Why should businesses invest in custom software development?
The need to transform digitally has created a scenario where enterprises are constantly investing in new digital solutions to either make life easier for operations or help them explore new revenue streams in the digital space. However, there are a lot of misconceptions that prevail in the market with regards to digital solutions. As soon as a business announces that it is ready to invest in digital, they get bombarded with ready-to-deploy and off the shelf digital tools that are provided by several players in the tech industry.
But is investing in readily available solutions the best way to gain a foothold in digital adoption? Not always is what industry experts say. It is important for enterprises to invest in custom software development to empower their business growth with a more personalized digital arsenal. Several executives may argue that custom software development is a costly affair, but buying commercial off the shelf software could do more harm than good in the long run if it is not tailored to your objectives.
Here are 5 reasons why investing in custom software development is important for your enterprise.
1. Complexities in Systems Integration
Different areas of your business operations may find tools from different vendors to be useful. However, these tools may each have their own technology infrastructure requirements, architectural differences, different development methodologies and varying levels of implementation support. As an organization, your technology ecosystem needs to work as a streamlined single unit, capable of delivering value across your business.
For integrating systems from multiple vendors, a considerable effort is needed and this could outweigh the advantages offered by individual systems. Such a scenario calls for creating a suite of operational enterprise applications, custom made to fit the objectives of your business. Every custom software, thus built would follow common standards in development and execution, thereby creating a flexible and interoperable enterprise technology stack.
2. Scalability restrictions
Ready to deploy enterprise solutions are often advertised to be scalable for large workloads. But when unique requirements of your organization require flexibility beyond the scope defined by the software development company, then you are left with expensive software that cannot scale up with your business demand. This is another area where tailored and custom software development can be the game changer in your technology landscape.
Components of such software can be built keeping in mind the objectives specific to your business areas and not just a standard industry requirement. Hence, when scalability requirements arise, a custom built enterprise software will be able to accommodate your unique business and process workflows accordingly without creating new challenges for the teams handling your enterprise applications. This is vital for SMB’s as their growth ambitions would definitely require a scalable technology backend to support a critical business process.
3. Future proof innovations
Innovation is at the heart of every competitive business environment today. The more you innovate, the greater will be your chances of satisfying diverse consumer interests. When enterprises buy expensive and ready to deploy software from reputed vendors, they often limit their own dimensions of innovation. Such businesses are often forced to either wait till the software vendor comes up with the desired innovation or they may have to again purchase a new software if their existing application vendor is not in a position to add the new feature anytime soon.
Having your own custom software built will enable you to experiment and bring on board innovative concepts faster and without depending on other technology vendors to do it for you. This can help in greater market competence as your brand would be recognized as a forerunner rather than a late adopter for innovations that consumer’s desire.
4. Existing technology support
Many times, businesses invest in new digital solutions by blindly following trends in the market. It could be possible that the technology that they already have may just need a few tweaks and upgrades to provide the exact same or even better features that a totally new commercial off the shelf software can provide. Bringing a new digital solution from a vendor into your existing technology ecosystem can cause challenges not just in systems integration as mentioned above, but may also create instances where large effort is needed to maintain existing software that serves other core business processes.
When businesses go for custom software development, they have the liberty to build new capability on top of existing enterprise applications and hence saving considerable effort in development as well as reducing cost escalations. Having a team to customize existing software is a better alternative than engaging one to implement a third-party solution from scratch and then follow it up with expensive customizations to further suit your business requirements and objectives.
5. Compliance with standards and processes
Even the best of digital solutions from world-class vendors may have compliance issues with the standard rules and processes adopted within a business. The makers of such software may have included recommendations from industry recognized standards, but very often a business may have to think out of the box while running their daily operations. This leads to their core processes and standards being subjected to deviations from what the industry follows.
When third-party digital solutions are directly brought into such deviation prone business scenarios, there will be issues with compliance policies and standards. This is yet another scope for custom software development to take center stage and empower businesses with the flexibility to meet their unique compliance requirements. This is also true when government and other geopolitical influences require custom standard or compliance implementation rules to be followed by enterprise applications. Areas such as data privacy and consent management would be under multiple legal and judicial networks. A region and a third-party digital solution may not be flexible to handle such variances.
Any technology implementation done today should be closely linked to business objectives, and enterprises need to have a clear idea on the business use cases that a particular technology could solve. With custom software development, it is possible to have a clear picture of the quantifiable value every investment in enterprise application development is made.
This will prove to deliver more ROI than a fully-fledged third-party digital solution implementation where your business may often be at the mercy of the vendor’s technology prowess. If technology is not your core forte, then you need to have the right advisory and consulting partner to help drive the most value out of your custom software development initiatives.
With years of empowering some of the world’s best businesses with custom software development, Fingent can be the right partner to help you build the technology backbone of your business. Get in touch with us to know more.