Wine and wisdom get better with age. But software doesn’t. That’s why experts say legacy software modernization is inevitable for modern businesses.

Picture this! Ten years ago, you might have owned a PC running Windows XP. But today, your new computer runs Windows 11. The latest OS makes your current PC more powerful and capable than the one you owned ten years ago. Likewise, your business is no longer the same as it used to be when you started it. Using legacy, underperforming software to manage your business can stall its growth. So, how can you make your business software robust and relevant? Thanks to legacy software modernization services for making your applications relevant and competitive.

This article explores why you need to invest in application modernization.

Don’t Allow Outdated Technology To Sloth Your Business Growth

Modernize Your Legacy Applications Now! 

Can Clinging To Outdated Technology Cost High For Your Business?

Yes! Holding on to outdated technology can cost your business more than it saves. These real-world examples prove the damaging effects of legacy software on businesses.

The Rise and Fall of Blackberry

The tale of Blackberry is a classic example that reveals the pitfalls of legacy software.

What was once a leader in the smartphone market lost ground to rival operating systems—iOS and Android. And the reason? Failure to innovate and reluctance to get rid of legacy system elements.

In 2011, Blackberry made a revenue of $20 billion. Fast forward to 2022, the figures dropped to $718 million. The same year, Blackberry decommissioned the infrastructure and services used by their legacy software and phone operating systems.

Myspace, The Lost Space

The story of Myspace is no different from that of Blackberry. Launched in 2003, Myspace was the first social network to reach a global audience in the pre-Facebook era.

Post-2007, Myspace started losing millions of users to its rising rival, Facebook. The most cited reasons behind Myspace’s failure are lack of usability and flexibility, low innovation, and slow load times.

Delta: Back-to-Back IT Outages

In August 2016, Delta Airlines suffered a loss of $150 million due to an outdated reservation system. Built in the 1960s, the system underwent a major crash caused by a power failure. The incident forced Delta to delay or ground most of its flights for at least six hours worldwide.

How can one forget the recent CrowdStrike outage that disrupted Delta’s operations worldwide? The incident affected Delta’s crew-tracking software, forcing them to cancel over 7,000 flights over five days. According to a CNBC report, the five-day outage cost the airline nearly $500 million.

How Does Legacy Software and Technology Impact Your Business?

Here are a few ways outdated applications affect your business’s performance and growth.

1. Lack of Interoperability

Legacy applications struggle to integrate and communicate with each other. Poor interoperability can hamper your progress. It can also slow down the adoption of more efficient processes.

2. Security Vulnerabilities

Outdated security measures and lack of updates can make legacy apps more susceptible to cyber threats.

3. Outdated Technology

Legacy applications often rely on outdated technology. Obsolete technology can make them incompatible with modern standards and best practices. 

4. Limited Scalability

Scaling legacy applications to accommodate evolving demands can be challenging and expensive. 

5. High Maintenance Costs

Legacy applications demand extensive resources and maintenance. This can result in escalating costs over time.

6. Inefficient Performance

Outdated software code and technology can mar the performance of legacy applications. This can hinder productivity, resulting in knowledge silos and slow response times.

7. Poor User Experience

Legacy applications fail to provide the Uber-like, personalized experience that today’s customers seek.

8. Operational Disruptions and Delays

Finding the right talent to track, maintain, and support legacy applications is arduous. This can lead to operational disruptions and delays in resolving critical issues.

Legacy Application Modernization: Excerpts From A CTO

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How Can Businesses Solve the Risks of Legacy Software?

We’ve seen the risks legacy apps can expose your business to. That said, what’s the right approach to solve them?

Enter legacy software modernization—a process that allows you to upgrade or transform outdated, inefficient software systems into more contemporary, efficient, and adaptable solutions.

In a recent survey, RedHat highlights the primary benefits of application modernization. With legacy software modernization services, more than 50% of companies have achieved:

  • Improved security (58%)
  • Greater scalability (53%)
  • Enhanced reliability (52%)

These findings show the potential value that application modernization can bring to companies.

Why Is Legacy Software Modernization the Way Ahead for Businesses?

Sticking to legacy technology will undermine your future projects and growth plans.

According to McKinsey, 70% of business transformation’s impact depends on technology. If the technology you use is old and obsolete, your entire IT budget will be spent maintaining legacy applications and infrastructure.

91% of customers consider ending relationships with companies that use obsolete software technologies.

The message is clear. Companies need to modernize if they want to remain competitive.

How Does Legacy Software Modernization Benefit Your Business?

In 2022, IDC predicted that most legacy applications would be updated by 2024. 65% of the applications will use cloud services to extend functionality or replace inefficient code.

Modernizing legacy apps will make them more secure, flexible, and scalable. Here are some of the top benefits of legacy app modernization:

1. Enhanced Customer Experience

Modernized applications offer new features, improved performance, and reliability. With a revamped UI and UX, modernization enhances customer experience and satisfaction. 

2. Improved Employee Experience

Modernized applications boost employee productivity and collaboration. They help employees do their jobs faster while saving productivity. Features like automation and analytics allow employees to focus on more strategic initiatives. It helps reduce the risk of employee burnout and boost workplace morale.

3. Streamlined Data Management and Governance

Modernized applications improve data management and governance efficiency within your organization. It helps ensure the quality, consistency, security, and usability of your data.

4. Cost Reduction

Modernized applications drive operational efficiency, cut unnecessary maintenance costs, and boost employee productivity. All these lead to tremendous cost savings in the long run.

5. Increased Agility

Modernized applications allow businesses to be more agile and responsive to change. Contemporary applications help you adapt quickly to evolving market trends and needs. Restructuring and refactoring legacy software will make it more maintainable and adaptable. 

6. Improved Cybersecurity and Compliance

Modernized applications incorporate the latest security standards and technologies. This will help safeguard your data against unwarranted access, cyber-attacks, and theft.

Ensuring compliance with industry standards is an integral component of application modernization. It helps avoid costly compliance issues. With app modernization, you can also reduce the risk of security breaches.

7. Hybrid IT—Best of Both Worlds

Modernization combines the preservation of critical components with functionality enhancement. Today, hybrid IT is a principal cloud strategy pursued by many companies. Hybrid IT brings to your table the best of both worlds. It blends the security and control of an on-premises environment with the flexibility and scalability of cloud services.

Enterprise Application Modernization Trends and Best Practices To Look Out For

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Busting the Common Myths About Legacy Software Modernization

# Myth 1: Modernization Is Expensive

Studies reveal that successful modernization boosts annual revenue by 14% and can lower application maintenance and running costs by 30% to 50%.

You can prioritize your modernization strategy to control costs and complexity. For example, a smart application rewrite can be more effective than building a new application from scratch.

# Myth 2: Modernization Requires a Strong Internal IT Team

Hiring in-house staff with in-depth technical knowledge consumes your budget and time.

Engage with an external software vendor to handle your IT backlogs. An outsourcing partner can reduce your dependency on strong in-house IT teams. They provide you with the right mix of talent and technology to transform your legacy applications. Besides, you can save a lot on in-house hiring and maintenance.

# Myth 3: Modernization Will Disrupt My Business

Fear of operational disruptions forces many businesses to opt out of modernization.

Not all modernization scenarios need a platform switch. Usually, a wrapping approach is possible instead of a replacement strategy. Wrapping can be done in two ways:

  • Adding a layer of API on top of the Service Oriented Architecture (SOA) in the legacy system. This will enable the legacy application with new capabilities. There is no need to install any special infrastructure.
  • Another way is to connect an API directly with the back-end legacy system. It will give each system a separate wrapper. It avoids the need to integrate local service data with other services.

Today, custom software development vendors use RESTful APIs across many application modernization requirements. This way, newer functionalities can be enabled by migrating just the applications.

# Myth 4: If It’s Not Broke, Why Fix It?

Many businesses are complacent with the status quo. After all, why even touch something that works, right? Well, not exactly.

Risk can creep out from just about anywhere. Outdated security protocols, compatibility issues, evolving regulations—several aspects pose hidden costs or threats to your competitiveness.

Modernizing legacy applications is essential to cover your bases. Legacy software modernization is a critical hinge on which your business’s survival depends. It makes your business more resilient in the face of uncertainty.

# Myth 5: Modernization Involves Rigorous Planning and Complications

Building a modernization strategy requires a significant time investment. Modernizing without a priority can drive up costs and complexity.

Assessing the full scope of your organization’s needs upfront pays off in the long run. Take time to analyze the trade-offs between business and technology. Prioritize your needs and features. Find out what can enable a smooth modernization journey. Partner with a trusted custom software development company to execute your app modernization project.

How Can Companies Get Started With Legacy Software Modernization?

Here are four steps to begin your legacy application modernization journey:

1. Assess the Business Need to Modernize

Find out what is driving the need for modernization. Identify the opportunities that modernization will offer your business.

2. Choose Specific Modernization Efforts

Analyze the modernization efforts needed to meet your defined business goals. Map specific business outcomes and defined patterns of activity. Select a provider that can deliver the essential services.

3. Create a Modernization Roadmap

Identify the timeline for each phase of modernization. Ensure the journey in each phase adds incremental value while ensuring business continuity.

4. Make the Essential Changes to Adapt

Make necessary changes to your data structure and governance policies. Adapt your culture, skillset, and organizational requirements to benefit from the new workflows and resources.

Strategize Your Legacy Software Modernization Journey With Experts

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How Can Fingent Help You With Legacy Software Modernization?

Right consulting support can make a real difference in legacy application modernization services. How does modernizing legacy apps with Fingent help you?

We help customize and integrate the best hybrid solution for your circumstances. Our team brings in:

  • Deep cloud expertise
  • Relevant skill sets for app modernization
  • Logical integration of multiple business applications
  • Excellence in the latest technologies
  • Strategic vision and support
  • Industry and domain expertise
  • Customization to suit your specific needs

Gain fast solutions and low-cost implementation with our legacy software modernization services. Address your key constraints and modernize your application portfolios with Fingent. Contact us to know more.

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    About the Author

    ...
    Tony Joseph

    Tony believes in building technology around processes, rather than building processes around technology. He specializes in custom software development, especially in analyzing processes, refining it and then building technology around it.He works with clients on a daily basis to understand and analyze their operational structure, discover (and not invent) key improvement areas and come up with technology solutions to deliver an efficient process.

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      How can a custom payment processing solution change your business?

      The benefits are many: streamlined payment processes, safe transactions, easy fraud detection, and better customer experience. However, you might wonder why choose a customized solution when ready-made software can easily fetch these advantages. Tailor-built applications can do more! They offer seamless integrations, personalization, scalability, and distinct solutions that cater to your unique business needs. 

      In this five-minute read, you’ll find more about why you implement a custom payment processing solution for your business!

      What Business Challenges Do Payment Processing Systems Alleviate?

      1. Late Payments

      Late payments pose a persistent challenge for enterprises. They puncture cash flows and strain client relationships. Custom payment processing solutions tackle this issue. Automated invoicing, recurring billing, and payment reminders help ensure timely payments. Streamlining payment collection enhances cash flow management, mitigating delays and improving financial planning.

      2. Manual Mishaps

      Manual glitches in payment processing are a hassle. They can brood discrepancies in financial logs and regulatory tangles. Custom solutions harness automation to excise manual data input. This helps in seamlessly integrating with accounting frameworks and ERP software. This, in turn, ensures precision and uniformity in financial dealings. It also economizes time and resources while enhancing accuracy.

      3. Security Concerns

      Security is crucial when handling payments. With cyber-attacks increasing each year, protecting payment information is critical. Customized solutions enable security measures like tokenization, encryption, and following PCI compliance rules. These protections help keep payment data safe during transactions. They also reduce the risk of fraud or identity theft, which makes customers feel more confident about using the service.

      4. Lack of Integration

      Fusing payment processing systems with existing infrastructure poses a puzzler for enterprises. Customized solutions are architected to blend seamlessly with various business systems, including CRM platforms and e-commerce portals. This amalgamation streamlines operations, heightens visibility, and enhances decision-making processes.

      A Unified Self-service Customer Portal Transforming Payment Experience

      Read Full Case Study

      What Are the Top Benefits of Payment Processing Solutions?

      Let’s now unveil the metamorphic might of payment processing solutions. More importantly, see their potential to revolutionize enterprise financial functions.

      1. Cash Flow Augmentation

      Efficient payment processing bolsters cash flow by automating invoicing, payment collection, and reconciliation. Timely payments ensure a steady fund inflow. This is important in meeting fiscal commitments, investing, and sustaining liquidity.

      2. Security Supremacy

      Payment processing solutions ensure robust security, including encryption, fraud detection, and safeguarding sensitive data. Adherence to standards like PCI DSS fosters trust among customers and stakeholders.

      3. Client Contentment

      Frictionless payment encounters amplify client satisfaction and allegiance. Various payment alternatives, secure checkouts, and instantaneous confirmations ensure this. They truncate friction and amplify repeat transactions.

      4. Reporting and Analytics

      Access to real-time data and analytics catalyzes informed decision-making. Insights into transaction volumes, trends, and consumer conduct empower enterprises. They can pinpoint growth prospects and fine-tune strategies.

      Why Choose Custom Over Off-the-Shelf?

      Businesses frequently grapple with the choice between off-the-shelf and custom payment processing solutions. Granted, off-the-shelf options provide convenience and cost-effectiveness. However, they may fall short of meeting unique organizational needs. In contrast, custom solutions are crafted to fit specific requirements, offering unmatched advantages.

      Custom payment processing solutions allow for flexibility and scalability. They empower enterprises to adapt and evolve in the face of fluctuating market dynamics and consumer demands.

      Custom solutions provide unmatched flexibility to accommodate singular business processes and demands. They employ personalized workflows, user interfaces, and integrations with extant systems and third-party applications. Custom solutions harmonize these tools with organizational aspirations and priorities. This optimizes efficiency, augments productivity, and catalyzes innovation across the payment realm.

      Limitations of Off-the-Shelf Solutions

      Off-the-shelf solutions may seem like a quick and cost-effective way to get started, but they often come with limitations, especially in terms of functionality, customization options, and scalability. Businesses may find themselves constrained by rigid workflows and limited integration capabilities. Support for specialized payment methods or industry-specific requirements isn’t provided, either. Reliance on third-party vendors for updates, upkeep, and support can be a hassle. It can engender dependency dilemmas and potential hiccups in business operations.

      On the other hand, custom payment processing solutions remove this element. They offer greater sway, flexibility, and ownership over the payment setting. They help enterprises optimize processes, strategically innovate, and stay ahead of the curve.

      Deliver Top-Notch Banking Experiences to Your Customers!

      Explore Our Fintech Services

      How Do I Strategize A Custom Payment Processing Solution?

      Let’s explore the strategic blueprint behind crafting custom payment processing solutions. Also, take a look at how they cater to unique business requirements:

      1. Understanding Business Requirements

      Businesses must first grasp their specific needs and objectives. A thorough analysis of current processes, pain points, and future goals is key. A deep understanding of business requirements is essential here. Whether its optimizing invoice management, enhancing security protocols, or integrating with existing systems.

      2. Scalability and Flexibility

      In today’s dynamic business landscape, scalability and flexibility are crucial. This holds true in a custom payment processing solution as well. Priorities are accommodating increasing transaction volumes, expanding product lines, and evolving business models. Adopting scalable architecture and flexible design principles can future-proof the payment processing ecosystem.

      3. Compliance and Security

      Compliance and security are paramount in financial transactions. A custom payment processing solution should adhere to regulatory requirements, including PCI DSS, GDPR, and industry-specific standards. Robust security measures such as encryption and multi-factor authentication are vital. They safeguard sensitive payment data and mitigate the risk of fraud and data breaches.

      4. User Experience

      User experience (UX) is critical for the success of any payment processing system. A seamless and intuitive user interface is important. This, coupled with streamlined workflows and clear communication, enhances usability and efficiency. Prioritizing UX can help in many ways. Organizations can improve adoption rates, reduce user errors, and enhance customer satisfaction.

      How Can Fingent Help?

      Fingent specializes in crafting custom software solutions. This includes personalized payment processing systems tailored to our client’s unique requirements. We have extensive experience in the field. Streamlining payment operations, bolstering security, and fostering business growth are our forte.

      Our approach starts with a deep dive into our clients’ needs, objectives, and challenges. We work closely with stakeholders to get the complete picture. We gather insights, pinpoint pain points, and establish success metrics. Experts are handpicked, drawing on our technical expertise and industry knowledge. We then design and develop bespoke solutions that precisely address our clients’ needs. Consider this case study: 

      specialized integrated payment processing gateway - case study

      These features enable effortless payment experiences for customers, ensuring security and reliability. This collaboration exemplifies Fingent’s commitment to delivering innovative custom software solutions. Our strength is in tailoring these solutions to meet the unique needs of our customers.

      Get Custom, Get Smart!

      Payment processing systems tackle vital business challenges like late payments and manual errors. This is achieved through customized solutions for improved cash flow and enhanced security. Strategic planning and choosing the right partner are key.

      Leverage Fingent’s expertise! Transform your payment processes and unlock new opportunities for success. See how our custom software solutions can empower your organization to thrive in the digital economy. Contact us today.

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        About the Author

        ...
        Tony Joseph

        Tony believes in building technology around processes, rather than building processes around technology. He specializes in custom software development, especially in analyzing processes, refining it and then building technology around it.He works with clients on a daily basis to understand and analyze their operational structure, discover (and not invent) key improvement areas and come up with technology solutions to deliver an efficient process.

        Talk To Our Experts

          The world of technology is evolving at a fast pace, with newly emerging advanced applications almost every day. With the significant growth of technology, we can also witness the transition of companies from legacy systems to modern systems. That is what gives your business true agility. 

          Application modernization assists companies in eliminating needless operating costs, lowering capital expenditures, and freeing up workers to pursue new initiatives and revenue-generating plans. In this article, we will look at what modernizing your system application looks like and how it can benefit your company’s growth and success.

          “In Today’s era of volatility, there is no other way but to re-invent. The only sustainable advantage you can have over others is agility, that’s it. Because nothing else is sustainable, everything else you create, somebody else will replicate.” —   Jeff Bezos, Founder, Amazon.

          What Is Application Modernization?

          In simple words, it is the practice of updating old software systems, also known as legacy systems, in order to retain the memory data but still benefit from the new framework. It is like renovating a house. Rather than discarding the older system, we can give it a good remodel and enhance its efficiency. 

          The global application modernization services market was valued at USD 11838.15 million in 2021 and is predicted to grow at a CAGR of 14.31% over the forecast period, reaching USD 26405.06 million by 2027. For many businesses, this entails re-programming existing legacy workloads onto current cloud-based platforms or splitting monolithic software into smaller components, such as microservices, and then programming these microservices.

          Why Has It Become Essential?

          The main and most obvious reason for application modernization is to enhance efficiency, which will in turn give the company a better stand in this immensely competitive industry. Modernizing apps may help businesses take advantage of new technology and streamline processes among other things. 

          Remember that there is an unseen cost in trying to make do with legacy software. Outdated software can reduce productivity, stifle expansion, and degrade the customer experience. On the other hand, a strong application modernization plan will also lower the resources needed to run an application, enhance the frequency and dependability of deployments, and improve uptime and resilience.

          Top Benefits

          Listed below are the top benefits you can experience by modernizing your system software:

          1. Improved efficiency

          Modernizing applications enables organizations to simplify processes, minimize layoffs, and automate repetitive procedures, resulting in higher productivity and resource utilization. App modernization also helps to maintain a variety of existing procedures, ensuring company continuity. According to IBM, upgrading legacy systems can increase developer productivity by up to 40%.

          2. Cost benefits

          You will cut expenses, improve dependability, and boost consumer confidence, and also position your organization to seize new possibilities faster. According to Intel, recent research found that when organizations lower their technical debt load by updating their legacy app portfolio, they get immediate savings of 32% of their IT expenditure.

          3. Scalability

          Modernized applications are often built to be more scalable, making it simpler to handle growing workloads and respond to changes in user demand. This is critical for businesses as they expand and need to support a larger user base or more sophisticated processes.

          4. Flexibility

          The flexibility of a business goes hand-in-hand with its ability to scale from smaller user bases to larger user bases. It can also be seen from the perspective that with advanced technology as your backbone, your company is more flexible to adaptations, upgrades, and changes in general. Agility is a product of flexibility and the best example for this is how Pinterest grew its user base from 50,000 to 17 million in only nine months by moving its processing and storage to Amazon Web Services.

          5. User experience

          For any organization, customer experience is the topmost priority. Giving your users what they want and keeping them satisfied is the main goal. Modernized programs frequently have more user-friendly interfaces, enhanced navigation, and responsive design. This improves the user experience and helps to retain consumers, perhaps leading to higher customer satisfaction and loyalty

          6. Integration capabilities

          Modernized applications provide for easier integration with other systems and third-party services. This is critical for businesses trying to establish a unified digital environment in which data and processes flow seamlessly between apps and platforms.  As applications migrate to the cloud, the ability to link them to databases and other resources becomes critical in generating cost savings and enhanced creativity.

          7. Competitive edge

          Ultimately as mentioned above, the main goal is a competitive edge, a winning chance, a head- start in the race. Modernized apps may help businesses remain ahead of the competition by allowing them to offer new features, deliver faster updates, and adapt to market changes more efficiently. By offering unique, quick-to-market applications, your company may better adapt to new market possibilities, increase efficiency, and engage consumers. According to IDC research, companies that engage in modern application development processes get 51% faster time-to-market and 41% more frequent distributions of software than those who do not.

          Don’t Let Your Legacy Applications Sloth Your Business Growth. Plan Your Application Modernization Project Today!

          Contact Us

          Identifying When Your Company Needs Application Modernization

          Identifying when your company’s systems require modernization is critical for staying competitive, increasing productivity, and ensuring long-term success. Here are some significant indicators that it is time to explore application modernization:

          • Performance Problems: Recurrent problems with your applications, including sluggish response times, system failures, or blackouts, may be a sign that they are not able to handle the current workload. 
          • Security Vulnerabilities: Security risks are more likely to affect legacy systems. Your company is vulnerable to data breaches and cyberattacks if your apps do not have the latest security features and upgrades.
          • Lack of flexibility and scalability: Your organization’s growth may be hindered if your present applications are not flexible and scalable enough to meet changing business requirements or rising workloads. In order to adapt to changing requirements, modern applications are made to be more scalable and adaptable.
          • Difficulty in Integration: Data flow and cooperation may be hampered if your applications are difficult to integrate with other systems in your company or with outside partners.
          • Inadequate user experience: A poor user experience can result in customer and staff dissatisfaction.  Your applications could benefit from modernization if they lack features that improve usability or have an outdated user interface.

          The Best Strategies For Application Modernization

          Application modernization is a complex process that requires severe attention to details. It’s often beneficial to work with a cross-functional team and involve key stakeholders throughout the modernization journey. Here are a few of the best strategies to adopt while modernizing your system software application:

          • Automation Is Key: Modernization teams are frequently stuck with manual methods that do not scale across a complete application estate. Thus, adding intelligent automation, AI, and data science to modernization and developing a repeatable pipeline for refactoring are critical.
          • Define business Goals: An application modernization evaluation begins by defining which business goals the company wants to achieve through modernization. Common corporate motivations driving app modernization include cost savings, performance enhancement, enhanced security, and simplified management.
          • Deep Application Observation: To modernize an existing monolith, deep observation is required in addition to basic static code analysis. This includes deeper domain-driven behavior analysis and continuously tracking dependency interactions.
          • User Training and Change Management: Make investments in these areas to help end users move smoothly. Emphasize the advantages of modernization initiatives and offer assistance throughout the adoption process.
          • Frequent Updating and Maintenance: The process of modernization never ends. To ensure that programs stay up-to-date with changing business requirements and technology changes, schedule frequent upgrades and maintenance.

          How Can Fingent Help?

          Leveraging app modernization to improve efficiency is a challenging task, but worry not because a competent development solution like Fingent can accomplish it with ease. At Fingent, our team of professionals can implement cutting-edge technology such as cloud-native solutions, artificial intelligence, and machine learning software in your organization. With satisfied customers worldwide, we provide tailored service and support to fit your company’s needs, with the flexibility to scale as needed.

          Contact us to learn more about how we can help!

          Stay up to date on what's new

            About the Author

            ...
            Tony Joseph

            Tony believes in building technology around processes, rather than building processes around technology. He specializes in custom software development, especially in analyzing processes, refining it and then building technology around it.He works with clients on a daily basis to understand and analyze their operational structure, discover (and not invent) key improvement areas and come up with technology solutions to deliver an efficient process.

            Talk To Our Experts

              As the world grapples with the challenges of climate change, soil degradation, and resource scarcity, agricultural organizations find themselves at a critical juncture. The urgency for adopting sustainable farming practices, amplified by the integration of custom software, has never been more pronounced. This blog explores the pivotal role of digital transformation in achieving sustainability, shedding light on why agricultural organizations should embrace this shift.

              Why the Focus on Sustainable Farming?

              The urgency stems from a dual challenge: preserving the environment and securing the economic viability of agricultural operations. Inefficient practices impact the bottom line, making sustainability not just a moral duty but a financial necessity.

              The Impact of Digital Transformation in Agriculture

              Digital transformation, powered by Artificial Intelligence (AI), Data Analytics, and Cloud solutions, represents a seismic shift in farming approaches. The focus isn’t on whether to adopt these technologies but on how fast agricultural organizations can leverage them for sustainable growth.

              To understand why agricultural organizations should embrace digital transformation, let’s consider some use cases.

              1. AI in Agriculture: Precision Farming for Optimal Results

              Use Case: Crop Yield Prediction

              One significant application of AI in agriculture is crop yield prediction. AI algorithms analyze historical weather patterns, soil conditions, and crop health data to forecast optimal planting times and expected yields. For instance, a predictive AI model can take into account variables like temperature, precipitation, and crop health data to help farmers make data-driven decisions, maximizing yield with minimal resource use.

              2. Data Analytics: Informed Decision-Making in Real Time

              Use Case: Soil Health Monitoring

              Data Analytics plays a crucial role in monitoring soil health in real-time. Sensors placed in the soil collect data on moisture levels, nutrient content, and temperature. Data Analytics algorithms process this information, providing farmers with immediate insights into soil conditions. By understanding these factors, farmers can adjust irrigation, fertilizer application, and other practices to optimize crop growth.

              3. Big Data: Navigating Trends for Long-Term Success

              Use Case: Market Trend Analysis

              Big Data is instrumental in analyzing market trends to help farmers make informed decisions about crop selection and pricing. By aggregating and analyzing data from various sources, such as global market trends, consumer preferences, and weather patterns, farmers can strategically plan their crop rotations and adapt to changing market demands.

              4. Cloud: Scalability and Flexibility for Modern Farms

              Use Case: Remote Monitoring and Management

              Cloud solutions enable remote monitoring of farming operations. Farmers can access real-time data on crop conditions, equipment status, and weather patterns from anywhere. This level of accessibility enhances decision-making and allows for timely responses to changing conditions.

              Use Case: Collaborative Farming Platforms

              Cloud-based collaborative platforms facilitate information sharing among farmers. This includes sharing insights on best practices, weather forecasts, and market trends. Such platforms promote collaboration, helping farmers make collective decisions for mutual benefit.

              5. In-Depth Custom Software: Tailored Solutions for Agricultural Challenges

              Elaborating on custom software solutions, let’s explore specific examples of how custom software has been tailored to address challenges in agriculture:

              Example: Crop Management System

              A custom Crop Management System can integrate AI and Data Analytics to provide farmers with comprehensive insights into crop health, soil conditions, and weather forecasts. This solution tailors its algorithms to the specific crops grown on a farm, offering personalized recommendations for irrigation schedules, fertilization, and pest control.

              Example: Supply Chain Optimization Software

              Custom software designed for supply chain optimization in agriculture integrates Big Data analytics. It tracks the entire supply chain, from harvest to distribution, optimizing routes, storage conditions, and inventory management. This ensures that produce reaches its destination in optimal condition, reducing waste and maximizing profitability.

              Read Case Study: How Fingent helped a leading hydroponic farming company in the US transform its data management, tracking, and operational capabilities through customized technology.

              Bright Farms CS

              Challenges in Leveraging Technologies in Farming Processes

              Although the decision to implement technology in the farming process seems like a no-brainer, there have been a few challenges on the way. 

              1. Complex Procedures: Navigating the Intricacies

              The adoption of technology in farming processes is not a simple plug-and-play endeavor. Farming operations are intricate and interconnected. Addressing these complexities requires a strategic approach that acknowledges the nuances of each operation.

              2. Legacy Systems: Breaking Free from the Past

              Many agricultural operations are shackled by legacy systems that were implemented in a different era. These systems, while once effective, now hinder the integration of modern digital solutions. Overcoming this challenge involves strategic investments in upgrading or replacing outdated infrastructure.

              3. Staff Onboarding: Bridging the Knowledge Gap

              The success of digital transformation hinges on the people behind the technology. Onboarding staff with new technology presents a unique set of challenges, from upskilling the existing workforce to recruiting new talent. A comprehensive training strategy is essential to ensure that the human element seamlessly integrates with the digital landscape.

              As the farming industry stands at the crossroads of tradition and innovation, the role of custom software becomes increasingly pivotal. So, let us explore how custom software serves as the linchpin in driving the right digital transformation for agriculture.

              Custom Software: Tailoring Innovation to Agricultural Realities

              Custom software addresses the complexities of modern farming, offering tailored solutions that off-the-shelf options often lack. It eases the digital transformation journey, ensuring a seamless integration of technology into existing processes. Here are some ways in which challenges can be addressed:

              • Addressing Procedural Complexity: Custom software streamlines intricate procedures without disrupting established workflows, ensuring a seamless integration of new technologies.
              • Compatibility with Legacy Systems: Designed to coexist with legacy systems, custom software serves as a strategic bridge, preventing the need for a costly infrastructure overhaul.
              • Staff Empowerment through Training Solutions: Custom software includes comprehensive training modules, empowering staff to leverage the full potential of new technologies.

              How Can Fingent Help?

              At Fingent, we understand that the path to sustainable and efficient farming is paved with innovative, custom solutions. Our expertise extends across three crucial phases of the digital transformation journey: discovery, development, and implementation.

              • Discovery Phase: Fingent collaborates closely with agricultural businesses to identify opportunities for digital transformation. Through meticulous analysis, we uncover areas for improvement in resource management, data utilization, and operational efficiency.
              • Development Phase: Armed with insights, our seasoned developers craft custom software solutions designed to address the unique challenges of each farm. From precision farming tools to supply chain management systems, our goal is to optimize operations and enhance overall efficiency.
              • Implementation with 24/7 Backup: The journey doesn’t end with software development. Fingent provides robust implementation support with 24/7 backup, ensuring a smooth transition into the digital landscape. Our commitment is to minimize disruptions and maximize the benefits of sustainable farming practices.

              A Greener Tomorrow, Powered by Digital Innovation

              In the journey towards a sustainable future for farming, digital transformation is paramount. Custom software is the linchpin, simplifying complexities and seamlessly integrating technology into agricultural operations. At Fingent, we stand ready to be your dedicated partner, discovering opportunities, crafting tailored solutions, and offering unwavering support. With the right custom software, your farm can lead the way to a greener tomorrow.

              Give us a call, and let’s get talking. 

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                About the Author

                ...
                Tony Joseph

                Tony believes in building technology around processes, rather than building processes around technology. He specializes in custom software development, especially in analyzing processes, refining it and then building technology around it.He works with clients on a daily basis to understand and analyze their operational structure, discover (and not invent) key improvement areas and come up with technology solutions to deliver an efficient process.

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                  Types of Application Software: Guide for 2025

                  Application software offers a plethora of options tailored to meet diverse needs and objectives. Choosing the right application software can transform operations and also drive efficiency. Furthermore, it can profoundly influence your bottom line, positively impacting business outcomes.
                  There are many choices in application software. We‘ve grouped them into three categories: general, business, and custom applications. Here is the list of different types of application software available in the market. Deep dive into everything you need to know about application software and choosing the right type of application software for your business.

                  General Applications

                  • Word Processing Software
                  • Graphics Software
                  • Spreadsheet Software
                  • Presentation Software
                  • Web Browsers
                  • Multimedia Software
                  • Education and Reference Software
                  • Simulation Software
                  • Content Access Software
                  • Information Worker Software

                  Business Applications

                  • Customer Relationship Management Application Software
                  • Enterprise Resource Planning Application Software
                  • Project Management Application Software
                  • Business Process Management Application Software
                  • Database
                  • Resource Management Application Software
                  • Productivity Software
                  • Time Management Application Software
                  • Educational Software

                  Application Based on Shareability

                  • Freeware
                  • Shareware
                  • Open source
                  • Closed source

                  Are You Seeking Application Software Development Solutions?

                  What is Application Software?

                  Application software is a computer program that performs a specific function, be it educational, personal, or business. It is also known as an end-user program or a productivity program. Each application is designed to assist users with a particular task that may be related to creativity, productivity, or communication. Application software programs are specific in their functionality and perform the job they are designed to do. The primary goal of every application software is to simplify an operation and help users get their tasks done effortlessly.
                  Today, we have a plethora of high-end application software at our disposal that defines how we live our lives and accommodate our ever-evolving requirements. Widely used application software includes office productivity suites, data management software, media players, and security programs. The common apps we see on our smartphones are also examples.

                  Examples of Application Software

                  Be it completing your tasks, jotting down notes, completing your online research, setting the alarm, keeping an account log, or even playing games; there are explicit application software programs that can help you out. Application software programs are designed to perform specific tasks, simplify workflows, and improve team communication. The most common examples of applications used by millions daily are listed below.
                  google chrome - logo
                  microsoft word - logo
                  skype - logo
                  whatsapp - logo
                  mx player - logo
                  • A suite of Microsoft products such as MS Office, PowerPoint, MS Word, Excel, and Outlook.
                  • Internet browsers like Google Chrome, Safari, Firefox, etc.
                  • Graphics and design software such as Adobe Photoshop, CorelDraw, and AutoCAD.
                  • Real-time online communication tools like Skype, Hangouts, Google Meet, Zoom, and Whatsapp.
                  • Multimedia and music streaming software such as MX Player, VLC Media Player, Spotify, Pandora, etc.
                  • Project management software like Asana, Zoho, Slack, Forecast, etc

                  Things to Look For in An Application Software

                  With numerous application software available in the market, some come pre-built, with features you can customize. However, sometimes you’ll have the chance to build a new application with your desirable features. Unfortunately, the reality is that no application software is the same. Many are subpar at best, and some completely inept at worst. Therefore, you must ensure that the application software meets all your requirements and is helpful.
                  Now, the question is how to judge a good application software. Here are six fundamental characteristics that a good application must satisfy.
                  All six qualities are important, but nothing else matters if you get the user experience wrong. The UX is the face of an application that interacts with the user and gives the look and feel of the application software.

                  Are You Looking To Outsource Your Software Development?

                  Functions of Application Software

                  Application software programs are designed to execute a large variety of functions. The functions can vary depending on the users’ requirements. Irrespective of the industry or business domain, application software can be built to serve a specified purpose. Here are a couple of examples.
                  • Data analysis and information management
                  • Document manager
                  • Emails, text messaging, audio and video conferencing
                  • Graphics, animations, and video development
                  • Accounting, payroll, and finance management
                  • Project management
                  • Resource (ERP and CRM system) and HR management
                  • Software for healthcare management
                  • Business project management
                  • LMS and eLearning software

                  What is the difference between System Software and Application Software?

                  Software is basically a set of instructions or programs to carry out a task. They can be classified into two types- System Software and Application Software. Both are software programs designed to instruct and interact with the system or user to perform specific tasks. However, both the software have considerable differences in terms of their design and purpose. Let’s delve into their key differences.

                  System Software

                  • System software is designed to control and manage the hardware and other resources of the system.
                  • System software is pre-installed with the operating system.
                  • System software is commonly referred to as general-purpose software.
                  • It acts as an interface between application software and the system.
                  • Developed in low-level language or machine code that is more compatible with the system hardware.
                  • System software can run independently.
                  • Programming of system software is complex.
                  • It acts as a platform and runs in the background.
                  • Performs primary functions of process management, memory management, task scheduling, hardware installation, etc.
                  • Users don’t interact with system software.
                  • System software is mandatory for a system to function.
                  • Examples: compiler, assembler, debugger, driver, etc

                  Application Software

                  • Application software is designed to accomplish tasks for a specific purpose based on user requests.
                  • Application software is third-party software that can be downloaded and installed according to user needs.
                  • Application software is commonly referred to as specific-purpose software.
                  • Hosted on the platform, which is provided by the system software.
                  • Programmed in high-level languages, such as C++, Python, or Javascript.
                  • Application software cannot run independently and need the presence of system software.
                  • Programming of applications is comparatively simpler.
                  • Runs in the foreground and performs a task based on user requests.
                  • Performs user-specific tasks for which it is designed.
                  • User interacts with the application software.
                  • Application software is not mandatory and the system can function without it.
                  • Examples: word processor, web browser, media player, photoshop, etc.

                  Know the Terminology Differences

                  App vs Application

                  App: An app is a software that is built for a single purpose and performs a sole function for users. It is specifically designed to run on mobiles and tablets. They can also run on desktops, provided the OS supports those apps. Some popular examples of apps are Open Office, photo-shop, browsers, WhatsApp, Angry Birds, etc.
                  Application: An application is a software primarily intended to perform a variety of functions for users. It offers services in areas like automation, data processing, and integration. Applications are designed to run only on desktops or laptops but not on mobiles and tablets. They are likely to be larger packages with multiple functions. Some examples include Microsoft Office, Adobe Photoshop, VLC Player, etc.

                  On-premise Application Software vs Hosted Application Software

                  On-premise: On-premise was the traditional method businesses used software. With on-premise software, you purchase the software and license, install it on your own server, and maintain it yourself. You need to own your servers internally and complete all the back-ups and upgrades to the software. On-premise software provides increased security since you have total control over the updates and software changes.
                  Hosted: The hosted solution is similar to the on-premise. You purchase the software, license and maintain it yourself, but install it on a third-party’s server. Rather than buying your own infrastructure or hardware, you rent it from a vendor. Though remotely hosted, you still own the software you purchased. Hosted has the benefit of low upfront costs and can scale resources on demand.

                  Application Software vs Application Platform

                  Application Software: An application software help users perform specific tasks. It runs locally on a server or computer system. They can be complex database systems or simple programs like word processors.
                  Application Platform: A platform is a foundation on which an application runs. It includes a hardware architecture and a software framework for the application software to function.

                  System Software vs Application Software

                  System Software: System software administers the system resources and acts as a platform for running the application software. It is an interface between the application software and the system.
                  Application Software: Application software is designed to perform a specific set of tasks or functions as per users’ requests for which they have been designed. Application software cannot function independently and can run only with the support of system software.

                  Types of Applications Software

                  As the world is an era of digitalization, every sphere of business requires application software. The use of the software is rampant across every domain, including banking, healthcare, education, retail, travel, logistics, etc. Picking up the right application software for your specific needs improves function and efficiency. Understanding the different types of application software will help you save cost, time, and resources, enhance productivity, and improve decision-making. Application software can be broadly classified into General Applications, Business Applications, and Custom Developed Applications.

                  Word Processing Software

                  G-Doc and MS Word, Notepad

                  Project Management Software

                  Trello, Airtable

                  Graphics Software

                  Adobe Photoshop, Paintshop

                  Business Process Management

                  Zoho creator, Nintex

                  Spreadsheet Software

                  Excel, Google Sheets

                  Database

                  Oracle, MongoDB

                  Presentation Software

                  Powerpoint

                  Resource Management Software

                  Mavenlink, Forecast

                  Web Browsers

                  Firefox, Chrome

                  Productivity Software

                  Spreadsheets, PowerPoint

                  Multimedia Software

                  VLC Media Player, MX Player

                  Time Management Software

                  Asana, ClickTime

                  Educational Software

                  Teams, Google Classroom

                  Freeware Software

                  Adobe PDF, Mozilla Firefox

                  Simulation Software

                  PCB Softwares

                  Shareware Software

                  WinZip, Adobe Acrobat.

                  CRM Application Software

                  Salesforce, Netsuite

                  Open Source Software

                  Open Office, MySQL

                  ERP Application Software

                  Odoo, Oracle

                  Closed Source Software

                  Skype, Adobe Reader

                  General Application Software

                  General application software is designed to perform a wide range of fundamental functions that a user needs to perform on a system. There are numerous applications that fall under this category. Some of the commonly used application software include:

                  • Word Processing Software
                  • Graphics Software
                  • Spreadsheet Software
                  • Presentation Software
                  • Web Browsers
                  • Multimedia Software
                  • Education and Reference Software
                  • Simulation Software
                  • Content Access Software
                  • Information Worker Software

                  Here's an attempt to elucidate a few application software from this list.

                  Word processing application software is used to format and manipulate text, thus, creating memos, letters, faxes, and documents. Word processing software is also used to format and beautify the text. It provides many features, including thesaurus, synonyms, and antonyms. Along with Word Art features, the font option changes the font color, effect, and style per your choice. Grammar and spell-check options are also available to check for grammatical errors. Popular examples include G Doc and Microsoft Word Doc.
                  Graphics application software is used to edit or make changes in visual data or images. It comprises illustration and picture editor software. Adobe Photoshop and PaintShop Pro are a few examples of graphics software.
                  Spreadsheet application software is majorly used to perform calculations—this software stores data in a tabular format in rows and columns. The intersecting cells are separated to define text, date, time, and number fields. It allows the users to perform various calculations and functions using different formulae. Microsoft Excel and Google Sheets are examples of spreadsheet software.
                  Presentation software enables you to put forth your thoughts and ideas quickly and clearly in a piece of visual information. Then, it lets you display the information in the form of slides. Adding text, images, graphs, and videos can make your slide more informative and engrossing. Microsoft PowerPoint is a good example of presentation software.
                  Web browsers are application software used to browse the Internet for locating and retrieving data across the web. Browser software lets you watch videos, download images, search for information, and read files. The most popular web browsers are Google Chrome and Firefox. Other examples of browsers include Internet Explorer, MS Edge, Safari, etc.
                  Multimedia application software lets you create or record images and create audio or video files. This software is extensively used in animation, graphics, image, and video editing. In addition, they can enhance the visual and auditory features of the already present audio or video file. VLC media player, MX Player, and Windows media player are some popular examples.
                  This application software is also called academic software as they are specifically designed to facilitate learning a particular subject. This kind of software is beneficial in the education industry. There are various kinds of tutorial software too available in this category. Google Earth and NASA World Wind are a few examples of education software.
                  Simulation software is a kind of application software used in military engineering, machinery testing, industrial training, robotics, flight systems, weather forecast, video games, etc. It replicates life-like conditions when the actual system or physical environment can be hazardous or inaccurate. It is a program that lets you study or observe an operation or phenomenon through simulation without actually doing that operation. Augmented Reality and Virtual Reality technologies are also used to develop application software that supports simulations. MATLAB is the finest example of simulation software.

                  Business Application Software

                  Business application software is a type of application software designed to fulfill specific business functions and operations. These applications are presumed to improve the accuracy and efficiency of operations, along with boosting the productivity and profitability of a business. Some of the application software commonly used by businesses are:

                  Deliver Top-Notch Banking Experiences to Your Customers!

                  Custom Developed Application Software

                  A custom-developed application software (bespoke or tailor-made software) is solely built for some specific organization or user based on their business requirements. Custom software development in the web and mobile application industry has taken center stage – primarily for its flexibility and productivity. It can perform your desired functionality and be designed and developed entirely based on user or organizational needs. While pre-built applications are suitable for limited functionality, custom software applications ensure the organization gets everything they want within an application. Therefore, custom software development is a wise solution for organizations planning for a positive long-term business.

                  Custom Developed Application Software

                  Application software can also be classified based on its shareability and availability.
                  Some such categories are
                  As the very name indicates, it is available free of cost. Users can download freeware application software from the Internet and use it without any charge. However, this software cannot be edited or personalized to one’s needs. Adobe PDF, Mozilla Firefox, and Google Chrome are good examples of this application software.
                  This software is distributed freely to the users on a trial basis, usually with a limited-time offer. After that, the users are expected to pay if they want to continue to use this application software. Some examples of shareware are WinZip, SnapTouch, and Adobe Acrobat.
                  This application software is available on the Internet for free, along with the source code. It allows users to modify the software, easily remove errors, and even add features to the software. Open-source software is available in free and paid versions. Few examples of open-source application software are Moodle and Apache Web Server.
                  Majority of application software packages that we use belong to this category. These are usually chargeable and have intellectual property rights or patents over the source code. It usually comes with restricted use. Examples include Microsoft Windows, Adobe Flash Player, WinRAR, mac OS, etc.
                  Freeware

                  As the very name indicates, it is available free of cost. Users can download freeware application software from the Internet and use it without any charge. However, this software cannot be edited or personalized to one's needs. Adobe PDF, Mozilla Firefox, and Google Chrome are good examples of this application software.

                  Shareware

                  This software is distributed freely to the users on a trial basis, usually with a limited-time offer. After that, the users are expected to pay if they want to continue to use this application software. Some examples of shareware are WinZip, SnapTouch, and Adobe Acrobat.

                  Open source

                  This application software is available on the Internet for free, along with the source code. It allows users to modify the software, easily remove errors, and even add features to the software. Open-source software is available in free and paid versions. Few examples of open-source application software are Moodle and Apache Web Server.

                  Closed source

                  Majority of application software packages that we use belong to this category. These are usually chargeable and have intellectual property rights or patents over the source code. It usually comes with restricted use. Examples include Microsoft Windows, Adobe Flash Player, WinRAR, mac OS, etc.

                  Benefits of Application Software

                  Most organizations are investing in buying or building application software to suit their business model. This software comes with innumerable benefits that you can’t resist executing the ideal application software in your business/organization.

                  How to Choose The Right Application Software that Fits Your Business

                  As your business grows, there’s always an impulse to improve operations and get work done smarter. Whether it is to replace an old system or discover a new solution to modernize your inefficient performance, the hunt for the perfect application software is no cakewalk.
                  Picking the right application software for business involves wise decisions, brainstorming sessions, and critical thinking. Before investing in a software application, you must ensure that it aligns with your business operations, streamlines your processes, improves customer experience, and eliminates risk. The success of your business model, its anticipated goals, and its requirements depend on choosing the right application software. Selecting the right application software can be overwhelming, but the right one can become a real game-changer for your business!
                  Here’s a checklist to help you be confident in choosing the right application software for your business.

                  Cost of Developing an Application Software for Your Business

                  Pricing is a crucial factor for anyone looking to develop an application for their business. The cost of developing an application software varies depending on the various features listed below.
                  As many factors collectively influence application software development, it is difficult to quote a precise figure. However, depending on your requirements, our experts can get back to you with a ballpark estimate for your application software.

                  Custom Application Software: Ideal For Business With Specific Requirements

                  Businesses, big or small, rely on custom application software to fulfill their very specific business requirements. To obtain a competitive advantage in your business landscape, you need technically advanced custom application software that can soar your business to heights.
                  Custom application software is designed and built for an organization’s specific group of users. These are not complete software package suites that can be used for any business. Instead, these are personalized and customized to the goals and requirements of an organization and restricted to limited users. Custom software is built to accommodate all the specific business preferences and needs. Another perk of a custom application software is its flexibility, ease of integration, and scalability.

                  The Future of Application Software

                  As technology evolves more and more, application software is slowly finding its way to intrude into all aspects of our lives virtually. Whether it is a brand new app that can be downloaded on your mobile phone or a new way to make vehicles less dependent on a driver, application development is moving ahead by leaps and bounds. But as we look into the future, there are numerous questions about how application software will impact our personal and professional lives. Here's a quick rundown of what many experts believe the future holds for application software.

                  Artificial intelligence

                  Companies will rely on developing application software that will allow artificial intelligence to analyze massive amounts of data simultaneously to help them in decision-making that would otherwise prove impossible.

                  Artificial Intelligence services will drive the smart reinvention of your business workflows, processes, and technology

                  Mixed Reality (MR)

                  Mixed reality (MR) is a blend of augmented reality (AR) and virtual reality (VR) and has significant potential in today's enterprise applications. Organizations in various sectors like defense, retail, tourism, architecture, construction, gaming, healthcare, etc., are developing application software to propel their crucial business value.

                  Mixed Reality solutions empower you to create vivid and accurate reflections on real-world environments that enable improved work collaboration

                  Autonomous Cars

                  One area where the application software is projected to make a substantial impact within the next decade is autonomous cars. With the manufacturing industry investing more and more into technology, it is likely to lead to the production of autonomous vehicles, which will bring out many innovations in application software. It is not too distant future that Google and Apple will bring out their autonomous vehicle applications.

                  IoT

                  As technology trends continue to develop faster than most of us can keep up with, the Internet of Things (IoT) could make far-reaching impacts on our world. Devices on these networks use application software to exchange data over the Internet.

                  Cashless Society

                  Another area where the application software is expected to play a significant role is, moving towards a completely cashless society. As consumers move to a more digital world, all financial transactions are done electronically, paving the way for banking and insurance companies to develop application software to support more digital transactions.

                  Cloud Gaming

                  With the growing popularity of cloud gaming, many organizations are turning to cloud-native apps to provide richer playing experiences and provide tangible benefits for both player and provider.

                  Develop Your Application Software With Fingent

                  As online transactions soar and digital workplaces emerge, different types of application software will continue to evolve. As a result, the demand for custom software development tailored to the requirements of a business is increasing now more than ever before. From simple customizations to full-cycle software development, Fingent can help address all your specific business requirements, leveraging our application software development capabilities.

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                    About the Author

                    ...
                    Sreejith

                    I have been programming since 2000, and professionally since 2007. I currently lead the Open Source team at Fingent as we work on different technology stacks, ranging from the "boring"(read tried and trusted) to the bleeding edge. I like building, tinkering with and breaking things, not necessarily in that order.

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                      “In the digital era, privacy must be a priority. Is it just me, or is secret blanket surveillance obscenely outrageous?” – Al Gore

                      The internet is a great big place with infinite doorways. It continuously upgrades, and with these upgrades come a lot of benefits, although sometimes risks may need to be taken. Open Source is one of the many great developments in computer technology.

                      Open source is quite literally everywhere. It surges with immense power and serves as a strong foundation for most commercial codebases. It is intricately intertwined with modern developments to such an extent that code owners are often ignorant of the open-source components in their own software.

                      In this article, we will briefly examine what Open Source is, its potential problems, how to solve these problems, and some best practices to follow when developing open-source software.

                      So buckle up; it’s quite a journey!

                      What Is Open Source?

                      Open Source software, in simple words, is software that is developed and maintained through open collaboration, transparency, and public updates. It is made available, usually at no cost, for anyone to access, examine, edit, and redistribute however they like.

                      Open source is widely exploited by many developers and software creators worldwide for its numerous benefits. An entire generation of open-source tools is said to have been developed and used today by software developers. They use open source to enhance their creation and troubleshoot issues with a comfortable sense of security and at a very low cost.

                      Although open source is famous for sparing companies the extravagant licensing cost, it can inflict other slightly less jarring costs such as network integration, end-user support, and IT support. These services are generally included with proprietary software.

                      Despite this minor shortcoming, most companies prefer open-source software as they consider it as reliable and secure as proprietary software and feel more at home with open-source solutions. This sense of control and belonging could be because, with open source solutions, developers can inspect the program code and understand exactly what they are affixing to their computing infrastructure.

                      Read more: Is Open Source The Crucial Catalyst For Your Digital Transformation?

                      Open Source

                      Potential Problems With Open-Source Software

                      As we’ve already seen above, Open Source can be a highly useful tool in software development, but due to its easily accessible nature, it tends to incur a few risks. Two of these risks are discussed in short below:

                      1. Long-term Sustainability

                      Sustainability in terms of software refers to the ability of a software program to be designed, developed, and implemented with a limited energy consumption rate and have the least amount of impact on the environment.

                      A recent article by Taylor & Francis Online stated that there are three distinct types of sustainability: Resource-based, interactional, and infrastructural. Resource-based sustainability refers to the ability of Open Source components to lure resources such as developers and high-value assets such as knowledge. Interactional sustainability deals with relationships that are created and sustained in open source. Finally, infrastructural sustainability, as the name suggests, deals with the infrastructure that is required for any work to be carried out.

                      2. Software Security

                      It is evident from all we have seen so far that security risks are prevalent in Open Source Software, and collaborating with these solutions can pose certain risks that require the company to be mindful. The use of open source software libraries has taken the world by storm and significantly impacted software security across various industries.

                      The 2023 report on Open Source Security and Risk Analysis (OSSRA), published by Synopsys, stated that the fraction of open source codebases with security vulnerabilities has consistently stayed relatively stable over the past two years.

                      The report also warned that considering how open source software is available as-is without any warranties, any risk that may occur solely falls on the shoulders of the user. This in turn makes the selection, security, and maintenance of Open Source Libraries the top priority in the software supply chain’s security.

                      Risk Management

                      Every form of growth in a company inevitably comes with its fair share of risks. These risks should not faze a business owner. Facing them head-on is the best solution; taking as many preventive steps as possible beforehand will help. Listed below are a few ways through which you can protect your organization and keep it locked and loaded:

                      1. Rely On Reputable Sources:

                      It is of the utmost importance that you use reputable sources when trying to download and access open-source software. This simple step will help ensure that the software you use is of good quality and has been appropriately examined and tested.

                      2. Ensure To Track The Licenses:

                      Keep a consistent track of the licenses associated with the open-source software you download and use. Doing so will ensure that you are not breaking any laws without your knowledge and are complying with the terms of the license.

                      3. Create An Open Source Policy:

                      Draft a crystal clear Open Source Policy to ensure that your company or organization is using the downloaded Open Source Software with diligence and is mindful of its sustainability.

                      4. Compatibility With Your Company:

                      This is a surprisingly underestimated risk management strategy. Always ensure that the Open Source Software you choose to implement meets your company’s needs and is aligned with your use case. This step involves examining the source code, software testing, and all relevant documentation.

                      5. Consider Using Assistant Tools To Help With The Process:

                      It is always wise to know when to ask for and when to accept help. There are many tools across the internet that can make the daunting process of tracking and managing open-source licenses easy. Use them. These tools can help decrease the chances of risk and can even foolproof your software.

                      6. Keep Up With The Trends:

                      In a world that is as fast-moving as ours, it would be foolish not to stay up-to-date with any new trends in the field of Open Source Software. Actively seek out these latest advancements in the open-source software world and how to implement them in your organization. Subscribing to relevant newsletters, following related blogs and social media accounts, and attending industry events can help you here.

                      7. Use Effective Integration Tools:

                      As mentioned earlier, using tools to help guide you through the process is solid advice, but the tools you use should also be effective. DevSec teams offer products and services that foster collaboration between DevOps and SecOps teams. These teams are highly reputable and widely used across the world. These teams can help you integrate security in your open-source software deftly from the very start.

                      Read more: How to ensure safe use of open source libraries.

                      Mitigate Risks and Leverage Strengths with the Right Partner

                      As is the case with many technological developments, Open Source has its fair share of benefits and risks too. It is cardinal to carefully analyze the security of Open Source Software before implementing it. Security should be the top priority of any company, and it should not be compromised at any cost.

                      Although Open Source Software may not be subjected to the same level of security testing as proprietary software, the entire process must not be neglected. Always remember that whatever risk is posed by these programs, careful planning and management can help you sail smoothly in heavy storms. Make a note to understand the risks and take wise precautions properly. This will help you incorporate and maintain strong security.

                      Fingent has worked with clients worldwide to build custom software solutions for them by leveraging several open source software development kits. Our experts know how to mitigate the risks and use the strengths of these software to create solutions that will catapult your business way ahead of the competition.

                      Give us a call, and let’s get to the details.

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                        About the Author

                        ...
                        Tony Joseph

                        Tony believes in building technology around processes, rather than building processes around technology. He specializes in custom software development, especially in analyzing processes, refining it and then building technology around it.He works with clients on a daily basis to understand and analyze their operational structure, discover (and not invent) key improvement areas and come up with technology solutions to deliver an efficient process.

                        Talk To Our Experts

                          The world of technology keeps evolving and waits for no one, so it is our responsibility to keep up with it rather than fall behind. The healthcare industry has for a long time been using software development systems to monitor and ease work-lifestyles; now it is time to customize this software to make them function and run exactly the way you need it to. Custom software development has made life and business significantly easier for innumerable industries and is poised to revolutionize the Healthcare Industry as well. This article will tell you all you need to know about it.

                          Importance Of Healthcare Software Development  

                          Healthcare software systems provide innumerable benefits to hospital management, from improved productivity to reduced medication errors. It streamlines the workflow, enhances data quality, drastically reduces errors, and boosts patient experiences. Rising technological advancements also help with hospital administration and operations. 

                          Benefits Of Customized Healthcare Software Development 

                          The overall benefit of using customized healthcare software is overall progress and betterment. This should be reason enough to convince anyone to adopt custom healthcare software but if it is not, listed below are a few of the other benefits of this type of software development:

                          • Increased security – Thanks to the inculcation of software in healthcare, hospitals are now sending, storing, and retrieving data through the web. Custom software solutions will guarantee the safety of this personal medical data. 
                          • User-friendly experience – The target audience’s desired product is taken into consideration by software designers and user interface designers. Software designers can also consider specific aspects of an application to make it more alluring and interactive. 
                          • Customizable features – Customization is the buzzword right now, and custom software provides it like no other. Customer feedback is prioritized, and the generated product is more streamlined and efficient. Customized software will handle specific problems, and this aspect makes it attracts and brings in more loyal customers or patients. 
                          • Quality of diagnostics – Technology is well known for its brilliance in efficiency. Diagnostics run by a customized software solution have proven to have outstanding quality and accuracy because these solutions imbibe knowledge from innumerable sources and compare results faster. Hence, healthcare providers can proffer improved healthcare if they rely on custom software solutions. 

                          Read more: How Can Custom-Made Software Provide Superior Customer Service In The Healthcare Industry?

                          Healthcare

                          Understanding Healthcare Software Development 

                          Healthcare software development is the creation of any software for the healthcare sector to facilitate hospitals and improve equipment management. It also helps with administering electronic records, managing health records, providing diagnoses and treatments, improving patient care, and reducing costs. 

                          Healthcare software development plays an important role in everyone’s life. For doctors – it reduces paperwork and increases collaboration with other specialists. For patients – it enhances patient outreach, improves healthcare quality, and eases access to medical data. Lastly, it improves medical business management and streamlines management processes for organizations. 

                          Healthcare organizations, just like any other organization, have their own set of challenges that cripple them. Custom Software can address most of these challenges and fix them. 

                          • Cyberthreats – The skyrocketing rate of cyber security attacks threatens to endanger the personal medical data of patients and, ultimately, the reputation of a healthcare center. Custom Software can fix this with its exceptional security firewalls and customized cyber security.
                          • Patient Experience – When patients experience favorable care, they are more likely to heed medical advice and this is essential for better healthcare outcomes, boosting patient retention rates and lowering malpractice risk. Custom software can help here, too by enhancing the user experience and user interface by creating more interactive, customized, and enticing products. 

                          Key Considerations for Healthcare Software Development

                          Now that we have established the importance of custom healthcare software development, here are some key considerations:

                          1. Compliance And Security – 

                          Medical records are very sensitive data, and it is the responsibility of the healthcare facility to protect them carefully. Abiding by the international security laws of HIPAA, PCI, and IOS is a must, along with deft investments in specialized medical data security. Ensure that your partner conducts adequate software checkups to detect any potential vulnerability.

                          2. User-Centred Design – 

                          Customized healthcare software’s main target is its audience, so focusing on their comfort or ease is a top priority. Inclusivity of all kinds, from senior users to less literate users, is a crucial thing to keep in mind when designing an interface for the organization. Properly incorporated user-centered designs are vital for an intuitive and efficient workflow. Software Designers usually build a simple and easy-to-use user interface (UI) and a user experience (UX). 

                          3. Interoperability and Integration – 

                          Interoperability, in simple words, is the ability of a software or system to work compatibly with other products and systems. It helps facilitate organized and effective data exchange between data systems. To avoid complications with regard to personalized information or reports of customers while sharing data between systems, especially when introducing new versions of the same software to different platforms, efficient interoperability is important. 

                          4. Scalability and Flexibility – 

                          Scalability and flexibility are other critical considerations to remember. It is imperative to design a product capable of scaling up as your healthcare organization grows. Ensuring that your customized software developed is flexible and can change and segue according to wavering customer demands. 

                          5. Data Analytics and Insights – 

                          Data analytics is essentially the process of studying raw data in order to determine trends and enable enhanced decision-making.  This transformation of data done by custom software into insights can drastically leverage data to enhance decision-making, patient outcomes, and overall operational efficiency.

                          Read more: AI in Healthcare – Know what’s trending and what’s upcoming!

                          Steps in Custom Healthcare Software Development

                          Let’s now get into the development itself. Here are some steps to ensure that the development goes smoothly and provides the best outcomes: 

                          1. Requirements Gathering and Analysis – 

                          It is always best to make a detailed analysis of your organization, its needs, and budgets before diving into a custom software development project. Consult well-versed software designers and healthcare professionals, jot the requirement details, and communicate with your team members to obtain an unbiased perspective.

                          2. Design and Development – 

                          In this step, the analysis generated is used as input and software infrastructure for implementing software development. Software developers first draw a synopsis of the details for the application, including specific aspects such as User interfaces, System interfaces, Network and Network Requirements, and Databases. 

                          Following close behind the design stage is the development stage. It is the stage where coding starts and all components of the software are implemented. The use of agile methodologies and interactive interfaces to improve user satisfaction, flexibility, and feedback incorporation is crucial during this phase of development. 

                          3. Quality Assurance And Testing – 

                          The testing period begins at the end of the coding stage. Here the modules are circulated for testing. Although testing may not seem like a necessary step, skipping it will ultimately result in the downfall of software. The developed software should be tested thoroughly, and developers fix any vulnerability discovered. There are various tests that need to be conducted after coding of software; these include – functional, usability, and security testing. 

                          4. Deployment and Training – 

                          After the product has been sufficiently tested, the software is deployed into the market or organization scheme. In the case of UAT (User Acceptance Testing), a production environment is created, and the customer, along with the developers, partakes in the testing. 

                          Case Studies

                          Fingent has been a leader in custom software development for the healthcare sector and has created unmatched solutions for its clients. Here are a few examples:

                          A Data Analytics Solution for NHS: With the wide range of hospitals under its governance, the NHS required a data visualization tool that would help them compare healthcare performances across the hospitals and showcase the best ones. Fingent helped develop a solution that was customized to the NHS’s specific needs and designed an application with interactive visuals and real-time access to insights. 

                          Fingent’s portfolio includes top-notch solutions like this, including an online engagement platform for NovitaCare and a patient care solution to promote effective communication in the healthcare ecosystem. Working with clients globally, Fingent has been able to have a direct impact on simplified patient care, operational efficiency, and cost savings for healthcare providers. 

                          Future Trends In Healthcare Software Development 

                          The future evidently holds great plans for healthcare software. We have only skimmed over the uses and possibilities that technology has introduced to healthcare; there are so many more possibilities.  

                          1. AI in Healthcare

                          Artificial Intelligence is the most beneficial factor of technology for the healthcare industry. It can effortlessly mimic human cognition in analyzing, interpreting, and evaluating complex medical data. AI can perform data analysis through the healthcare system and can be widely used to predict patient admissions and improve clinical workflows. 

                          2. IoT in Healthcare

                          IoT (Internet of Things) has the potential to enable healthcare professionals to supervise their patients more accurately. It can equip healthcare workers and professionals with the tools to deliver excellent care and treatment to patients. Exploiting this technology and several tech-powered wearables that enable real-time tracking, end-to-end connectivity, and remote monitoring are some of the other areas that IoT will assist.

                          Summary 

                          Healthcare Software Development benefits institution staff, patients, and administrators. Although it might seem quite diverse and may come across as a daunting task, with the right partner on your side your journey will be successful. 

                          Look for a partner in Fingent, and we will help you navigate the complexities and compliances that come with the development of healthcare software solutions.

                          Reach out to us today, and let’s get talking. 

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                            About the Author

                            ...
                            Vinod Saratchandran

                            Vinod has conceptualized and delivered niche mobility products that cater to various domains including logistics, media & non-profits. He leads, mentors & coaches a team of Project Coordinators & Analysts at Fingent.

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                              Custom Accounting Software Development: Understand The Steps, Costs, and Benefits

                              What is Custom Accounting Software? Why is It Essential?

                              Custom accounting software is a tailor-made software program designed to address your business-specific accounting needs, such as cash flow tracking, tax calculation, internal auditing, financial transactions, invoicing, reconciliation, business analysis, reporting, and more.
                              Streamlined accounting is the lifeblood of your business. It boosts your profitability and productivity. However, most accountants end up spending their precious time on countless spreadsheets and mind-numbing reconciliation jobs. Custom accounting software saves your accounting department’s time and improves their efficiency by automating several repetitive tasks and adapting to the needs of your business.

                              Streamlined accounting is the lifeblood of your business. It boosts your profitability and productivity.

                              Custom Accounting Software Allows You To:

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                              According to Reportlinker, the global accounting software market size is expected to reach $45.3 billion by 2028, rising at a market growth of 19.6% CAGR during the forecast period 2022 to 2028. The growing requirement to modernize financial operations is fueling the adoption of custom accounting software.

                              Custom Accounting Software vs. Off-the-shelf Accounting Systems

                              Every business is unique in terms of their nature, way of operation, and size. So are the problems faced by each business. Standard accounting system software is not sufficient to handle the unique challenges affecting each business. For example, some companies want an application to streamline their inventory and asset management, while some require a solution for invoice processing or payroll management.
                              Traditional accounting software solutions offer a one-size-fits-all approach that fails to address specific business cases. They provide a set of standard features which can’t be customized to handle your unique needs. This is where custom accounting software comes into play.
                              Here’s a quick comparison of custom accounting software vs. off-the-shelf accounting solutions that will help you choose the right option:
                              Evaluation Criteria Custom Accounting Software Commercial Accounting Systems
                              Features and Functionalities Exclusive feature list customized to your specific needs Standard set of features built for the mass market
                              Development Time Long development process, but a guaranteed investment for a profitable future Faster to implement with the vendor’s support
                              Development Cost Requires significant upfront investment, but the costs will pay off in the long run Moderately priced, but forces the user to pay for unwanted software features
                              Support and Maintenance Software is fully supported and maintained by your developer Risk of unplanned downtimes, support will be based on the vendor’s terms and conditions
                              Compliance to Business Built to comply with your organization’s ecosystem and standards Requires a high level of customization and extra components to function
                              Third-party Integration Enables seamless integration with compatible external apps Inherently inflexible, doesn’t support deep customizations or integrations
                              Scalability Highly scalable and adaptable to your future business requirements Time-consuming and costly customizations needed to address the rising needs
                              Data Security Highly resistant to cyber infiltrations, tested thoroughly at each stage of development Vulnerable to cyber attacks and software glitches

                              Benefits of Custom Accounting Software

                              Custom accounting software provides your business with a powerful tool to manage volumes of financial information, significantly reduces your cost of operation, and improves your business efficiency. Tailored accounting software offers several benefits, including the following ones.

                              1 Improves Operational Efficiency

                              Financial accounting software tailored to your business has the ability to process large volumes of data and give accurate results in minimal time. Process automation doubles the efficiency of your internal accounting, so you can complete tasks more accurately and faster. Leaving the time-consuming, automatable financial and accounting tasks with custom software helps you focus on business areas that need more attention.

                              2 Saves Time and Costs

                              Custom accounting software allows you to perform more demanding tasks like data entry in less time, so your team can focus on business growth and expansion. Through process automation, the accounting software does all the heavy lifting which helps in bringing down your staff hiring and maintenance costs.

                              3 Reduces Human Errors

                              Every business needs an accounting system software regardless of their size or nature of operation. Managing all the financial and accounting functions by hand is a daunting task which will increase the chance of human errors. Custom accounting software helps perform all the functions with unmatched technical accuracy and efficiency, thereby reducing the chance for manual errors.

                              4 Better Financial Reporting and Monitoring

                              Manual methods used to reconcile data and prepare financial reports could take your valuable time forever. You can automate this mundane task with the help of custom accounting software. Automated report generation helps you get instantaneous reports in a few clicks, so you can monitor your company’s financial performance in real-time. This helps you identify and solve problems beforehand and make life-saving decisions based on accurate insights.

                              5 Higher Return on Investment

                              Implementing custom accounting software requires significant upfront investment, but it will end up paying off. When you buy a canned software, you will have to purchase additional hardware and pay extra for software integrations to make it function the way you expect. Custom accounting software is designed to suit every specific need of your business. You are free to choose the features that you require and fit within your budget. Moreover, the custom software developer provides you with dedicated support and maintenance without charging extra dollars.

                              Deliver Top-Notch Banking Experiences to Your Customers!

                              Custom Features To Consider in Custom Accounting Software Development

                              As the name suggests, custom accounting software is designed to serve your business’s specific accounting needs. Based on our experience with custom software development projects, we’ve listed some of the top features that will make your financial accounting software more valuable.
                              Custom accounting software enables your accountants to generate, receive, dispatch, track, and print invoices right from the software. Your accounting department can track the invoice status in real-time, follow up with overdues, set reminders for recurring invoices, and ensure that your income doesn’t fall through the cracks due to oversight. Customizable invoice templates in the accounting software allow you to quickly create invoices, so you can process them in the order you need.
                              You can create custom formulas to calculate employee salaries, bonuses, overtime allowances, commissions, deductions, time-offs, and more using the custom accounting software. This allows your accountants to easily track and record payroll amounts and create customizable employee payment schedules for each month or for a specific time period.
                              Accurate financial reporting helps understand how your company is getting along through the highs and lows. Configurable dashboards displaying real-time updates on cash inflows and outflows, stock performance, department-wise performances, general ledger, accounts payable and receivable, current asset value, and other important financial aspects help you make better forecasting and budgeting decisions. Automation, along with highly customizable reporting templates help create reports more quickly and accurately. For instance, reports like balance sheet, profit and loss statement, tax summary, equity changes, revenue recognition, customer statement, and more are made accessible at your fingertips through the custom accounting software.
                              Tax calculation based on user-defined parameters and region specific tax rates and regulations has always been an accountant’s nightmare. Custom accounting software makes the whole process easier by automating tax calculation based on custom formulas. Let it be VAT, sales, income, withholding, or any other form of tax, rule-based and region-specific tax filing can be done on time with the help of custom accounting software. You can also set up periodic tax payment schedules to avoid huge penalties and compliance risks that could affect your business.
                              Streamlined inventory goes a long way in reducing your expenses and adhering to your budgets. Real-time tracking of raw materials, goods in-production, finished products, and goods moving in and out of your warehouses located in multiple regions is an important feature that any accounting software should offer. Inventory records based on purchase orders and returns will also help you understand which of your products are doing well in the market and which ones aren’t. Automated and optimized inventory workflow enables you to avoid stock-outs and react quickly to customer needs.
                              Integrating your account software with important business management systems, such as CRM, ERP, e-commerce application, HRM, asset and inventory management system, bank accounts, and electronic payment applications will simplify your accountant’s job. The best part of using custom accounting software is that it’s designed to comply with all the other platforms that you would require for accurate asset calculation and faster bank reconciliation.

                              Go-to Integrations for Custom Accounting Software

                              We work with our clients to build them a holistic custom accounting software integrated with their corporate financial planning systems and multiple transaction sources, so they benefit from error-free accounting as well as time and cost savings.

                              1. CRM Integration

                              Accounting software-CRM integration will allow your accounting department to track all the sales orders, quotes, invoices, customer data, payment terms, quantity and price of goods ordered. Your team doesn’t have to manually dig out the entire data from your CRM as the integration helps auto-populate the same data into your accounting software.

                              2. Inventory Management Integration

                              Integrating inventory makes your accounting software capable of generating stock position reports in real-time. You can track how your inventory is being purchased and utilized, which of your products are fast-selling or slow-moving, how you can avoid embarrassing out-of-stock situations, and maintain more accurate records on inventory values.

                              3. Asset Management Integration

                              It’s important for your business to know the levels of utilization, maintenance, and depreciating value of fixed assets. By integrating custom accounting software with your asset management system, you can track the position and value of your assets.

                              4. Procurement System Integration

                              Procurement management, also known as the source-to-settle process, can function effectively only when it’s integrated with sourcing, supplier management, contract management, risk management, requisitioning, purchasing, invoice processing, and accounts payable. The integration works best when you choose to develop a custom accounting software.

                              5. Cash Management System Integration

                              Integrating your account software with your cash management system ensures that all the journal entries in your general ledger and sub ledgers are up-to-date with real-time data on financial transactions across operating, investment, and financing activities of your organization.

                              6. Financial Planning and Analysis System Integration

                              With a single source of true financial performance data, you can make accurate and insightful decisions related to financial planning, forecasting, and budgeting. By integrating your custom accounting software with analytics and reporting, you don’t have to switch between multiple tabs and applications to gather the right data.

                              7. HRM and Payroll Integration

                              Integration with HRM software helps automate your payroll management, making it easier for your accounting department to calculate salaries, commissions, bonuses, incentives, allowances, tax deductions, and more in a matter of minutes.

                              8. Bank Accounts Integration

                              Linking your bank accounts to the custom accounting software allows your team to handle funds quickly without process delays and service interruptions. It makes your bank account reconciliation seamless and faster and also helps in monitoring credit and managing checks.

                              9. Electronic Payment Gateway Integration

                              In-app payment options that allow users to make payments without leaving the customer portal is a must-have feature of e-commerce apps and web stores today. Custom accounting software integrated with bank accounts and payment systems allows your customers to pay directly from the application using their cards, credits, payment processing apps, or through their bank account. This enables you to keep a record of payment history and receipts.

                              Significance of Small Business Accounting Software

                              Custom accounting software helps automate several mind-numbing and repetitive to-dos, so you get more time to focus on the key areas of your operation. Effective monitoring of financial situations through accurate reporting enables you to plan, identify potential problems, solve challenges, and improve business viability. Tailored accounting software is highly beneficial for small business owners in many ways.
                              Unlike the traditional manual ledgers and spreadsheets, custom accounting software helps organize your financial data, which makes your turnaround time faster. Data is structured and recorded in a way that makes it easy to find. The software also simplifies data exports and imports and increases the speed of data processing. For example, just by clicking a customer or vendor ID, you can track the bills paid or overdue, transaction history, or any other details pertaining to the user, all in one spot.
                              With a custom accounting software by your side, you don’t have to juggle multiple applications to track your inventory levels, payrolls, financial statements, employee data, assets, procurements, sale orders, invoices, and more. Personalized account software centralizes the key areas of your financial administration, so you don’t have to implement and maintain separate tools for managing each operation. Centralized financial management helps in saving your time and money.
                              Personalized accounting system software offers customizable journal entry templates that help you create, evaluate, update, and approve journal entries in the general ledger (GL) as well as subledgers without breaking a sweat. Using the software, you can maintain accurate and real-time records of internal and external financial transactions, multi-currency exchanges, GL balances across multiple branches or business entities, and more. Staying updated with your accounts in real-time helps you detect potential cash flow problems at an early stage and identify customers who could cause a credit problem for your small business.
                              Custom-built software offers you the freedom to define who could access your data. For instance, you can share access with team members who need to send invoices to clients or who are responsible for paying company bills. Similarly, you can share the software access with your accounting department and professional tax practitioners to save your time and money.
                              Financial statements like balance sheets, profit and loss statements, credit reports, bank account statements, and cash flow statements come handy especially while asking for a loan or predicting your company’s taxes. With all your business accounting data in one system, report generation becomes much easier. The analytics capabilities of the custom accounting software lets you create complex reports quickly and helps you with proper financial planning.
                              Cloud-based custom accounting software allows you to manage your bookkeeping ledger, accounts payable, accounts receivable, invoices, and costs all in one place, and access the required details from anywhere, at any time, using any computing device. You can simply create, send, track, and record invoices or generate expense reports in a few clicks to analyze your company’s financial position using the accounting software.

                              Types of Accounting Software

                              Accounting software helps you monitor the financial health of your business and understand your company’s strengths and weaknesses. The software gives complete visibility on your income and expenses as well as sales and profits. If you are planning to choose an accounting software package for your business, it’s important to understand the different types of accounting software and in what circumstances each one should be used.

                              Spreadsheets

                              When it comes to managing your day-to-day financial data, Microsoft Excel could be the first tool that would come into your mind. Tools like Google Sheets and OpenOffice also help you with bookkeeping. However, businesses with only basic or minimal financial operations can rely on spreadsheets to manage their accounts. If you have more complex requirements or need to handle complicated accounting procedures, it’s better to build a custom accounting software that can handle all your requirements effectively. Moreover, there is a high risk of data loss, data manipulation, entry duplication, and oversight errors when using spreadsheets. Custom-made software helps avoid such errors through in-built automation and logical workflows.

                              Commercial Accounting Software

                              Most of the small and medium businesses worldwide use commercial off-the-shelf (COTS) accounting software. However, most of the COTS software are designed for the mass market and are, therefore, moderately configurable to your business’s specific needs. COTS accounting software can be installed with the help of a consultant and often requires a lengthy installation process. On-site collaboration is required to manage bug fixes, patch updates, and version upgrades. Commercially available software may offer numerous features which aren’t meant for your industry, so you end up paying more on several unused features.

                              Enterprise Resource Planning (ERP) Software

                              ERP software is a suite of applications built to manage and integrate your day-to-day business activities. These activities may include procurement, production, project, human resource, finances, inventory, and so on. ERP applications are designed to eliminate the problem of data silos across different teams and departments of a business. However, ERP implementation is required only if you are a large organization managing complex business functions and multiple departments. ERP application is an example of accounting software that provides stakeholders with accurate and real-time data to make informed decisions.

                              Custom Accounting Software

                              Custom accounting software development is the right option to go for when your entity’s needs are so specific that they cannot be met by an off-the-shelf solution or a commercial ERP software. The software complies highly with your business’s ecosystem and is scalable to your future requirements.
                              Custom accounting software supports integrations with complementing software apps, which makes it capable of addressing more unique business scenarios. Instead of spending heavily on third-party licenses and subscriptions, you just have to pay for its development, which means that all rights on the custom accounting software are reserved to its payer.

                              Is your off-the-shelf (pre-packaged) solution meeting only 60% of your operational business needs?

                              Cloud-based Accounting Software

                              Also known as online or web-based accounting software, this type of accounting software operates through a cloud application service provider, leveraging internet connectivity. Businesses using cloud-based accounting software don’t have to make any large-scale hardware investments. You can access the accounting software using your login credentials and make use of the features available in your software subscription package. This type of accounting software is highly beneficial for remote teams and businesses with multiple branches. An example would be Software as a Service (SaaS) based accounting applications that require only minimal upfront investments. The Pay-as-you-go model allows you to start with a small capital and expand later when you anticipate better business growth and profitability. SaaS application deployment takes less time and money when compared to a traditional on-premise system setup.

                              Steps To Build Custom Accounting Software

                              To develop and integrate custom accounting software into your business, you must lay out a software development roadmap and deploy a team of experienced software professionals. To learn valuable insights on how to hire the right software development outsourcing partner, read our recent guide on points to consider before choosing the best software development company. To get started with the development process, follow these steps.

                              Step #1Define Your Idea

                              Got an excellent idea for your small business accounting software? It’s the first step to start your development project. Expand your idea into an actionable strategy. Motivate your team to take the initiative, brainstorm ideas, perform analysis, and identify the practical functions and features that would be needed in the accounting system software.

                              Step #2Design The UX/UI of Your Software

                              After assessing the project idea, the next step is to work on the prototypes and design mockups. The cost of software development is often based on the number of features the solution requires. As a business owner, you can ask your custom software development partner to design mockups or prototypes of the accounting software according to your business needs. Working prototypes allow you to decide the required and essential software features during the project’s initial phase itself. This helps avoid time-consuming reworks and redesigns. Once the software’s framework and future design are accepted, you can determine the accounting software’s functionality.

                              Step #3Prepare a List of Features and Functionalities

                              Prepare a list of features and functionalities and share it with your custom software developer. Here are some of the important features that you could include while building a custom accounting software for your business:

                              Step #4Develop The Software

                              Laying out a proper design for your custom accounting software is a complex and time-consuming process. However, using a questionnaire-based development approach, you can simplify the design and development process.
                              Custom software development companies like Fingent ask their team of designers and QA engineers to compose test cases covering diverse user scenarios before beginning the actual development process. This helps avoid software bugs and makes your application more stable and functional. At Fingent, our developers look out for the latest UI/ UX design trends and develop applications using configuration management techniques to ensure that proper software development methodology is being followed throughout the project.

                              Step #5Deploy and Maintain The Software

                              Post development, the custom accounting software is implemented and integrated into your environment. The software is made ready-to-use after several rounds of testing and quality checks to ensure the best user experience. Right after implementation, the software may need close monitoring and improvements for a few days to increase its relevance and stability. Most custom software development companies provide you with dedicated application support and maintenance as long as you use the application. The team helps you in resolving issues related to your software’s usability, bugs, and other technical glitches.

                              Cost of Custom Accounting Software Development

                              Custom accounting software development cost depends on the software’s features and functionalities, frameworks and toolkits used for development, and various other factors including the ones listed below.
                              Offshore providers across different countries charge different rates based on their region’s outsourcing regulations. Based on Fingent’s experience, developing a custom accounting software of average complexity costs around $200,000 – $400,000, while personalized financial accounting software development for a large enterprise may require $500,000+ in investments.
                              0 %
                              Custom accounting software saves more than 50% of your business’s expenses and efforts.

                              When Custom Accounting Software Is Your Best Choice

                              How will you know if your business needs custom-made accounting software? Here is a checklist to help you with the analysis. If you tick any of these boxes, it might just be time to get that ball rolling on a custom software solution.
                              Ensure compliance
                              You need a business accounting software that provides 100% compliance with the local regulations in the regions where your business operates.
                              Data security
                              If your business handles highly sensitive financial and business data, you need a custom-built software that provides advanced data security features.
                              Integration with other systems
                              Your accounting application requires smooth and effective integration with legacy systems or other platforms that you’ve been using for a while.
                              Intelligent forecasting
                              You need to make smart and accurate general ledger predictions by account and make timely financial decisions based on real-time data and insights.
                              Transaction processing
                              If you want to apply user-specified events into your transaction processing workflow, custom software development is the right choice.
                              Streamline payroll
                              Implementing custom rules for payroll scheduling, tax calculations and employee reimbursements is much easier when you have a custom accounting software.
                              Scalability
                              Business expansion also means technological growth. It’s not practical to change your software every time a component of your business grows. With custom accounting software, you can easily upgrade the application and add more features as you scale.
                              Want to enhance your existing software with custom features?

                              Custom Software Development: Choosing The Right Partner

                              Choosing the right custom software development company from hundreds of capable contenders is easier said than done. Most of the firms have years of experience, industry knowledge, and technical expertise required to stay relevant in a highly competitive and volatile market. It’s indeed a very tricky job to pick out the right one, but we have tried to make this simple for you with our checklist given below.
                              Make a precise list of your requirements. Write down what you expect the custom accounting software to do. Talk to your employees and stakeholders to evaluate the problems and analyze the solution. Create an outline of the solution based on your objectives.
                              Research and list all potential custom software development partners who can deliver the required services. Also, find out from others to see if they have any recommendations. Learn more about each prospective contender, so you get a fair idea of their technical skills, knowledge of their team members, domain experience, project portfolios, awareness of the latest technologies, and work experience in domains similar to yours. This allows you to filter the list and narrow down your research to 4-5 companies.
                              Assess the software development company’s flexibility to adapt to changing environments. Look up their client base and client relationship history. Ask for customer references who can provide you with genuine feedback. Check out their ratings and reviews on B2B rating platforms like Clutch, GoodFirms, and others. Take a look at their social media content. When interacting with their previous or current customers, try to understand more about their vendor’s communication effectiveness, scheduling and service quality, costs, development methodology, engagement model, and so on. This will help you identify if the potential custom software company’s way of operation and objectives align with your requirements.
                              How long would it take to develop the custom accounting software? This is a critical question that needs to be discussed before choosing the right partner. For certain circumstances, you will have a deadline that you need to fulfill. Avoid haste and plan all company commitments accordingly and ensure that the software’s quality is not affected to comply with strict timelines. It is recommended that you often reserve additional time for checking and debugging applications before they are approved for widespread usage.
                              The legal implications of hiring a custom software development partner shouldn’t be overlooked. Ensure this gets done properly during the technical and strategic vetting of the selected company. Keep in mind that the development partner would invariably be getting access to your company’s confidential data, such as intellectual property, business strategy, or trade secrets. Perform extensive background checks to ensure the integrity and reliability of the partner.
                              Verify the software developer’s security policies, certifications, and accreditation. Before signing a contractual agreement with the firm, understand their terms and conditions properly. Custom software development allows you to own the product entirely unless you decide otherwise. Ensure that all rights on the custom software are reserved to its payer.
                              It’s important to match your project requirements with the right-sized organization. Not all companies undertake any size of custom software development projects. Find out if the custom software development company’s experience is sufficient to handle your project requirements. Read up their case studies, take a look at their website or visit their online profiles to understand more about them.
                              Custom accounting software is meant to handle confidential company data. It’s important to understand your software development partner’s physical and cyber data security policies. Find out how they will be handling your data and assets. Review their integrated security and/or IP protection program. It’s good to undertake an intellectual property due diligence enquiry before finalizing the software development vendor to safeguard your enterprise’s IP, and determine which functions need to be kept in-house or outsourced.
                              Determine if the cost of the project fits your budget. Be sure of the guaranteed ROI, so you won’t go bankrupt after purchasing a high-priced software that automates parts of your business. That said, you don’t have to compromise on the AR quality of the software for low costs either. Certain companies overprice their solutions just to portray themselves as a bigger and better company. Always look for hidden or additional costs in the contractual agreement, such as additional payment for document management, annual setup/ maintenance in addition to monthly support charges, in-person training, etc.
                              Even the most perfect solutions guarantee only 99.9999% up-time. Unfortunately, there are no 100% perfect solutions. There is always a 0.1% chance of things going wrong after delivery, especially in the case of software. So make sure your vendor company provides direct access to the technical team and offers good support, periodic maintenance, cloud-based updates, software upgrades, and troubleshooting services for a fair period of time after sales.
                              Most software development companies are willing to provide their customers a free trial to understand the quality of the features, benefits, and usability of the software. This is usually done through prototypes and mockup projects featuring a particular aspect of the envisioned software. Running a pilot project allows you to find out if the software development company is capable of meeting your expectations. Ask the vendor as many questions as possible during the trial phase.

                              How Fingent Helps

                              Fingent’s end-to-end custom software development process is tailored to meet our clients’ business needs, challenges, and goals. We understand your requirements and turn your ideas into tangible deliverables with maximum business proficiency. Let it be anything – custom software development, web and mobile app development, cloud migration, enterprise software applications, modernization of legacy software, or SaaS development – we offer innovative and reliable software solutions that will delight your customers, simplify your team’s job, and help your business scale.
                              Our custom software development experience spans across multiple industries and advanced tech, including data analytics, augmented and virtual reality applications, artificial intelligence, robotic process automation, internet of things, and more. We follow an impeccable workflow and a set of best practices to foster structured software development and reduce the cost of your business operations.
                              “We don’t simply initiate your project. We step into your shoes and understand your business landscape to give you the most purposeful solution.”
                              Dileep Jacob
                              SVP-Operations, Fingent

                              Frequently Asked Questions on Custom Accounting Software

                              Custom accounting software is designed exclusively to address your business’s specific accounting needs. The top advantages of customized accounting solutions are:
                              • Business efficiency improvements
                              • Reduction in human errors
                              • Time and cost savings
                              • Better financial monitoring and reporting
                              • Faster and accurate data processing
                              • Seamless integration with other business software
                              • Anytime, anywhere accessibility
                              • Improve compliance with tax and legal processes
                              • Streamlined payroll management
                              • Better traceability of invoices
                              There are different types of accounting software designed to meet various small business accounting needs. Some of the leading examples of accounting software are:
                              • Spreadsheets
                              • Pre-packaged accounting systems
                              • Enterprise resource planning (ERP) software
                              • Online accounting software
                              • Custom-made accounting software
                              • Cloud, hybrid, or on-premise accounting software
                              When choosing to build your own accounting software, you need to keep in mind your business’s long-term growth plans. Make sure that the software you’re going to build encompasses all the features and functionalities that you will require to drive your business in the right direction. For instance, the number of application users may grow from 10 to 100 in no time or you may open new branches of your business. Make sure the custom accounting software is scalable to meet such scenarios. Also, check if the custom software development vendor provides you with an option to add new features or upgrade the software in future.
                              You can access your accounting software through mobile, if it’s a mobile-enabled application. Most of the custom software developers develop mobile applications if you have a specific requirement for the same. Be it iOS or Android, you can easily access your custom accounting software through mobile. Mobile access allows you to generate invoices, record expenses, manage clients, monitor cash inflow and outflow, and do a lot more even when you are away from your desk.
                              Yes, you can. Custom accounting software can be integrated with your key business applications, including, ERP, CRM, HRM, inventory, payroll, and so on. Through data flow customizations enabled via APIs and integration plugins, you can easily import or export data to and from your custom accounting software. Discuss your requirement with your custom software development partner to enable seamless data transfer between applications.

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                                About the Author

                                ...
                                Vinod Saratchandran

                                Vinod has conceptualized and delivered niche mobility products that cater to various domains including logistics, media & non-profits. He leads, mentors & coaches a team of Project Coordinators & Analysts at Fingent.

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                                  Top 10 Tech Stack That Reign Software Development in 2025

                                  What is a Tech Stack?

                                  A tech stack, also known as a software stack or development stack, is a combination of programming languages, frameworks, libraries, tools, and technologies that are used to develop and deploy a software application or system.

                                  A tech stack provides a standardized and organized approach to software development, enabling developers to leverage the existing tools, libraries, and frameworks to build efficient and reliable applications. In other words, a tech stack represents the layers of software components and infrastructure that work together to create a functioning software product.

                                  Layers and Components That Constitute a Technology Stack

                                  There are three key components that make up a tech stack:

                                  Client-side (frontend)

                                  Client-facing side that consists of what the user sees and interacts with. Frontend technologies include HTML, CSS, JavaScript, and UI frameworks and libraries.

                                  Server-side (backend)

                                  The logic that runs behind the application and its features. Various backend programming languages and tools are used for handling the requests coming from the client-facing side. Backend technologies include web frameworks, programming languages, servers, and operating systems.

                                  Database

                                  Enables the storage of application data like user profiles or information about the product or software.

                                  DIFFERENT LAYERS THAT CONSTITUTE A TECH STACK

                                  1. Operating System (OS)
                                  2. Server-Side Programming
                                  3. Web Server
                                  4. Database
                                  5. Client-Side Programming
                                  6. Frontend Frameworks/ Libraries
                                  7. Deployment & Infrastructure
                                  The specific technologies and components chosen for each layer may vary depending on your project requirements, scalability needs, performance considerations, target platforms (web, mobile, desktop), and your software development partner’s expertise.

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                                  Top 10 Tech Stacks Used for Software Development in 2024

                                  • A classic, time-tested stack of technologies that stands for – Linux (Operating System), Apache (Web Server), MySQL (Database), and PHP (Programming Language).
                                  • LAMP is one of the first open-source software stacks commonly used to develop and deliver web applications today.
                                  • Efficiently handles dynamic web pages wherein content changes each time when a page is loaded.
                                  • Allows you to choose components based on your specific business requirements. For instance, instead of Linux OS, you can choose Windows OS to form a WAMP stack or macOS to form a MAMP stack. You can also swap PHP in the stack with Perl or Python to get the desired results.
                                  • MEAN stack comprises MongoDB (Database), Express.js (Backend framework), Angular (Frontend framework), and Node.js (Runtime environment).
                                  • MEAN is an end-to-end JavaScript stack that allows you to use a single language throughout the stack. This helps you reuse the code across the entire application.
                                  • All the technologies in MEAN stack are free and open-source and are supported by a vibrant community.
                                  • MEAN stack technologies are ideal for cloud hosting since they are flexible, scalable, and extensible. The stack can be deployed easily as it includes its own web server.
                                  • The database can be scaled on-demand to accommodate usage spikes temporarily.
                                  • When you replace Angular in the MEAN stack with React, it becomes MERN. React is one of the most popular frameworks used for building high-end, single-page applications with interactive UI.
                                  • React uses JSX, a syntax extension to JavaScript, which provides a way to structure component rendering using syntax familiar to many developers.
                                  • React uses Virtual DOM (Document Object Model), that allows changes to be implemented easily.
                                  • Since React is a library and not a framework, developers may have to rely on third-party services to build the desired functionalities.
                                  • Ruby on Rails (RoR), or simply Rails, is a server-side web application framework written in Ruby under the MIT license.
                                  • Rails is an open source, object-oriented, model–view–controller (MVC) framework that provides default structures for a database, a web service, and web pages.
                                  • ROR offers innovative features such as seamless database table creations, migrations, and scaffolding of views to enable rapid application development.
                                  • The framework encourages and facilitates the use of web standards such as JSON or XML for data transfer and HTML, CSS and JavaScript for user interfacing.
                                  • .NET is an open-source developer platform made up of tools, programming languages, and libraries for building modern, scalable, and high-performing desktop, web, and mobile applications that can run natively on any operating system.
                                  • There are various implementations of .NET that allow the .NET code to execute on different operating systems – Linux, macOS, Windows, iOS, Android, and many more.
                                  • C#, F#, and Visual Basic are the three Microsoft-supported languages for NET development. There are many third-party created languages that work well with the .NET platform.
                                  • .NET is a highly coveted software development platform due to its advantages such as ease of development, code reusability, extensive support for high-performing applications, strong built in security measures, and active community support.
                                  • Django is a high-level Python web framework that encourages rapid web development with a clean, pragmatic design. Both Python and Django are widely used together for building full-stack applications.
                                  • Leveraging the Django-Python stack for application development allows you to use modern technologies including: PyCharm, Python, HTML, CSS, and JavaScript.
                                  • Developers can combine the stack with Apache web server, MySQL, and the Django framework for server-side development.
                                  • Django supports low-code web app development and also helps manage rising volumes of traffic and API requests to meet changing business needs.
                                  • Flutter is an open source framework by Google for building multi-platform applications from a single codebase.
                                  • Flutter is powered by Dart, a programming language optimized for fast apps on any platform.
                                  • Flutter can use Google’s Firebase on the backend which allows you to build highly scalable applications.
                                  • Flutter’s built-in widget catalog and UI toolkit allow you to build high-performing, natively compiled mobile apps with visually exciting application elements.
                                  • React Native is a JavaScript framework for building native iOS and Android mobile applications. The framework is based on React, a JavaScript library built by Facebook for UI development.
                                  • React Native applications are written with a mixture of JavaScript and XML markup. Applications built using React Native render using real mobile UI components, which means the apps look like any other mobile application.
                                  • Applications built using React Native provide a high level of reliability and performance and deliver a superior user experience.
                                  • The framework allows developers to reuse up to 100% of their code between different environments which saves a lot of development time.
                                  • Java Enterprise Edition (JEE) provides a platform for developers with enterprise features such as distributed computing and web services.
                                  • Java EE applications are usually run on reference run times such as microservers or application servers, which are ideal for creating e-commerce, accounting, and banking information systems.
                                  • Java EE technology is the de-facto standard for delivering secure, robust, scalable multi-platform applications and services that are portable across all the Java compatible, Enterprise Edition products available today.
                                  • Java EE has several specifications for making web pages, reading and writing from databases in a transactional way, and managing distributed queues.
                                  • Serverless architecture is one of the latest trends in software development that allows developers to focus solely on the application code instead of worrying about infrastructure and server management.
                                  • The serverless stack leverages cloud computing services such as AWS Lambda, Google Cloud Functions, and Azure Functions to create scalable and cost-effective applications without dedicated servers.
                                  • Since the serverless architecture is based on the Functions as a Service (FaaS) model, you don’t have to pay for unused server resources, which makes the stack highly cost-effective.
                                  • Serverless stack makes it easy to manage traffic spikes and server resources during peak times since the cloud provider automatically scales the application up or down based on the number of requests.
                                  jQuery(document).ready(function($) { var delay = 100; setTimeout(function() { $('.elementor-tab-title').removeClass('elementor-active'); $('.elementor-tab-content').css('display', 'none'); }, delay); });

                                  Benefits of Using Tech Stacks in Software Development

                                  7 Tips For Choosing Your Technology Stack

                                  Сhoosing, the right technology stack for your web development is a success factor for a project. Aligning technology stack opportunities with your web development functionalities might not suffice in each case, as there are multiple factors to look upon when choosing a technology stack for your project. Here are seven aspects that can help you make the right choice.
                                  7 Factors to Consider when Choosing the Right Tech Stack
                                  1. Define the scope of the project
                                  2. Scalability requirements
                                  3. Technology & Team Expertise
                                  4. Time to market
                                  5. Security requirements
                                  6. Maintenance
                                  7. Development Cost

                                  Define project size, complexity, and functionality

                                  The tech stack used for a small project might vary from that used for bigger projects. The size of the project is a key factor to look out for when choosing a technology stack. Also, the complexity and functionalities of your project matter. If your project is complex and includes heavy functionalities, it is wiser to choose an advanced technology stack.

                                  Scalability requirements

                                  As your project progresses and grows, the tech stack should have the potential to scale sufficiently. You should choose a technology stack that allows for adding new compelling features and handles unpredictable increases in user numbers.

                                  Technology & Team Expertise

                                  It’s important to determine whether or not your team will be able to maintain the application once it is deployed. Consider your team’s experience and expertise when choosing a tech stack. It will be better if you know that your team can use a tech stack successfully and doesn’t require additional training; otherwise, there is no need to consider one.

                                  Time to market

                                  When choosing a tech stack, ensure that it can accelerate your development process without hampering the quality and closes within the deadline.

                                  Security requirements

                                  If your app will handle confidential user data and information, security plays a major role. You need to pick a robust tech stack with fully secured standards & support a high-end security framework to meet your app development goals.

                                  Maintenance

                                  The development process doesn’t end with the app launch, which needs ongoing nurturing at every stage. It is a good practice to choose a tech stack that is easy to maintain by your development team for easy upgrades & regular maintenance.

                                  Development Cost

                                  Despite the fact that many technology stacks are available in the market as open source, they may not incorporate desired functionalities or features you are looking for. Most tech stacks come with a subscription fee if you need special or advanced features. Licensing and maintenance also incur a cost. Furthermore, some technology stacks demand huge salaries for their developers. The overall cost of the technology stack leans on all these factors.

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                                  “Give me six hours to chop down a tree and I will spend the first four hours sharpening the axe.”

                                  – Abraham Lincoln

                                  What Should Be Your Next Step?

                                  Once you have compared and analyzed different technology stacks and discovered the best stack that fits your project, the next step is to start the software development process. But before you start, there is some groundwork to be done which involves these steps.
                                  Project Planning
                                  Plan the development process, determine the project scope, set timelines and milestones, and allocate resources accordingly.
                                  Team Composition
                                  Hire software developers and experts depending on the size and complexity of your project. Ensure your team has the necessary skills and experience to deliver the project.
                                  Development Environment
                                  Install the necessary software, tools, and libraries for setting up your development environment. Configure the environment correctly and provide the required level of access to your team members.
                                  MVP Development
                                  Develop a working Minimum Viable Product (MVP) that you can share with users to validate your idea. Add more features and functionalities based on the user feedback.
                                  Testing and Deployment
                                  Test the application thoroughly to identify and resolve bugs, ensure the application works as intended to give the desired results, and deploy it to the production environment.

                                  How Fingent Helps?

                                  Being a top custom software development company, Fingent adopts the most efficient and modern technology stacks that can make your software products highly competitive and capable of fulfilling your organization’s unique requirements. Here are some of the best practices we follow when selecting software stacks for our clients’ development projects:
                                  With the right tech stack and a skilled software development team by your side, you can build innovative software solutions that solve your business challenges and delight your users. If you have any questions on tech stack selection or need free software consulting services, get in touch with our team.

                                  FAQ

                                  Picking on the right technology stack for web development is an important marker of the company’s priorities and culture. It is a huge responsibility that must be done with careful research and planning. Various factors, such as your web application’s speed, quality, and security level, will depend on the chosen technology stack. Hence, it is advisable to identify the pros and cons of the various technology stacks in the market.
                                  Choosing the right technology stack is a crucial step in your product development and is key to its success. Here are the key pointers to consider when selecting a tech stack.
                                  • >> Application size, type, and complexity
                                  • >> Team knowledge and upskilling
                                  • >> End-user experience and time to market
                                  • >> Security and scalability
                                  • >> Cost and overall value of the tech stack.
                                  Migrating your less-performing or outdated tech stack to a tech stack of your choice is possible. However, it is a relatively time-consuming and costly process. Switching to the right tech stack may skyrocket the growth of your application. It requires rigorous analysis and perfect planning before deciding to move.
                                  Choosing the wrong tech stack can result in operational problems that can pile up until they become unstoppable.
                                  • >> The need to update your existing software with a modern technology stack.
                                  • >> Vulnerable to security threats
                                  • >> Limitations in creating and adding new features to the software
                                  • >> Lack of knowledge in your in-house team who can use the tech stack
                                  • >> Tech stack without scalability feature results in crises as your business grows

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                                    About the Author

                                    ...
                                    Arun Thomas

                                    Arun is a full-stack developer at Fingent. He spends a workday experimenting with Jquery, CSS, HTML; and dabbles with Python, Node, and PHP. With a broad skill set ranging from UX to Design, and from front end to back end development, Arun enjoys working in challenging projects and is always on a go-to learn something new.

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                                      The right software can serve as a growth catalyst for your business. A robust software solution can empower your team to work more efficiently, better serve your clients, and optimize business performance.

                                      But when searching for these software solutions for your business, you’ll have to make many different decisions along the way. One of the very first choices you’ll encounter is whether you want to buy off-the-shelf software or build a custom solution.

                                      Either route can help your organization modernize its processes, improve efficiency, and scale effectively. Which approach will produce optimal results for your organization in the short and long term is still a question.

                                      Because your decision will significantly impact your business for years to come, it’s critical that you get it right.

                                      With that in mind, join us as we crack the code to smart software selection decision-making by exploring the pros and cons of building and buying software.

                                      Read more: Why Should Your Business Invest In An End-to-End Software Solution?

                                      End-To-End Custom Software Solution

                                      The Build or Buy Conundrum

                                      The buy option is relatively straightforward: You select software that aligns with your organization’s needs, purchase a license, and deploy the technology. When evaluating your options, you will encounter purpose-built solutions for your industry and more generalized options, like basic accounting software.

                                      Conversely, custom-built software for your organization will include specific tools you need — without superfluous features that distract users and get in the way of critical business functions. It’s important to understand that you won’t be building the software unless you have an in-house team of highly experienced software engineers. Instead, you will need to partner with a talented software development firm.

                                      Pros and Cons of Buying Software

                                      Before providing a decision-making roadmap, it’s crucial to outline the pros and cons of each option.

                                      The primary benefit of buying pre-built software is that it is already deployment-ready. As such, you can easily purchase the software and begin implementing it almost immediately. You’ll also be able to demo the product before you buy, giving you an idea of precisely what to expect. This expedited timetable is particularly appealing if your business’ current technology suite cannot keep up with your present needs.

                                      However, some notable drawbacks exist to buying software instead of taking the custom route. First and foremost, off-the-shelf software is less likely to align perfectly with your company’s needs. After all, off-the-shelf software is designed to appeal to as broad an audience as possible, and naturally, it will include some features you don’t need. Evaluating software can be time-consuming, and applications of any complexity may be impossible to assess fully in a reasonable amount of time.

                                      In addition, pre-built software typically has recurring license and maintenance costs that need to be considered and may change over time. There is also the risk that vendors of pre-built software may stop offering that edition or software or go out of business entirely. Pre-built software may depend upon older technologies that are no longer “leading edge,” which can lead to long-term viability concerns.

                                      For some software categories, you may only be able even to consider a few contenders, or what you find may lack some tools or capabilities your business is looking for.

                                      Read more: Choosing between Custom Software Solution and Commercial Off-the-Shelf Product!

                                      Advantages and Drawbacks of Building Custom Software

                                      Custom software is tailored to help your business meet its organizational goals and overcome its most significant growth hurdles. Every feature, tool, and capability of custom software is purpose-built for your business. As such, it can significantly impact your business more than an off-the-shelf alternative.

                                      The two potential downsides to custom software are cost and the deployment timetable. When there is an off-the-shelf alternative, building custom software will typically require a larger upfront investment, but you will have more control over the software. That means you can change your schedule without being tied to the vendor’s schedule or priorities. If the custom software meets important business requirements, you can expect a strong return on investment.

                                      It’s important to remember that developing and deploying a custom-built software solution will take slightly longer. Fortunately, you can streamline the build process by partnering with a highly experienced software development firm.

                                      How to Determine Which Option Fits Best for Your Business

                                      As you prepare to weigh your best opportunities with each approach, you can streamline your decision-making process with a refined approach.

                                      1. List Your Organizational Goals and Needs

                                      When choosing to buy or build, the most critical question you need to ask yourself is: What do you hope to accomplish with your new technology?

                                      Create a list of goals, objectives, and needs. In addition to providing more internal clarity, you can use this list to compare products during your search. If no single off-the-shelf solution meets your needs, it may be more pragmatic to build custom software. However, if you need the solution sooner rather than later.

                                      2. Analyze the Current Ecosystem

                                      Once you have created your list of goals and objectives, you can start analyzing the current ecosystem. Businesses operating in specific sectors — such as the healthcare industry — will have dozens of options when searching for off-the-shelf software solutions. As such, it is much more likely that a healthcare organization will be able to find a readily available solution that meets its needs when compared to a more niche sector.

                                      Even if you are already leaning toward building a custom solution, you should consider what options are available for your industry. Explore all known choices to see how these solutions align with your needs and goals. This tactic can also provide you with ideas to put on a must-have list for your custom software partner.

                                      3. Calculate the Potential ROI of Each Option

                                      While you must regard the upfront costs associated with buying vs. building software, calculating the potential long-term ROI of each option will be more useful for guiding your decision-making process. Start calculating ROI by assessing the likely cost-savings and additional profits that can be expected once the new software is in place. While this impact can often be difficult to predict fully, it may be easier to consider how large the impact would need to be to recover the cost of the investment — the break-even point.

                                      Building a custom solution will cost more on the front end, but this higher initial investment can yield a significant return over the software’s lifecycle. Conversely, going with a cheaper option could solve today’s business challenges, but you may quickly outgrow that software’s capabilities and find yourself looking to upgrade again in the near future.

                                      Read more: When does your Business need Custom Software Solution – Evaluate Now!

                                      custom software development

                                      Making Your Final Decision 

                                      Whether you buy a readily available option or want to leverage the power of custom-built software, you will need an experienced technology partner to oversee your deployment. Fingent is that partner.

                                      Our team of technology experts specializes in building dynamic, custom software solutions for our diverse array of clients. We can also assist with deploying solutions from Microsoft, SAP, and other leading technology development companies.

                                      To learn more about our deployment and development services, contact Fingent today.

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                                        About the Author

                                        ...
                                        Tony Joseph

                                        Tony believes in building technology around processes, rather than building processes around technology. He specializes in custom software development, especially in analyzing processes, refining it and then building technology around it.He works with clients on a daily basis to understand and analyze their operational structure, discover (and not invent) key improvement areas and come up with technology solutions to deliver an efficient process.

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