Don’t let ‘shrinkflation’ affect your software development
Summary
Ross team partners with clients to rapidly build, launch, and scale forward-leaping, industry-shattering software products, and digital pla (show all) Ross team partners with clients to rapidly build, launch, and scale forward-leaping, industry-shattering software products, and digital platforms that create new revenue streams and sources of competitive advantage. Economist Pippa Malmgren coined the term “shrinkflation” to describe instances where companies reduce the size of products while retaining prices. While the Federal Reserve insists the current period of high inflation is temporary, the ripples are being felt throughout every sector of the economy, including software development. If you think “shrinking” the amount of effort you put into projects is the best way to keep prices low, you’ll end up harming your company’s integrity and failing to meet client expectations. Considering other professional services are experiencing increased demand — CNBC reports that home renovations will cost more and take longer — it’s safe to assume the inflation rate will rise in the software development space as more businesses invest in digital innovation.
