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If you are a business owner, you should know that all in all every action you take on a daily basis should be beneficial to your business. In order to get these benefits, you have to do one of two things: increase income or reduce costs (you can do both though). Our experience shows that there are many steps that business owners can take to reduce costs. They can hire cheaper labor force , buy cheaper materials, or offer ideas to prevent errors and wastage. They can also buy expensive equipment or they can spend money on staff morale to reduce employee turnover - the options are limitless they say.
However, in reality, most of these measures are quite obvious. If you need a competitive advantage, try solving the problem in a smart way, and look for non-standard ways to maximize profits and minimize costs. One of the possible solutions to this situation is custom business software. Although many entrepreneurs see the custom business software as quite expensive, the infographics below clearly show how beneficial such a solution can be in the long term.
At the same time, the very fact of having a custom business software in your hands only slightly increases the chances of success in the difficult case of increasing profits. In order to significantly boost them, you need a comprehensive approach to the development, support, and further upgrade of custom business software. To be particular, we are talking about Custom Software solutions, which are described as detailed as possible in our other article.
Custom Software Solutions help you increase profits by optimizing nonprofitable processes, increasing revenue, and reducing costs. This is ensured primarily by a comprehensive approach to development and closing down real business needs in strict compliance with goals and requirements. Ultimately, such software is perfectly suited for the chosen business model.It allows you to implement unique ideas that, due to small competition, give you an opportunity to enter markets with high profitability. In addition, custom business software includes only the necessary functionality, allows you to optimize business processes, and makes the supply chain, management, as well as decision making faster and cheaper. Apart from that, it helps the owner to scale an app, add new features and new technologies.
Why is custom business software more profitable than other solutions?
In the short term, buying out-of-the-box software will be cheaper and small businesses can cope with this option one way or another. However, medium and large companies usually have a more complex structure, which includes several physical sites and different levels of production or services. Often, out-of-the-box software doesn’t meet the needs of the company. Individual employees may find a workaround to solve some problems, but if such an employee leaves, the whole department and even the entire company may be left in a difficult position. Such solutions aren’t tailored to suit individual needs and business goals, they don’t take into account all the specifics you need, there aren’t enough functions and opportunity to fulfill business logic that would help you to reach the full potential of the company, and often there are many functions that may never be used.
At the same time, the custom business software will allow you to maximize the benefits, and subsequently the profits. Especially important in this context is the comprehensive approach provided by Custom Software Solution service, as it provides additional opportunities for maximizing the profit:
IT consulting allows to carry out identification of the company requirements and gives a chance to focus on working out of those functions which will raise profit and bring real benefit. Besides, the deep analysis of the market with the involvement of a business analyst allows you to avoid potential errors at the development of custom business software.
After the needs are identified by the business analyst, the development will potentially require less time and cost, as all the software developers will focus on the necessary functionality. Also, the software will be initially optimized so as to maximize conversion. As statistics shows, companies spend about $15 billion each year on unnecessary functions of the out-of-the-box software.
Maintaining software often requires large investments, and failure may entail significant costs. According to statistics, which analyzed 200 different companies, software downtime costed a total of more than 26.5 billion dollars!!! With Custom Software Solutions this problem is leveled out, as maintenance is included in the service. Moreover, we at MassMedia Group even provide our customers with a free and lifetime warranty on the code for the fastest possible troubleshooting in case of any problem detection.
New Versions Development
In the case of Custom Software Solutions, it is possible to add the necessary functionality to new versions of the software. This will help the company to work even more efficiently and keep the software up to date, which will also have a positive impact on increasing the potential profit.
All in all, using a comprehensive approach, you will get the software that is perfectly tailored for you and it will be focused on those features that are key to you and work to increase profits. Additionally, the business gets a set of services within one company, which allows you to maintain all the business logic in a single way, saving on third-party contractors, don’t pay for configuration and integration, have full ownership of the software, as well as to scale the solution if necessary instead of switching to another. Let's now take a look at how exactly custom business software can increase profits?
How exactly does custom business software help increase profits?
Development and business processes optimization
A comprehensive approach to software development can help optimize service delivery, which will improve customer service and business reputation. Particularly speaking, in the course of IT consulting, business analysts will identify which of the company's processes need to be optimized and help to ensure that the company's competitive advantages work for their improvement. On the basis of expert opinions, unique software will be created, tailored to the specifics and business processes. The fact that the business has its own technology can be an advantageous argument for potential customers who want to work with a company that has installed reliable systems - this in turn can help increase sales.
Also, automation and optimization of labor-intensive manual processes can reduce personnel costs and make business more efficient and profitable. The statistics from WorkMarket's 2020 In(Sight) Report clearly shows the very tangible and costly impact that an inefficient workforce has on corporate revenues, as well as on personal profits and employee peace of mind. Employees believe that many aspects of their work are repetitive and open to automation, while business leaders claim that much of their workdays are well suited for automation and AI. In fact, the report says 53% of employees mentioned they can save up to 2 working hours per day (roughly 20 hours per month) through automation, while 78% of business leaders say automation can save up to 3 working hours per day (roughly 30 hours per month). With custom business software, the optimization of employees' working time becomes a feasible task. Moreover, custom business software implies the development of new versions, which is also a huge part of the optimization process.
Satisfying specific business needs and implementation of unique ideas
Custom business software allows you to meet only the necessary needs 100% while implementing a completely unique idea. This also leads to an increase in profits in the long term. This is ensured by the fact, that while creating custom business software within Custom Software Solution, business and technical experts conduct an analysis and then select different methods to meet enterprise needs. They have the expertise and tools to determine the right process flow for your business. Trying to do this in-house is likely to take much longer and cost much more. Fully configured software will be ready to go when you need it, without all the errors and failures, which will also eventually result in lower costs.
Data and ideas security
It is very important to get an expert opinion when it comes to industries that have certain information protection requirements, such as medical service providers, pharmacists, insurance companies, banks, etc. The main requirement of information safety is high-grade protection of the confidential information, maintenance of its integrity along without a risk to damage the workflow of the enterprise. For example, the law prescribes that Protected Medical Information (PHI) must be processed properly. Failure to do so could expose you to substantial fines for non-compliance or even a hacker attack, which would incur high costs.
At the same time, Custom Software Solution provides an opportunity to think in advance and provide all necessary safety measures through detailed planning and continuous feedback from the client (provided by quality customer service). Thus, creating a system specifically for your business is the safest and most convenient option.
If you are trying to save money, ordering software may seem financially unreasonable. In fact, however, a comprehensive approach implies flexibility to customer requirements, including those related to the budget. This way, it will always be possible to optimize costs by adding only the right features with a focus on product development in the future. As follows from the report, by prioritizing functionality over design, you can potentially adjust the development budget as much as 10%. The right software will help to avoid costly errors, whether it be delivery, payment, or other costs. In addition, the implementation of certain functions can be done in stages, defined by milestones, and launched into development with each new version, while making a profit. Custom business software is not a luxury. If you own a medium or large business, it is a necessity for you.
Experienced businessmen know that the old proverb is true: "You must spend money to make money”. While out-of-the-boxed software may look profitable at first, it is often not in the long run. Custom business software easily pays off by increasing productivity and reducing errors. This increases customer and employee satisfaction while boosting your profits.
In addition, custom business software can help reduce spendings and make your company more profitable.
There are many ways to increase your profits and custom software is just one of them. Optimizing processes, saving money, meeting specific needs, and implementing unique ideas will bring your business to a completely new level, not only in the context of profit but in general. The main thing to remember is that while the costs may seem quite impressive at first, in the long run, everything will return a hundredfold to you. Having enlisted the support of professionals and correctly planning everything, such a solution can begin to pay off even without having all the intended functionality by closing key needs and accurately hitting the pain points of the business. And so that you hit for sure, find someone who will help you aim, namely, choose the right technology partner and first of all pay attention to the companies offering the most complete range of services.