Virtually every industry uses software solutions to keep their operations running and without these solutions, many businesses would come to a screeching halt. However, many businesses rely on out-of-the box software that is made for general use. Depending on the company, this might work well, but for most, they can quickly outgrow this software and find themselves in need of something more tailored. This is where custom software comes in.
Custom software offers businesses the opportunity to tailor a solution to their specific needs. Think about your own business for a minute, how much time could you save if your software did exactly what you needed? That could be automating day-to-day tasks or making customer service more efficient. There’s no reason to settle for software that has been created for hundreds of businesses when you can leverage the power of tailor-made solutions for your business.
While nearly any company can benefit from custom software, in this article, we’ll explore three industries that need it more than others. If yours is on the list, consider reaching out to a partner to get your custom software solution up and running.
3 Industries that benefit from custom software solutions
- Contract management
Industries such as gas, oil, and manufacturing often have complex contracts to manage and track. For example, businesses in this industry might hire independent contractors, which means there will be different and separate rules to follow than you would for full-time employees. Custom software tailored to your specific needs can help keep track of taxes and other relevant information. These industries also deal with many diverse job types which may require different contracts. In the manufacturing industry, for example, a factory foreman and a logistics manager have very different jobs which require different ways of working, and therefore, complex and varied contracts. If your company manages varied contracts, then custom software could be the solution you need to manage them in a simple, organized way.
- Regulated industries
Highly regulated industries that have to comply with government standards absolutely need custom solutions. For example, industries such as finance and healthcare have to submit compliance reports to show that their products and services meet government rules. If they’re not, that can mean the end of the road for a business. Custom software can allow these industries to create reports that clearly demonstrate their compliance while also saving time. Going behind and tweaking reports generated from out-of-the-box solutions can be time consuming and increase the chance for human error. With custom solutions, stakeholders can be sure their reports are accurate while allowing them to focus more of their time on keeping the business running. Many businesses that fall into this category also require extensive testing before their products or services go to market. Companies that produce food, for example, have to demonstrate that they’ve met health and safety requirements. Custom software can help automate some of the testing process and create quick and easy reports - all of which save time and money.
- Complex billing industries
For some businesses, billing might be simple and straightforward with only a few quick steps. But other industries require many steps and involve a lot of people. The insurance industry offers a good example of this. Insurance companies and healthcare entities have to bill customers, clinicians, hospitals, government agencies, and more. For each entity they bill, there is often a completely different process, with varied billing codes, methods of billing, and different platforms. In addition, Medicare, Medicaid, and health insurance companies all handle different parts of the same bill, requiring each party to meticulously track and document what has and hasn’t been paid. Without the right custom solution, insurance companies could struggle to keep track of everything and ensure accuracy. Since receiving money from billing is the bread and butter of these entities, custom software solutions can mean the difference between success and failure.
Conclusion
Custom software solutions can offer many industries benefits such as saving time and money and increasing productivity and accuracy. But there are some industries that absolutely require custom solutions, such as regulated industries and those that deal with complex billing and contract management. Out-of-the-box software simply can’t keep up with the needs of these demanding and specific industries, requiring tailor-made solutions that can keep these industries up and running.
If your business falls into one of these industries, or you're ready to start a custom software journey, reach out to Everestek today. We’re a modern technology services company that helps create, modernize, and accelerate digital initiatives. Our “all in one” delivery capability leverages 20 years of unique business know-how and technical expertise to implement digital solutions that are focused on user experience, automation and quality.
