5 Reasons a Custom Software Development will Increase the Value of your Business
Businesses today are heavily dependent on technology and the COVID pandemic has brought this dependence into sharper focus. Business owners have access to a wide range of off the shelf software packages but many are tempted to look at a more bespoke solution.
If you can find an off-the-shelf software package that suits your business, you may find it easier and less expensive to adopt it. But sooner or later, you will want to look at custom software, as your business evolves.
Before we see how custom software can increase the value of your business, here is a quick look at the key difference between OTS and custom software.
Bespoke vs Off-the-Shelf
Off the shelf, or OTS is a ready-made software package that you can use right away. Since it is generic and aimed at a large buyer base, it usually comes with a large number of features, many of which you may never use. You will find it difficult to add feature that may be missing from the solution but if it matches 80% to 90% of your needs, it could be a fair option to adopt. Depending on the needs of your business, you may have to install multiple software packages to meet different processes and requirements. This adds to the complexity of running your business and dealing with things like staff training.
Bespoke (custom-made) software, on the other hand, is designed specifically for your business requirements. It will have only those features that you need and should have in-built scope for further development.
5 ways how custom software can increase the value of your business
1. Good custom software is built to match your business processes – you shouldn’t need to adapt your business to match the software developer’s methodology.
2. A software package that is written for your business adds to the Intellectual Property of the company – creating a unique business and business model.
A custom package is created specifically for your business. You own the Intellectual Property (IP) rights. The technology and how your business works with it will form a unique model. A unique business adds to your reputation in the industry. If your software isn’t too proprietary, then, leasing or selling your custom software as an OTS package to other businesses can open up another stream of revenue.
3. Save on staff training – your staff are already working a particular way – they don’t need to change.
Since custom software is coded to suit your business requirements, there is essentially no changes to your business processes. This helps you save time and money on staff training and implementation. Any changes if any, will be fully supported by the developer.
4. Gain by building a business that beats out the competition – if you are working efficiently and to business best practice – your clients will respond to this.
Using software that is designed to meet your needs increases and enhances productivity. As your staff perform tasks faster and better, your business becomes more efficient.
5. Custom software is a Long-term Investment.
Developing and implementing a custom software solution can seem expensive at first glance. But once the initial cost is met, custom software is a long-term investment. You don’t need to spend on upgrades every time your business evolves. You won’t also be paying for features that you are never going to use or license fees but it is important that you form a long term strategic relationship with your chosen developer so the package can evolve as your business does.
These are the 5 ways how custom software can increase the value of your business.
Today’s Jargon Buster
Integration – here, it means the connecting of two processes for the uninterrupted functioning of a business.
Built-in scope – here, creating options in the package, in-case any extra features need to be added in the future.
Intellectual Property – intangible property resulting from human creativity. Examples – copyrights, patents, trademarks etc.