If you’re a CEO, CTO or CIO, you are responsible for balancing both the short-term and long-term needs of your company. As a result, you will have to make many challenging decisions, such as whether you should have a conservative or aggressive approach when it comes to various initiatives. For example, many companies have a hard time deciding whether to build or buy when it comes to meeting software needs.
If you’re having a hard time making this decision, here is some information about the benefits of building vs. buying software.
Why Should You Consider Investing in Custom Software?
Many companies are not receptive to the idea of custom software due to the cost. However, even though a significant amount of time, energy, and resources must be contributed to successfully develop custom software, the return on investment usually makes these sacrifices more than worthwhile. Even though store-bought software may seem like the best decision at first, here are a few reasons companies should consider custom software instead:
- Off-the-shelf software is not sufficient. In most cases, off-the-shelf software meets most of the needs of most companies. However, this means that canned software is unlikely to meet all of your company’s needs, particularly if these needs happen to be specialized.
- Off-the-shelf software may lack compatibility. Most companies rely on more than one software to complete tasks and operate. However, if the programs are not able to communicate with each other effectively, efficiency may be hindered significantly. If you opt to build custom software, you will be able to integrate different APIs from other data partners and software.
What Are the Benefits of Custom Software?
Chances are, you would consider your business evolving and dynamic. Therefore, it is essential that you have software that will help your company grow and flourish rather than remain static. Here is some information about how custom software will help when it comes to scalability:
- Boosted productivity. One of the main advantages of custom software is the boost in productivity. Custom software is designed with your company’s specific needs in mind. Therefore, your team will have an easy time using the software to get tasks done faster and more efficiently. You will be able to create one technology platform that is comprehensive rather than having to rely on multiple software.
- Competitive advantage. As one of the C-Suite, one of your main goals is to ensure your company beats the competition. However, as you can imagine, it can be difficult to beat your rivals if you’re using the same software as they are. Therefore, building custom software that is perfect for your company’s operations will grant you a competitive advantage over your rivals.
- Scalability. The growth of your company can often depend on how well your software products can handle the additional load of the additional customers, or team. Custom software can be modified much more quickly to help you expand.
With the benefits of increased productivity, competitive advantage and scalability, come the added benefit of faster and better growth results. Custom software is such that is tailored to include all the functionality your business needs in the areas you need it most. Functionalities that will include workflow optimization for today’s connected world can increase your company’s profits exponentially, and lead to faster business growth.
Even though the initial cost of custom software is higher than that of off-the-shelf software, you will find the extra expense is more than worthwhile. Software product development will do wonders for your organization when it comes to efficiency and scalability.
It ultimately boils down to whether your priorities are to get up and running quick or to invest in the long-term benefits of the new connected world.