Before Investing in Custom Software, Answer These 4 Questions
Summary
IFS found that 70 percent of companies plan to increase spending on digital transformation, and Meticulous Research estimates that the market will be worth nearly $3.3 billion by 2025. In a recent New York Times article, for example, 15 current and former executives bemoaned indecision and delay at Google, demonstrating that even the most tech-forward organizations aren’t immune to corporate lethargy. Shortened development timelines lead to missed product requirements, which ultimately translate into costly reworks or scrapped projects. If solving a unique business problem with custom software will catapult an organization ahead of the competition, it’s worth the investment — but failure can be costly. According to a recent survey by McKinsey Global Institute, companies in the top 10 percent of annual growth invested 2.6 times more in “intangible assets” like research and development, employee training and digital transformation.
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