Repositioning Software Development to Recoup and Sustain Revenue
Most companies are seeking a rapid recovery. Gradual recovery based on the same business strategies may put your organization at risk. Rethinking your revenue opportunities and repositioning are essential in speeding up your recovery.
How do you do this, and where does software play a role? Here are some specific actions to consider.
Accelerating digital and analytics initiatives
While digital transformation has been a priority for most companies, it is now a necessity. However, those original goals may need some transformation of their own. In seeking revenue recovery via software development, the acceleration of digital and analytics tools could be the answer.
Financial associations can benefit from technology
The financial sector is feeling the pressure to use innovative technology. Banks are essential, with branches staying open. However, many customers are turning to online banking, increasing traffic and usage of apps and websites.
Institutions big and small will find it beneficial to revisit the user experience on their apps and add features, such as mobile deposits or in-app chat. Meeting that need now is essential to retaining customers and keeping them active in the future.
Further, anything related to investments is now highly volatile. How do advisors address such volatility? They need to crunch more data and receive insights after every day’s market close. It was a need before COVID-19, but the market was stable and climbing. The economy looks much different now. Investment bankers need as much intelligence as they can get to calm client fears.
They can do this with new software that leverages AI and machine learning. Deploying these algorithms ensures they can respond appropriately. It can improve the “picture” for their clients and keep investments steady.
Think Like a Startup Again
Be open to being agile in developing software. Traditional approaches to development are too lengthy to have an immediate impact. Agile software development supplies critical benefits, including working software delivery early and often.
Examining the healthcare industry as a case for agility
The healthcare ecosystem is in chaos. While healthcare has certainly made strides in digital transformation, they are cataclysmic failures happening right now. Interoperability is one critical element.
Healthcare systems are struggling with data exchange, both internally and externally. There is no standardization for healthcare APIs. Nor is there a standard patient ID. There are multiple streams of data regarding COVID-19 testing to aggregate for accuracy. The cracks in the foundation are showing. Healthcare needs help now.
These challenges require a solution, one that comes in the form of innovative software. These organizations don’t have the luxury of waiting. By having a more agile mindset and partnering with a firm that can provide this support, new software can help them share data internally and externally and remove interoperability burdens. With these improvements, the system can treat patients better and contribute to public health initiatives, such as COVID-19 tracing.
Many industries are seeing operational breakdowns. One aspect of this has been supply chain challenges. The pattern of supply and demand is radically different than it was months ago. This realization has many implications now and in the future. It is another area where software development can overcome the challenges now and act as way to future-proof operations.
Software development in the supply chain
When looking at the supply chain, it’s central to manufacturing, which is evolving to Industry 4.0 (the Fourth Industrial Revolution). It describes the process of using manufacturing technology advancements and the Internet of Things (IoT) to enter a new phase of interconnectivity, automation, machine learning, and real-data time.
Achieving Industry 4.0 is a path with lots of obstacles. COVID creates even more. It is not a time to stop progress. It is a time to move forward with purpose. Software is the important link of interconnectivity and automation.
The more manufacturers know about their supply chain, the more they can ensure sustainable operations. By pulling real-time data from internal and external sources provides users a holistic picture. They can adapt to shortages before they become a problem. Having these tools at their disposal provides a competitive advantage that will be applicable for years to come.
How to Grow During a Pandemic
Is it possible to grow during COVID-19? Coming out of the first crisis and the probability of a second wave has many companies anxious. They are in a survival mindset, but there are opportunities in any crisis because it brings new challenges.
No matter what industry, there has been upheaval and new problems. The possibility for growth comes by understanding the new concerns of buyers and developing a solution to bring to the market. This will inevitably involve refocusing digital efforts.
For example, e-commerce sales have been steadily increasing during the pandemic. For the week of May 26-June 1, online sales are 40% higher than the pre-COVID benchmark of February 24-March 1.
Except not every retailer is ready for the shift. They do not all have the foundation to scale operations and may have given it little attention. Brick and mortar stores are reopening slowly, but many shoppers are still taking advantage of the convenience of shopping online. What is interesting here is the rise of buy online pickup in-store (BOPIS). According to the National Retail Federation (NRF), half of consumers tried it because of COVID-19. Further, 90% who did say it was convenient.
It requires infrastructure to take advantage of these new channels. Retailers of every size are refocusing their efforts here. To get there, they need a comprehensive software solution that supports an online store, payment integration, and distribution. Many times, these functions are not part of the same platform. With custom software, they can achieve integration, simplifying the process, and leading to growth.
What Are Your Priorities?
These focus areas provide insight into some of the ways businesses can recover and rebuild. In looking at these opportunities, it comes down to your organization’s priorities. How has COVID changed these? What are your new expectations?
An Innovative Software Development Agency
In seeking the answers to these questions, your organization may decide it is time to find a software development partner. We are proud to be a New York City software development agency. We have built a reputation on enabling exponential growth and operational efficiency for mid-market organizations. We strategize, optimize, and deploy custom software development.
We are helping businesses everywhere adapt to new outsourcing priorities. Let us talk about how we can be your partner and deliver value to your brand.