HCM and iSolved have been recognized as dynamic differentiators as they have innovative portfolios of solutions and services. They have extensive networks of channel partners and resellers to increase the deployment of their services across various vertical markets. Over the years, the dynamic vendors have been consistently generating positive revenue growth in the HR software solutions market and their market positions are enhanced by organic and inorganic strategies undertaken by them over the period.
360QUADRANT COMPANY EVALUATION METHODOLOGY
Top HR Software have been rated using the following methodology-
A highly experienced team of researchers and senior analysts conducts extensive research to generate a list of vendors.
An algorithm is used to collect inputs from key stakeholders—industry experts, buyers, vendors, and 360Quadrants analysts—based on criteria for Product Maturity and Company Maturity.
Criteria under Product Maturity include breadth and depth of product/service offering, product features and functionalities, product differentiation, and their impact on customer value.
Criteria under Company Maturity include geographical footprint, partner ecosystem, financial stability, and client coverage, or sector footprint.
Approximately 100+ in-depth parameters will be considered for research for the Human Resource Software. These parameters will be updated every six months to ensure the latest developments are taken into consideration.
A weightage is assigned to each stakeholder based on information gathered pertaining to the above criteria as well as inputs from stakeholders. These inputs follow the order of priority given below:
The inputs are analyzed, and a final rating is assigned to each vendor
After the finalization of ratings, each vendor is placed in the most relevant quadrant based on its score.
360Quadrants is the largest marketplace looking to disrupt USD 3.7 trillion of technology spend and is the only rating platform for vendors in the technology space. The platform provides users access to unbiased information that helps them make qualified business decisions. The platform facilitates deeper insights using direct engagement with 650+ industry experts and analysts and allows buyers to discuss their requirements with 7,500 vendors. Companies get to win ideal new customers, customize their quadrants, decide key parameters, and position themselves strategically in niche spaces, to be consumed by giants and startups alike. Experts get to grow their brand and increase their thought leadership. The platform targets the building of a social network that links industry experts with companies worldwide.