It’s no secret that software development can drive profitability for a number of companies. All over the world, businesses are employing software development services to boost the sales of their products — whether or not they’re actually “tech” companies. In today’s age, nearly every business has software needs, from mobile apps to presentations. But how exactly do organizations harness the power of technology to increase sales?
“I think the first thing is to build a culture, bring the processes, and bring the talent in the organization,” Anaplan’s Frederic Laluyaux said in an interview with McKinsey & Company. “If you manage those three things correctly, and you stay focused on your core values, you have a good recipe.”
In this article, learn about the steps you need to take to develop products and services that will improve your company’s profitability.
Employ dedicated software development providers
Creating revenue begins with finding the software development services that have the skills and expertise to bring your ideas to fruition. Some organizations elect to hire in-house developers, while others turn to software development outsourcing. Outsourcing can be beneficial for several reasons — it gives you access to a global pool of talent and enables you to entrust your technology needs to experts, for starters. This, in turn, allows you to focus on other core business functions, such as marketing and operations, without having to overextend yourself.
Find a way to incorporate software into your business
What is your business’ market? What customer are you targeting? Look for ways to incorporate software into your business that will benefit both you and the consumer. How can your business, regardless of your brand, be improved by adding software to its repertoire?
For example, perhaps you’re in the foreign language translation business. Consider what types of software might fit in with your business model. Can you put a unique spin on a translation app?
Moreover, you need to evaluate what the market needs. What similar products exist right now? What hole will your software fill? How will you differentiate yourself from competitors? These are the questions you need to ask yourself when honing your niche and finding your place in the market.
Harness big data
Already-developed software enables you to collect data from all sorts of streams, allowing you to better understand your customers’ or prospective customers’ behavior and predict what kinds of products they might need and want, as well as their buying and using patterns.You can use this data to inform the products you create and give software development services direction to adjust them to meet the user’s needs.
Personalization is an important driver of marketability. Today’s products must be customized to users’ needs, and software development companies should avoid using a one-size-fits-all approach. Now, as discussed in the previous point, organizations can use consumer data, including location, buying history, and more, to guide customers to the products best suited to them — as well as help them make decisions about the products the companies are or should be creating.
Through deep learning systems, artificial intelligence (AI) can predict customer behavior and patterns, such as how they spend their free time, which allows businesses to hone their products to meet customer needs. Netflix, for instance, uses AI to provide content recommendations to users based on their preferences and previously-watched shows.
Consider your objectives
Your overarching company strategy and goals should be at the forefront of your mind when making any decisions regarding your products and services. Ultimately, your software development objectives should align with and contribute to this overall strategy.
This might mean adjusting your goals and benchmarks from time to time in order to meet the demands of your market. You may find that user needs have changed, in which case you need to change with the times. Still, whether you’re outsourcing your software development services or employing in-house developers, you must be able to communicate your vision and the purpose of your product, and that purpose must in some way contribute to your organization’s larger mission.
In order to increase profitability, you should also assess market demands. Trends are by nature impermanent, meaning you need to be aware of the lifespan of the products you create and sell if you’re planning on cashing in on the latest fad. Use data and predictive analytics to consider the possibilities of the future in addition to what’s popular right now.
Software development has the capacity to greatly improve your organization’s brand and reputation, no matter what your business is. This translates to profitability and sales. However, it’s important to consider your approach, taking into account your overarching goals and objectives, analyzing what niche you’ll fill, and using tools such as AI and big data to personalize your products to meet your customers’ needs. And it all starts with the right software development providers. Partnering with experienced developers you can trust will take your product — and entire operation — to the next level.