Swot of Hrms Industry
SWOT analysis of HRMS industries
STRENGTH
* As we know that HRMS is a platform that converges all the activities related to HR and Personnel management, this feature is strength to make and promote the products. * The need for HR products-especially in India and Middle East and also Africa has shot up as these countries are the least effected to economic turmoil. * HR departments now –a-days are willing to standardize and make precise decisions by using Management Information system and HRMS is the effective tool to achieve this. Therefore the industry can cash upon this trend. * Very effective marketing and sales model * Interactive user experience
WEAKNESS * There can be no diversification of products, while there can only be extension of products. * HRMS is domain specific. Therefore the opportunity for this industry is limited. * The products must be user friendly. Not every user is well versant with technology. Therefore to reduce the training cost and time to understand the modules the system must be easy to use and understand. * No clear product vision beyond current offering * Missing BI platform capabilities
OPPURTUNITY * Companies would like to have maximum output with minimal cost. Therefore HRMS market players should make frugal products with greater benefits and efficiency. * Even though there is an economic slump or downturn this scenario can be taken as an opportunity by making affordable products to the organization by understanding their need of the hour. * HR Department is an essential component of any organization. Therefore the need for HRMS is very much essential to any organization to make their work more simple and efficient. * High Security * Growing Demand for HR software and cloud solutions * Growing Demand for Business Intelligence software
THREATHS * These days we keep hearing the words Slump ,Recession, Layoffs, Cost cutting, IT industry down turn etc. This
STRENGTH
* As we know that HRMS is a platform that converges all the activities related to HR and Personnel management, this feature is strength to make and promote the products. * The need for HR products-especially in India and Middle East and also Africa has shot up as these countries are the least effected to economic turmoil. * HR departments now –a-days are willing to standardize and make precise decisions by using Management Information system and HRMS is the effective tool to achieve this. Therefore the industry can cash upon this trend. * Very effective marketing and sales model * Interactive user experience
WEAKNESS * There can be no diversification of products, while there can only be extension of products. * HRMS is domain specific. Therefore the opportunity for this industry is limited. * The products must be user friendly. Not every user is well versant with technology. Therefore to reduce the training cost and time to understand the modules the system must be easy to use and understand. * No clear product vision beyond current offering * Missing BI platform capabilities
OPPURTUNITY * Companies would like to have maximum output with minimal cost. Therefore HRMS market players should make frugal products with greater benefits and efficiency. * Even though there is an economic slump or downturn this scenario can be taken as an opportunity by making affordable products to the organization by understanding their need of the hour. * HR Department is an essential component of any organization. Therefore the need for HRMS is very much essential to any organization to make their work more simple and efficient. * High Security * Growing Demand for HR software and cloud solutions * Growing Demand for Business Intelligence software
THREATHS * These days we keep hearing the words Slump ,Recession, Layoffs, Cost cutting, IT industry down turn etc. This