Key Takeaways
- Do you rely on data for business decisions?
- What if we told you that custom software development helps businesses become much more data-driven?
- Read our latest blog to know how it happens…
In our digital age, businesses are left with no option other than to adapt fast to stay competitive!
And the way to adapt in our digital world is via digital transformation, which can help ensure that businesses transform along with their industry and market demands using the latest tech & trends.
There are two ways to do it: an off-the-shelf digital solution or custom software built using the custom software development services.
An off-the-shelf solution might be cheaper initially and quicker, but in the long run, it will have scalability issues as well as become costly due to varied subscriptions.
While with custom software development, you are in control, and the progress happens as per your needs!
If you are a business owner, a software developer, a project manager, or a tech enthusiast, this blog will help your business become a data-driven entity via custom software development!
A few facts about Custom Software Development
- The market share of custom software development services is expected to cross USD 179.9 billion by the end of 2024.
- Custom software development opens up new arenas like low-code development, which is supposed to account for 68% of all the software developed in 2024!
- As per McKinsey, 71% of the clients want custom software development while 76% of them are disheartened when their software development companies fail.
- The average cost of software development lies between USD 3 to 150k, while for custom software development, USD 20 to 200k can be spent.
What is Digital Transformation?
Before we get to know the custom software development, let us inform you briefly about digital transformation and its various types.
Digital transformation means that a business undergoes a large-scale upgrade to bring in the latest digital solutions and services. It is done to be in line with the current market requirements and beat the competition.
There are five ways that help in the digital transformation of a brand, and they are:
Website Development
Websites are an integral part of any business’s digital identity, and thus having updated websites is crucial.
You can utilize website development services to either create a brand-new website or update your existing website.
A good web design influences the users by 74% to stay on the website.
Custom Software Development
Nowadays, businesses need customized solutions as they wish to excel in their industry.
This is not possible holistically with ready-made software, and thus, custom software development is required.
It helps in boosting the efficiency by 74% and scalability by 71%!
- Data Analytics
Data is the new gold of the digital world!
The brand that recognizes this understands its power & wields it to make better decisions and lead to data-driven business operations.
It helps in making business decisions five times faster!
- – Cloud Computing
The required IT infrastructure needed to support websites, apps, and other digital solutions of a company has exceeded the amount of infrastructure that can be kept in-house by all businesses.
Plus, it is cheaper to only pay for that digital infrastructure that your business needs and that is scalable too (as and when needed)!
It can help reduce costing by 16% and time to market by 30% (for new services).
- Mobile Applications
The number of mobile phones and smart phones is slowly exceeding the number of digital devices like laptops and desktops!
Mobiles have made the internet accessible to all and helped businesses reach out to far-off customers as well.
Mobile apps increase customer engagement by 50% & sales by 28%, so use the best possible app development services to rake in these benefits and more!
Thus, digital transformation is vital and will give your business the competitive edge, you are looking for.
What is Custom Software Development?
Now it’s time to raise the curtains on custom software development!
The process of developing software that suits the unique demands of a business depending upon their current standing, competitive analysis and business goals is known as custom software development.
It can be a customer app, a vendor app, an in-house software solution, or more.
Custom Software Development: Significance
It is quite important because with customized software all your business and operational needs can be met in a single dashboard.
Businesses use various tools to monitor their day-to-day work, and sometimes, due to human error, mistakes happen due to wrong or incomplete human insights!
But if they have a single custom software developed for a business operation or division, then not only will they prevent such errors but also save time!
We can better understand the same in the below pointers:
- USP
A business can build its USP, or unique selling point, by utilizing custom software development.
Because it will be able to cater better services to their customers with much more personalized user experiences using AI and ML.
- Data-driven decision making
If you have custom software, then you can gather accurate data from it!
Ready-made software either doesn’t give all the required data or charges too much for it. Sometimes, you might need to use more than one software to get the required amount of data.
With apt data collection and, if possible, in real time, the businesses can utilize it to make better decisions in less time.
Thus, custom software development services led to data-driven decision-making in business operations.
By now, you must have understood the custom software development, and thus it is time to entice you further.
What are the Benefits of Custom Software Development?
We are sure that you must have figured out some of the benefits of custom software development, but still, we are here to help you with all the major ones!
Precision-based Operations Streamlining
Did you know custom software development services can increase the operational efficiency by 45%?
Don’t start drooling, just yet!
- Grow together and Adapt Effortlessly
Don’t you want your software to grow along with your business needs?
That way you won’t have to go looking for new software during every upscale cycle.
In short, custom software grows alongside your business!
- USP building
Customers like to choose those brands that are unique, as it helps in creating a separate identity in the minds of the users.
And this unique identity built either by services or by custom software helps in brand recall and then brand loyalty!
- Secure like North Korea
If you use off-the-shelf software, it will have the generic loopholes, which once exploited by hackers will become the set path of hacking!
But with custom software, your business will have a unique digital solution.
It will have the types of digital securities you need via authorizations, firewalls, and more to prevent any hacking attempts from becoming successful.
Just like North Korea, that follows its own security protocols and does not allow easy access!
- Long Term Gains
The long-term gains of custom software development services are unimaginable because custom software is that trusted partner which evolves with you and vice versa.
Plus, it will always be free of charge for you, except the post-launch support & maintenance fee.
- Harmonizing the Tools
Many times, some of your business divisions and operations will need other tools as well.
And by using custom software development services, your custom software can help you integrate all these tools to have a harmonic relationship between tools!
This will make your lives easier and business processes faster.
- Experience & Bond builder
By using the power of custom software development services, you can cater a rich and personalized customer experience that will help build a bond between you and your customers.
This bond will be built upon how you take their feedback and inculcate it.
And it will turn your customers into loyal brand advocates and word-of-mouth publicists!
- Boosted Customer Experience
Using AI and ML helps in carrying out deeper analysis of the current user behaviours and preferences.
Thus, it helps in predicting their choices (to some extent) in the near future.
Using custom software development services will help your brand deliver exponentially boosted customer experiences using AI and ML!
- Cost effective in the Long Run
As conveyed earlier, your custom software will not be charging you diverse subscription fees.
Plus, any number of users can utilize i.e., it will not be restricted to one user only!
So, imagine the amount of cost savings your business will incur in the long term.
We know you want to opt for custom software and are now thinking of finding a custom software development company that can deliver the above benefits to ya!
How is Custom Software Development a driver of Data Driven Innovation and Business Growth?
This section is for those people who like to talk only about growth and innovation via number analysis.
The numbers’ guy, if you will!
Numbers & data are important, especially when you are fighting neck-to-neck with your competitors and are desperately looking for a god send.
Here’s how custom software development will deliver business growth and innovation:
- Enhanced Productivity
When you are using custom software that not only streamlines your business processes’ efficiency but also brings forth scalability like never before, your productivity is bound to skyrocket!
- Quicker Decision Making
The AI era of 2024 requires businesses to undertake decisions quickly, and it is possible via custom software development services and AI & ML based data-driven decision-making.
- Industry specific Solutions
Aren’t you fed up of the generic and run-of-the-mill software offered in the digital solutions industry?
By leveraging custom software development services, each business gets a tailor-made digital solution for them!
- Automation
Only by utilizing custom software development services along with industry-specific AI, will you be able to automate the repetitive tasks in a business.
This prevents human errors, speeds up the business processes, and grants more time to the employees to figure out creative ways to do their work, i.e., an added efficiency boost!
As you can see, from productivity to automation via custom software development, it will help in charting a path forward for businesses that is paved with data-driven innovation and growth.
How has Custom Software Development helped Startups grow?
It is always helpful to know some real-world examples if you are planning to pitch something new to the management and stakeholders.
Here are some real-world examples of how custom software development helped a few renowned startups!
- Airbnb
They leveraged custom software development services to create a unique platform that caters to both the guests and the property owners.
- Square
It helped small businesses to utilize their payment solution, which incorporated a custom point-of-sale platform.
- Slack
Did you know Slack was a gaming company?
Well, they made a pivot to deal with miscommunications in an office and developed a custom software for communication called Slack!
So never be afraid of change; rather, welcome it!
And you will be able to welcome it easily by knowing all about it via diligent research and analysis.
Is the future of Software Industry paved with Custom Software Development?
Yes, pretty much!
The future of the software industry will be paved with custom software development services such as low-code development, no-code development, and AI-driven software development.
All of them are way ahead of the traditional software development services and are thus revolutionizing the whole software development industry.
Conclusion: Custom Software Development is crucial for Data Driven Businesses!
Any data-driven business needs such software that helps it in collecting data appropriately, integrating other tools, and then acting upon the insights provided by AI-driven predictive analysis.
This is possible only if you opt for custom software development instead of the traditional software development.
A business that wishes to reign supreme will easily understand the power of custom software development and the way forward to a data-driven world!
Wildnet Technologies is a leading Digital Transformation company in India that has helped more than 4100+ clients, be they startups or Fortune 500 companies, to develop their digital solutions via custom software development services under the Design and Development division.
If you would like to know more,
- AI-driven Web Development Services: The Emerging Trend of 2024
- Progressive Web Apps: A Step-by-Step Guide to Build them!
- Wildnet’s Digital Yum (our thought leadership’s weekly POV on the latest in the digital transformation industry)
Contact us now at info@wildnettechnologies.com and get yourselves the custom software boost!
FAQs
FAQ 1. Why do businesses need custom software development?
Ans: Businesses need custom software development because they have unique requirements as well as scalability and cost effectiveness goals, which can only be guaranteed with a custom-made software.
FAQ 2. What are the benefits of data-driven software development?
Ans: The benefits of data-driven software development are,
- Better UX
- Improved Decision-making
- Appropriate Resource Allocation
- Reduced Time-to-Market
- Proactive Problem Solving
- Boosted Revenue
FAQ 3. What are the benefits of custom application development?
Ans: The benefits of custom application development are,
- Top-notch Security
- Best possible Scalability
- Competitive Edge
- Cost-effective
- User Personalization
- Boosted Productivity
FAQ 4. Why would a company choose a custom development method to acquire an information system?
Ans: Because with a ready-made solution, there will always be misses!
The ready-made software is built by a software development company that wanted to sell it to all industries.
What this means is it will not have any industry-specific features and will have some features that will be useless to your business.
And thus, you must choose custom software development services to acquire an information system designed specifically to cater to your business needs.
FAQ 5. Are there any risks involved in custom software development?
Ans: The main risks involved with custom software development are linked to improper management of the development project pertaining to goals, deadlines, features, and more.
So, always ensure that you and your custom software development partner are on top of the development project by real-time updates as well as proactive solutions to any issues.
