Bespoke software: industries where it is crucial for success
Virtually every industry can use its own software solutions. Think about your own company. How much more effective can your software become if it is fully aligned with your business practices? Think about your potential return on investment.
While almost any company can benefit from custom software, some industries need it more than others. We've listed those industries below.
The healthcare industry is one of the largest in the global marketplace. According to Deloitte's Global Health Care Outlook study, the value of the global healthcare market has reached $7.724 trillion. In the infographic below, you can see how spendings on healthcare industry's software have increased during the year of the epidemic.
The healthcare market includes all companies that provide clinical services, healthcare support, and drug and medical device development. So it is natural that the need for custom healthcare software development is so acute.
Healthcare work goes far beyond treating patients and writing prescriptions. Having a custom software solution that allows the medical center to provide superior customer service, efficient facility and data management is critical to thriving. By implementing it, among other things, facilities are able to:
Custom healthcare software development will transform a rudimentary paper-based system into a digital one that will certainly provide portability as well as improve patient safety and make your healthcare facility more efficient. Medical Records Software for Hospital Group is a successful example. MassMedia Group developed this web-based application to streamline hospital records and medical records. It has allowed hospital services in U.S. hospitals to be set up and managed on a whole new level.
Also worth noting is the use of artificial intelligence in patient care. It has reached a fairly large scale in the market and thus is expected to be around $33.1 billion by 2025. Even greater use of artificial intelligence can also be expected in robotic surgery, fraud detection, pre-diagnosis, reducing dosing errors, and other areas.
Here are some notable examples of the use of AI during the COVID 19 pandemic:
Rarely boxed solutions contain full AI-based functionality, so if you decide to enhance your workflow with innovative technology, custom software is a must-have for you.
Custom software is especially popular in the hotel industry. Running a hotel or real estate agency without a software solution that automates and thus supports most business processes is extremely difficult, if not impossible. Most customer interactions happen online, so having a custom web platform is a necessity to cover all needs. In particular, a good custom solution can allow property managers to:
As travelers become younger and more demanding, personalization and ultra-fast service become keys to their hearts. Indeed, why wait to make a reservation in front of a desk at a hotel instead of tapping your smartphone a couple of times? What's more, why not use your smartphone instead of the pesky key card to check-in and check out of your hotel? It's all forming into a new industry called TravelTech. No wonder hotels around the world are adopting new digital solutions for their guests and considering options for a hotel management program.
Statistics also prove that the hotel industry relies heavily on digital technology. According to Socialtables, about 92% of hotel guests carry smartphones, while about 40% of them already use hotel apps for a range of services. In addition, about 74% of hotel guests surveyed were willing to join individual hotel loyalty programs, receive customized email offers, and share their personal information such as gender and age.
Regardless of the type of product, large-scale manufacturing means the need to implement custom software. In a globalized world, businesses need to reduce order dispatch times, generate and prioritize orders, and manage their production to improve customer service and thereby gain a competitive edge. A quality custom software solution can contain functionality for all of these purposes, allowing its users:
No company can afford to fall behind the new industry performance standard. Manufacturers understand that their products are only as good as their production methods, which is why they are all unique and know-how-based. This is why the choice of software is especially important. If the software doesn't match the production method, people work around the system, leading to duplication of effort, efficiency leaks, and possible errors. And simple errors can have costly side effects in an industry where expensive parts are ordered in bulk. Obviously, custom software gives manufacturing companies more flexibility and options than they ever had.
According to a recent Statista report, global growth in financial app usage during COVID-19 was highest in Japan at 55%. This was followed by South Korea (35%), the US (20%), China (20%), Germany (15%), and Italy (15%). Even before the pandemic, global investment in financial technology was on the rise. Although with a slight decline in investment in 2019, at $137.5 billion compared to $141 billion in 2018, FinTech showed positive growth in most of its sectors.
One way or another, the average use of Fintech applications around the world is only expected to grow. So it's time for financial technology companies that are developing innovative technology solutions to gain momentum, find their niche, and expand their business. And it can be done with the help of custom software.
Development of custom fintech solutions gives an opportunity to implement unique ideas and business models in a particular web/mobile application, or set of applications. The creation and implementation of such software allow to increase profits, reduce costs, improve user experience, and increase the number of users. By closing the needs specific to your business, the target audience increases, which positively affects the further development of the company. Such software will be a strong competitive advantage and will help to break into the leaders of the financial industry, which is proved by the example of Defero. It is a service that allows authorized users to receive a report on financial activity. The report is updated on a monthly basis using statistical and objective assessment. During registration, the user goes through a two-step registration procedure, which first confirms the identity through authorization in the BankID system, which means increased security measures. With such examples, it is not surprising that there are hundreds of new companies working all over the world developing original solutions for their clients.
It's no exaggeration to say that digital banks with a high-quality, custom solution in their arsenal represent a real threat to traditional banks, as they attract younger, Internet-connected customers who want easier ways to manage their finances. According to a CASI report, from 2017 to 2022, the number of consumer visits to banks will decline by 36%, while the number of mobile transactions will increase by 121% over the same time period.
This news is good not only for tech companies, but primarily for customers, who should expect stiff competition for their attention and, as a result, better service. Custom digital banks have the advantage of flexibility, and what's more, they typically offer innovative services at much lower rates than traditional players.
Of course, there is a wide range of industries that have not been mentioned in this article. Basically, almost any company would benefit from custom software. They don't have to be unique or large enterprises. Often organizations that can buy off-the-shelf software still choose to do custom to gain a competitive advantage. Anyone who needs improved communication with their customers, a better understanding of the customer experience, and enhanced security should certainly have such software. And to do that, you need to have the support of a reliable team of specialists, but you can read about them in another article.
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