In this age of information, Software Product development is a key instrument for business to highlight and present their potential to the clients and consumers they serve. The present capitalist world is driven by intense competition, so looking one or two steps ahead of your business rivals is always important.
But in the constantly evolving world of Technology, new advancements such as Blockchain, AR and Artificial Intelligence are continuously disrupting the entire business ecosystem. Such a disruption necessitates the need for companies to grow and keep up with this pace.
Software Product Development is the most widely outsourced IT service in 2017
But why would Software Product Development be so important in this context? Well, in a report by Statista on the most commonly outsourced IT functions in 2017, it was revealed that the most outsourced IT services were in the Software Product Development segment. This not only symbolizes the desperate of companies in the struggle for technological growth, it also accentuates the need for Software Product Development services in today’s organizations. If facts alone aren’t convincing enough, read on to find out the top 5 reasons for considering Software Product Development Services:
1. Software Product Development creates a unique identity for a Business
To put this point in perspective, think of any service you may be using, and remember the first thing that comes to the mind when thinking about it. This memory is what can be termed as an identity of the service created in the mind sub-consciously.
This identity is what creates the feeling of familiarity when a service is accessed regularly. This feeling applies to everyone, the clients/customers of the firm, and even the employees. An investment in Software Product Development would allow for a platform which will be accessed regularly by everyone involved in the functioning of the business.
Over time, this feeling of familiarity becomes a habit and ultimately sticks the user to the application ecosystem. This is how companies like Google and Microsoft have managed to glue their users to their user interfaces and applications; by creating a friendly ecosystem which served as an identity of the service offered.
2. A Custom Software could provide a competitive advantage
Competitive Advantage is the key to survival in a business environment. Thus its necessary for organizations to beat its rivals in terms of every little aspect. An investment in Software Product Development would also allow custom implementations to suit specific use cases of the business.
An interactive environment through Software Product Development would serve its best purpose only when it fulfills the required need. Such a need must be something not offered by the rivals of the firm. This translates into a unique competency and ultimately becomes a strategic advantage.
3. It serves as a medium for clients/customers to interact with the business
One of the main purposes of Software Product Development is to create a platform which makes it easier for customers to interact and access the services of the business. Sometimes, a web portal or a simple application is barely enough, and the user might need access to a whole set of resources to be used for specific reasons.
A business makes its potential known to its clients and users only through a platform which enables accessibility and interaction. This need in today’s time can only be filled by a custom platform developed specifically to cater to the needs of those served by the company.
4. Increases Productivity and efficiency of the Management Process
Software tailored to automate certain functions of management can make certain activities of the company easier than ever. The use of software development in many companies today has made its workflow smoother, more efficient and less stressful for the employees in the companies.
Time has an immense value in dynamic market environment conditions. Thus in order to keep up with the competition, it’s essential for companies to invest in a platform which at least takes care of a few monotonous and mundane processes within the internal organizational environment.
5. An implementation of Software Product Development services could be highly scalable
Software Product Development isn’t something that rests in its place once done. It’s something which keeps on growing along with the organization and presents more utility for itself over time. For instance, if one considers the growth of the Internet as a technology; its application and utility have only improved over the years. Today, the Internet stands to be something as necessary as food or a home.
In the same way, an investment in Software Product development, and its further completion would only set the roots of its overall potential. It could grow with time, and make much more sense of itself in the same way how technologies such as Blockchain and IoT have grown through the roots of the Internet.
So what’s the takeaway here
The 5 reasons mentioned above give a clear reasoning for the reasons, need and the necessity for Software Product Development services in today’s companies. Now what remains is the choice and decision on the way of its implementation.
Generally, a business has two ways to go for implementing Software Product development. One is to do it all in-house, and the other way is to trust a reputed Software Product Development Company for the platform. As per Statista, Outsourcing services have grown to over $11 US Billion dollars in revenue in 2017, leading to a total figure of $88.9 US Billion dollars of income. This clearly signifies the increasing trust of business in outsourcing companies.
When you combine this knowledge with the fact that most outsourcing services are in the Software Product Development segment (64%), a clearer understanding of the market situation is revealed. Most businesses of today opt for outsourcing companies to meet their Software Product development needs. Its key advantages are that its a highly cost-efficient solution, it provides an experienced team of developers to work with, and all of this is managed by companies which would have already dealt with a number of clients and developed an expertise in its practices.