6 REASONS TO INVEST IN CUSTOM SOFTWARE
In any sector, investments are risky, yet crucial to make. Without meticulous research, a firm may end up investing in a fruitless operation. Custom software has gotten increasingly popular over the past few decades. There are countless reasons behind that; however, the one reason that stays constant for all is its customization. This article will shed light on the top six reasons you should invest in custom software, but before that let’s understand custom software better.
What is custom software?
Custom software, also known as bespoke software, is software that is particularly made for a specific company to meet its customized requirements. Even though it can be a huge investment, it has a proven track record of producing more effective outcomes. A noble example of custom software is an online banking application; it provides customized features that the bank wants to introduce to its audience and is tailored to their needs.
Opposite to custom software is off-the-shelf software. Off-the-shelf software refers to the one that is already available in the market. You can purchase its monthly or yearly subscription to avail of its services. However, these are standardized software not personalized to your needs. A few well-known examples of off-the-shelf software are Trello, Adobe Photoshop, and Harvest.
Why should you invest in custom software?
The following six reasons will compel you to invest in the development of bespoke software.
Of course, at first, building a custom website or application will require a large sum of investment. However, once it is launched there will only be benefits to reap. Your customers will find it convenient to reach you, provide reviews, and even suggest your service to others. It also makes your brand seem more legitimate and reliable for a first-time user. You can increase your profitability by generating higher revenue and offering your services to other businesses. You also have the option to license it or sell it to other firms on your terms.
Need new features? Spotted glitches? Need to update the software? You will handle all of these issues on your terms, increasing the chances of its speedy improvement. Moreover, feedback from the users will help you get these done quicker than writing to the customer support service of a different firm’s software and waiting till their next update to get your bugs fixed. Investing in your platform allows you to handle the bugs and glitches more efficiently and effectively.
For every company, ensuring data security and privacy is essential. For this reason, investing in building your firm’s custom software will make sure that your data is as protected as it needs to be. You can define the level of security and have the experts make it for you. Bespoke software ensures that your data is less vulnerable to cyber-attacks and hacks.
Ownership of the platform
Perhaps an appealing reason for developing your application, website, or software is complete ownership. You do not need to pay for its services every month or year. Attaining services from an off-the-shelf software company will have you paying for subscriptions, royalties, and even hidden costs if you are not careful. Your business may become highly dependent on the software even with gradually increasing costs.
However, when you develop your platform you are setting yourself free from the shackles of depending on someone else’s software. There will be no hidden fees for you, no royalties, and no monthly subscriptions – just complete ownership. Exciting, right?
The scaling business process is one problem that many businesses face when using off-the-shelf software to their convenience. When it becomes inevitable to pay for extra fees such as hidden costs, subscription fees, and royalty fees, firms have to resort to switching their software too. To ensure that your work stays hassle-free, you should invest in building bespoke software for your company that takes care of all your requirements to the fullest. Businesses can scale their custom software as per their demands.
One of the good reasons to invest in customized software is how it cuts down costs for you. Since you get the software tailored to your requirements, there are zero extra features that you will find yourself paying for. You will pay, exactly, for what you need. Imagine paying for the ‘premium’ of software X because the one service you require is ‘paid,’ and then it comes with several other features that you do not need but are still paying for. Is it not a disappointment? Therefore, it serves as a benefit when you develop your platform since you would only be investing in what you need.
To sum it up, bespoke software is a one-time investment that will offer you innumerable benefits over the years. The leading businesses in the world use bespoke software in one way or another. It is one of the major contributors to businesses becoming digitalized in recent years. It will not only fit perfectly with your firm’s needs, but will also provide you with complete ownership, magnified data security, and higher profitability.