Buy or Build? Top Tips on When to Invest in Custom Software
Buy or Build? Top Tips on When to Invest in Custom Software
Custom software development is a vital and critical element for businesses to stay competitive and ahead of the competition. A big reason to consider this investment is the importance it can have for the growth and future of your company, as well as enhancing business efficiency. In this article, we will cover top tips that will help you evaluate critical elements to make the right decision for your organization.
Modernize & Streamline Business Processes
Most businesses run on more than one application and system. Sales and marketing will require a different digital solution compared to accounting departments. This is where custom software can help minimize or completely remove juggling between several business systems through manual processes. Neo Code’s expertise lies in helping small to large size organizations automate daily activities by closely analyzing the unique functionalities required and delivering cost-effective digital platforms and applications.
Digital Transformation Impact
According to McKinsey’s research, companies that aggressively digitize their supply chains can boost annual EBIT growth by 3.2% and annual revenue growth by 2.3%. Another McKinsey survey reported that top performers captured a median of 50% of the full revenue benefits from their recent transformations, compared to a median of 31% across all respondents. Forbes highlighted that companies leading with digital transformation are seeing nearly twice the revenue growth of those not so digitally inclined. A compilation of digital transformation statistics for 2023 indicates the significant impact of digital transformation on corporate revenue and job creation, underscoring the importance of custom software in these initiatives.
Improve Current Maxed Out Solution
Organizations wait too long before realizing that their current legacy solution now runs on cranky performance. While you embark on the process to improve your system, the version is too old to be updated or the off-the-shelf solution delivers slower updates and upgrades. If this is actually your current situation, where you cannot integrate new features or updates, it may be time to consider implementing a custom software solution. We have seen time and time again how companies are stuck in a cycle of workarounds that are time-consuming and lead to errors and delays. Neo Code’s methodology in custom solution development ensures that your new software supports your business as it scales and evolves.
Automation and Employee Productivity
A Forrester report titled “Predictions 2021: Automation Becomes A Business Imperative” highlights the significant impact of automation on employee productivity. By automating repetitive and time-consuming tasks, businesses can free up valuable employee time for more strategic work, thereby enhancing overall productivity and efficiency.
As new department needs expand and system capacity is limited, it is crucial to improve lack of functionalities and resolve complexities. At the heart of custom software development is the ability to automate repetitive and time-consuming processes, as well as integrate with existing systems and reduce the risk of errors. By migrating data faster, most custom software will be prebuilt with the capability to provide real-time data and analytics, while also improving collaboration with a centralized platform and advanced security features.
Get More Control Over Software Solution
Compared to custom software, ready-to-go solutions are rigid and do not easily fit into your workflow and processes. Platforms and solutions that are specifically developed for your business needs allow for smoother and seamless adoption with the ability to customize and modify features. It is also important to mention that custom-made software is designed to be more secure according to your specific protocols with the option to pick which security technologies will be integrated into your product. This translates into increased agility and, according to research, a 20% increase in employee productivity and a remarkable 17% increase in customer satisfaction.
Create a More Personalized User Experience
As mentioned above, when it comes to custom software every element and functionality is developed to be aligned with your distinct requirements. Improving inefficient workflows is not just about automation but actually establishing a workflow that is uniquely yours that will also remove future bottlenecks and allow for scalability. This also translates into better coordination and communication among departments to unlock newfound efficiency. Tailored software integration delivers a 360 view of your business to be able to proactively navigate the ever-evolving market dynamics.
Increase Profitability & Reduce Operating Costs
The biggest drawback to custom software development is the initial high cost investment. But the reality is that when considering software improvement and implementation, organizations need to consider developing a long-term strategic plan. Incorporating software design with performance and stability in mind to fill the void and ensure that your new software runs smoothly. Hence, you can maximize business value and profitability by benefiting from the technical knowledge of custom software and app development companies like Neo Code that offer innovative solutions and deliver tangible business outcomes.
Future-proof Your Business
As your business grows, your processes get more complex which puts forward the need for more advanced tools. And this is why custom software assures that your software scales with your business growth over time. Compared to off-the-shelf solutions that are restricted and inadequate for businesses that require unique features to address uncommon system requirements. Emerging technologies such as AI or machine learning can also be offered seamlessly as a standard practice to deliver competitive advantage and paving the way for business innovation.
Custom software development is the best way out if you can’t find anything that fits your business growth and capacity. Working with development companies like Neo Code ensures that your solution will meet and exceed your requirement and deliver the best solution according to your budget. Our methodology allows to evaluate each phase of the process to test and gather feedback and make necessary improvements. We are not just developers, we are collaborators in your success and navigating your digital transformation journey.