The Role of Software Development on Economic Growth
The world we live and work in today has undergone drastic changes in the last 50 years. And it continues to do so daily with the constant growth and development of technological innovations. So, the smart play that companies should make is to find ways to incorporate those trends in their day-to-day operations and processes. But before they do so, they need to examine the role and impact of software development on economic growth and business expansion. It is with that very goal that we are here today.
Learn all about the different roles of software development on economic growth of businesses.
The influence of software development on economic growth
You have to look at software as much more than just a desktop. After all, software is apps, and software is data – it’s so much more than just a single thing. It creates work for countless people while at the same time helping countless people simplify their work and procedures. And the influence it made in the last decade has been revolutionary for all industries. So, what has the impact of software development brought to the US market? According to BSA, the three major factors it influenced are:
- Employment. From software developers and web designers to basically any desk job – software has managed to create 9.8 million jobs (2.5 million of which are directly related to software). And this is just within the software industry. However, software development on economic growth goes well beyond the borders of this particular industry.
- Wages. The impact and importance software tools and apps have on the average wage is also grand. Consider the fact that the average annual wage of a software developer is twice the wage of the majority of US occupations. To be more precise, the annual wage for a developer comes to over $105,000, whereas the annual wage on a national scale was $48,320 back in 2015.
- Research and development. There’s no gain without the right investment. It’s the same with software – with more than $52 billion in total investments into R&D. From the introduction of new data analytics to breakthroughs in technological advancements, R&D continues to help companies grow in new and innovative ways.
The importance of software development for the economic growth of your company
It is the primary focus of each and every business to increase its overall productivity and market presence. Because when the efficiency of your business reaches its maximum, it leads to an increase in earnings and decrease in waste. So, what you end up with is a very healthy bottom line. And software exists to make all this much simpler and easier to accomplish.
Grow your business from the comfort of your office.
Whether your company is focused on the aspect of software or other industries such as finances, fuel, marketing, shipping or relocation – it all comes down to the same potential with the right software. For example, this is why each moving company should invest in software as early as possible. Having the right software can make a difference for the better in the economic growth of your company. So, take a look at the following five ways in which software implementation effects the development of your business:
Managing customer relationships
The importance of satisfied customers can’t be accented enough when it comes to growing your business. After all, the more satisfied customers a company has, the more its brand and quality in the eyes of others develops. And software helps this along quite a bit. It can help you create databases of current and potential clients, which you can update in real-time whenever you gain more information about clients. Not to mention the benefits this has when it comes to sending email campaigns to a wide range of contacts (which you also discover using software). In the end, software solutions allow you to better manage your customer relationships and dramatically improve your sales process.
Creating quotes and invoices
With the development of software, the piles and piles of paperwork, receipts, invoices and other hard paper documents all go away. You can now store all this in digital forms and simply attach them to relevant documents when the need arises. This not only simplifies certain processes and procedures but it also saves precious time that you can now invest in other aspect of the work.
No more need for paperwork and risk of losing important documents.
When it comes to moving companies there is the matter of practicality that certain tools such as quote calculators contribute. The ability to help your customers calculate the cost of relocation within minutes and without having to call them or send a representative to their home carries the potential for more leads and conversions in itself. And all this leads to the role of software development on economic growth of your business long-term.
Following sales leads
With the introduction of numerous sales management software apps, your sales team can now follow-up with more leads in shorter time-frames. All it takes is for you to be able to see and contact customers who have previously requested a quote – which software can help you do. And you know how important it is to meet certain quotas in terms of annual sales. Touching base with people who were once interested in what you offer but have never made a purchase is a good place to start.
Creating and tracking projects
Project management software tools are now able to help you create and track every stage of your company projects. With software development and the potential, it offers, you are now able to connect the projects you have with the associated costs with any customer or project. As a result, you can send the appropriate invoice to the right clients without wasting any time or manpower.
You can make employee tasks much simpler and easier to track
The point of software development is not only to make your company grow and earn more income but to make this possible through simplifying everyday tasks for your employees. Certain task tracking software such as Trello, Flow or Asana can ensure that all processes and stages within projects are monitored and communicated in-between different teams within your company.
To conclude our story
The role of software development on economic growth of both countries and companies is exponential. And as time goes by, software will simply find new ways to integrate itself into each and every business operation. And the sooner you realize and embrace this, the faster you will be able to lead your company into the next stage of its development.