Top Industry Verticals That Benefit From Software Outsourcing

The global software market was estimated to be around $439 billion in 2021. The mammoth size of the software market is due to the fact that software provides immense business value to businesses across different industries. The sprawling software development industry around the world is proof of the business value that software adds to the business. In this blog, we have discussed the top industries that stand to benefit the most from software outsourcing. Let’s have a look at these industries one by one.

Retail Industry

Retail is one of the biggest industries in the world, with the owners of retailers like Walmart, Target, and Amazon regularly featuring among the richest people in the world. Retail plays a big role in our daily lives as we have to visit a retail store almost on a daily basis. There are millions of retail transactions that happen all over the world every day.

The retail industry was one of the worst-hit industries during the pandemic. Adding to that, today’s customers want everything fast and at deep discounts. That’s when most of the retailers realized the value of automating their systems, and many of them opened new online modes of selling.

Retail software solutions can help retailers improve their efficiency, gain leverage through JIT(just-in-time) inventory, reduce manpower and reduce pilferage of goods. Thus, retail software helps retailers save money and help them to offer deep discounts to their customers.

American retailers Wayfair and Chewy are two shining examples of how developing software for retail business can help retailers improve their profits. Wayfair reported robust growth numbers post-pandemic after implementing certain eCommerce software. The customer count of Chewy surged to 17.8 million when the retailer started using customer acquisition software. Hiring top-most from the best retail software development service providers to build retail software for your business can be cost-effective and beneficial to retailers.

Technologies like AR (Augmented Reality) help retailers engage their customers. For Example, Ikea is a brand that uses AR technology to show its customers how a piece of furniture will look in their room. Though the development of AR-enabled retail software could be a costly process but the experience it provides to the customers in their buying process just makes it a must-have feature for any retail business.

Healthcare Industry

Healthcare is one of the most critical sectors in the industry. The healthcare sector today manages enormous amounts of patient data. The software helps healthcare and fitness solution providers to improve the efficiency of their operations. Through telemedicine software, healthcare service providers can reach patients at remote locations and provide quality healthcare services to the patients residing there.

During the pandemic, the United States saw a 50% rise in telehealth customers. Healthcare software has helped remote healthcare service providers manage patient data, reports, and their healthcare equipment efficiently.

The following are the ways in which healthcare software development outsourcing has transformed healthcare.

• EHR(Electronic Health Record) software to maintain accurate healthcare records
• Telemedicine for contactless and remote diagnosis
• Cloud medical solutions
• AI-analytics for patient history
• Patient data management

When a product or software is launched it needs to be ensured that different rules and regulations that need to be followed in different parts of the world are abided by. These regulations vary from country to country and state to state across various industries. The healthcare industry is one of the most critical among these as there are many compliances that need to be taken care of. Thus selecting one from the best healthcare software development companies can make it easy for you as a business as the company is experienced and has the expertise to develop a health solution by abiding to all the applicable rules and regulations.

“What are your areas of technical expertise?” Among most important questions to ask the software development company before hiring.

Travel Industry

The travel industry was one of the largest losers during the pandemic. However, people are back now, opting for new stay choices like a staycation and work from anywhere. Most travel operators today depend upon some kind of software to conduct travel business. For instance, there are software to help with hotel booking, passport, visa, and flight booking. The travel operators need to manage the information of travelers, search for better options for their customers and manage the itineraries of the travelers.

Many software enables travelers to manage their own accommodation, transport, and itinerary. Travel software provides greater transparency to both travel operators as well as travelers. The top travel software helps the travel operators minimize the order processing cost and the maintenance cost.

Travel business owners can include options like Augmented Reality(AR) into the development of their travel software to allow people to see places virtually before booking. Outsourcing software development to a professional custom software development company can prove beneficial for you. This is because these offshore software development companies have the required experience in building efficient travel software. Travel businesses can hire dedicated travel and hospitality software developers to build travel and hospitality software applications according to their business requirements.

Logistics Industry

The logistics industry is evolving with time and is one of the first adopters of technology. Software plays an important role in a logistics company. Using the best supply chain management software, the logistics company can keep track of the parcels, book new orders, manage the movement of the parcels, handle the customs of different countries, and communicate with the fleet drivers as and when necessary.

A logistics software can help a logistics business improve the customer experience by providing accurate parcel tracking details 24×7. Logistics software can also help the logistics business reduce logistics costs and remove the visibility issues of the supply chain.

Using logistics software, the logistics business owners can adhere to the frequently changing government regulations. Building logistics software is a complex task to track the shipments and do advanced analytics. You might require technologies such as IoT to be integrated with your logistics software while developing it. This is where the top logistics software developers will have a very vital role to play in helping you to mobilize your logistic business efficiently.

You need to look at software development for your logistic business as one of the most efficient ways to transform your logistic business in this digital era. And, outsourcing your logistics software development needs to remote logistics software developers can help take your business places.

Finance Industry

Finance is one industry that relies heavily on software to perform its day-to-day tasks. A banking software enables the users to do banking transactions like transferring money, adding money, withdrawing money, checking balance, stopping cheques, booking fixed deposits, purchasing insurance, and a lot more. In the age of digitalization, no financial institution can imagine working without Fintech software.

Using secure credit analysis software, the loan disbursing companies can easily check the credit record of a prospective customer and offer the loan accordingly.

As a financial business, you might need to spend a lot of money on following regulatory norms imposed by the government on financial services. That is because, as a financial services firm, you will need to take care of sensitive data. This is the reason why financial service providers are top on the list of hackers.

Building secure financial software is a challenge, and this is where you can take the help of the most prominent fintech software development firms.

Outsource your fintech software development project to reliable software development specialists for the Fintech industry who will deliver an efficient and secure fintech solution customized according to the requirements of your business needs.

Guide to Fintech App Development

Entertainment and Media Industry

Software is an important component in the entertainment and media business. Let’s have a look at a few ways in which software helps the media and entertainment industry.

A digital asset management software helps a media company manage its digital assets. In simple words, a media company can store and edit all forms of content right from video, audio, and podcast with this software. A DAM software thus empowers the entertainment company with efficient storage and organization. These are the two reasons why DAM software is more popular amongst media business owners.

A photo studio management software helps professional photography agencies manage their photographs. Adobe is a company that builds photo editing software. A media company uses a wide variety of custom software to sharpen the audio and video quality of its recordings.

A machine learning software can predict what kind of content the users might prefer. This way, a media company can hook the users to their content for longer durations, extracting more revenue from them in the process.

To leverage the power of new-age technologies like machine learning, we suggest you hire entertainment software engineers. There are a lot of efficient entertainment software development companies that can help you take your entertainment and media business to attain great heights.

Real estate

Real estate is a sector where you can leverage the power of software for the benefit of your business. Comprehensive real estate software can help a real estate and construction business owner manage all their activities like listing properties and sorting these properties according to their cities and other filters. A quality real estate solution puts the information in front of the decision-makers in an easy-to-digest form. This way, the high-quality real estate software helps in minimizing the workload of the real estate companies.

Using the finest real estate software, you as a realtor can generate leads for your project. The reliable real estate software application helps you to manage all your clients and keep the relationship with these clients active for future deals.

Through real estate software solutions, realtors can keep their clients updated regarding their latest projects and properties on sale. Software developed for the Real estate industry simplifies the sales funnel and helps realtors manage their work easily. You can outgun the competition by implementing innovative real estate solutions like chatbots. These chatbots can help your customers resolve their issues quickly and efficiently.

Outsourcing your real estate software development to right real estate software development agencies will help to increase your RoI.

Everything you need to know about Software Development Outsourcing

Closing thoughts

The software has become an integral part of the day-to-day operations of many industries. Although one can hire a team of in-house software developers, outsourcing software development to experts often proves to be the correct decision. This is because these leading software development companies have the required experience and expertise in delivering state-of-the-art software solutions for their clients from different industry verticals. Moreover, software development outsourcing to developing nations like India proves to be cost-effective, thus paving the path to a more profitable approach for businesses.