26.74 billion USD is a predicted custom application development market growth during 2020-2024, according to the latest report. CEOs cannot ignore the importance of custom software and its business role anymore.
The numbers reveal that year-over-year more companies around the world decide to develop their own software.
Why is that?
Because by developing custom software, you develop your business as efficient as possible. And your competition knows this.
In this article, you will be shown facts, numbers and studies that prove that technologies is completely changing the business landscape and enables business growth as well.
Learn about business efficiency in relation to custom software development and the latest technologies.
The importance of custom software development
The importance of technology has become critical to business efficiency and overall business success.
CEOs should support decisions on the custom IT solutions development in order to enable digital transformations and strengthen business efficiency.
What do we mean by this?
Tech and business experts need to collaborate
According to McKinsey Digital, IT solutions support business strategy and promote seamless collaboration between the tech experts and business users.
In order to accelerate a company’s growth, CEOs should involve CIOs in leadership teams. And include tech-driven decisions in an overall strategy.
The company even prepared ten questions that you can ask your CIO to make smarter decisions. Take a look.
Source: McKinsey & Company
Consumers spend more on tech
IDC reports that because of the pandemic of COVID-19, consumers spend more on technology.
A similar pattern plays out with seniors.
So, is there ANY reason for CEOs to further postpone investment in custom software development? There is not.
Now, let’s think about the benefits of merging custom software development with your business strategy.
What are the benefits of custom software development for business?
With bespoke software solutions, you reduce time and costs in your company. You can also simplify communication and scale your business as needed. But that is just a small part of the benefits you get with custom software.
Below you will find a list of five equally valuable gains for your company that come from developing tailor-made software. Let’s start.
Automating manual tasks
With custom software, it is easy to accelerate your tedious tasks. Many bespoke solutions are created with Artificial Intelligence and Machine Learning technologies (on the contrary to off-the-shelf solutions).
These digital constructs teach themselves how to recognise repeating elements and automate the work around them, letting your employees focus on more important tasks.
AI and ML are basics for data-driven decision making.
Running more comprehensive analysis
To visualise data sets, developers of custom software will often provide you with Business Intelligence (BI) solution. It is a combination of business analytics, data mining, data visualisation, data tools and clear infrastructure.
BI transforms data into actionable insights that fuels business decisions with comprehensive analysis.
With BI, you can also create reports, summaries, dashboards, graphs, charts and maps and gain real analytical value. So, instead of manually collecting information from different parts, your analytic tools do it for you. Data are available at every second.
Easy integrations with other IT solutions
Companies use many different software solutions to run their businesses. Custom software can integrate data from these solutions, by utilising open API and creating a communication highway.
With information exchanged instantly between different IT tools, it is easier for you to build a data hub and grow your company fast.
Security under control
Digital security is a big thing right now. The market grows insanely fast because of fast-acting cybercriminals. But!
Cybercriminals tend to be attracted to out-off-shelf software because of the large audiences that use such solutions. This means they avoid unique programs, developed for just one company. They would simply not achieve much.
The other advantage of developing custom software for your company is that you have full control over creating security levels. For example, you could implement Blockchain or its alternatives to ensure transactional transparency. In other words, during the development phase, you can create a safe fortress for your business data and assets.
Thanks to agile methodology, custom development companies deliver the initial version of your product in just a few months. This is incredibly fast! And with a so-called Minimal Valuable Product (MVP), you can navigate further development of your software.
This way, you avoid business mistakes, unwanted functions or poorly invested team’s time. You see first results in just months and build your competitive advantage really fast.
Apart from these values, your business also gains:
- simplicity in maintenance,
- quick, personalised and detailed support from developers
- and a design that is both beautiful and intuitive (UX/UI), which assures fewer distractors at work.
If you lack any of these values in your daily work, it is the right time to talk with your stakeholders about customising the software.
Now, let’s make some… data-driven evaluations on technologies in business.
Technologies used for a custom software development in numbers
Monitoring every technology is not easy nor necessary for you. But it can pay off. Take a look at these numbers and decide if you trust the new technologies or not.
#1 Decision making and task automation: AI and ML
Gartner asked in a survey about how many AI or ML projects organisations expect to have in place in the upcoming years.
Organisations foresee substantial acceleration in their adoption of AI-powered applications. And as it occurs, decision making and task automation are key drivers for that.
Tailor-made software meets all the needs of your organisation and - what is important - flexibly adapts to them if they change.
Off-the-shelf software is created to solve average problems of average companies. It gives you only partial control over your business.
Unlikely, custom software gives you full control over your business and provides real value to both your customers and your employees.
Look also at this Google Trends card. It shows how search queries of Artificial Intelligence (AI) and Machine Learning (ML) grew during the last 5 years.
#2 A better-informed decisions: BI
48% of all organisations consider BI either “critical” or “very important” to their operations. As we said earlier, Business Intelligence software helps businesses make better-informed decisions.
SelectHub visualised key data points about the BI market.
What do you think about it?
#3 Next-level security: Blockchain, cloud computing, data security
IBM reports that the average cost of a data breach is $3.86 million as of 2020. According to their research, healthcare paid the highest price for data security issues. But what is the most concerning, is that the average time to spot a crime is approximately 280 days.
As you can see, data security is critical to business safety, especially during the pandemic of COVID-19.
According to CBInsights, there are 58 industries that Blockchain could transform. Among them you can find:
- Financial services
- Travel & mobility
- Public sector
- Retail & CPG
- Agriculture & mining
- Education, communication, & information services
Why would Blockchain (or its alternatives) technology impact the transformation?
The first reason is: it ensures data immutability and transaction transparency. There is no central point to process transactions, so there is no need to engage a third-party in operations.
The second reason is: it offers encryption and validation. You can check if the files signatures of files have been changed at every stage of the transaction level. Thus, it is beyond cybercriminals’ possibilities to hack it.
The main challenge of custom software development for a business
The main challenge that you need to consider when developing your own software is time. You need to be aware that bespoke software is created from scratch. It means that you will participate in many meetings, strategic decisions, mail exchanges etc.
All these activities are time-consuming. And this is only one-third of the whole cycle.
The other parts of the development process are:
- and testing/Quality Assurance.
So, as you can see, it is not the fastest process in the world.
Depending on the project, it can take from a few months to a few years. But we (and our clients) assure you - it is totally worth it.
The investment returns in:
- business cases solved faster,
- customers served better,
- or operations simplified.
In the end, you can count ROI in your currency too.
The cited reports and statistics clearly show that technology is beginning to play a critical role in running a business.
- Incremental growth of custom application development market untill 2024: 26.74 billion USD.
- IT solutions support business strategy and promote seamless collaboration between the tech experts and business users
- Consumers of all ages spend more on technology year-over-year
- Organisations plan to almost double AI-powered apps by the end of 2022
- 72% of organisations consider business intelligence important, very important or critical to their daily operations
- The average cost of a data breach is $3.86 million as of 2020.
Dynamically developing companies invest in technologies to build data-driven strategies aligned with business goals and result in business growth and optimisation.
CEOs can no longer delay deciding to develop tailor-made software.
Without appropriate improvements, business development may be delayed, and the company may become uncompetitive.
Skyrise.tech offers professional consulting and executive services in the field of custom software development. Contact us and start your custom project today.
Skyrise.tech is a trusted software development consultancy company. Recognised by Forbes and the Financial Times as one of the fastest-growing companies in Europe, awarded by Clutch.co in Top Development Companies Poland 2020. The company is also a member of the Digital Knight’s network.