Boosting Decision Making: How Custom Software Can Improve Your Data Analysis

Any business owner worth their weight in salt knows the importance of informed decision-making. When faced with a new direction, a choice, or an opportunity, being guided by your gut alone (whilst brave) puts you at the mercy of the great unknown. Data-driven decision-making allows you to take measured steps based on hard evidence and exert control over the future of your business.

And while there’s any number of platforms, tools, and software available out-of-the-box that help entrepreneurs with preliminary data collection and insights, granularity in your specific one-of-a-kind niche is always going to be limited. This kind of hindrance means there’s always a ceiling to how much business owners truly know about their company’s potential.

Custom software development is the answer to breaking through that ceiling. Here, we take a look at how to use custom software to resolve uniquely intricate data challenges and streamline your processes.

The Challenges in Commercial Off-The-Shelf Software (COTS)

Reliance on COTS Solutions

There are some datasets that most, if not all, businesses collect which inform their decisions. Demographics like age, sex, and location form the basis of most audiences, for example. Times of the day and week your website receives more traffic, most purchased products, and channels used are all initial metrics that businesses monitor to help them understand their position in the market.

These can all be easily monitored with COTS solutions like Google Analytics, Sprout Social, and Craft Commerce. But, there is a limit to the capabilities of these generic platforms in what they monitor and interpret, and this has a knock-on effect where businesses aren’t able to deeply segment and analyse patterns in their business interactions to turn data into insight.

Here’s a table to show where those limitations lie.

The Complexity and Diversity of Data

Every business has the potential to throw out multifaceted and complex data streams, and the more the business thrives, the more detailed the data and the more potential leverage you have for impactful decision-making.

Let’s imagine a healthcare provider in an already staggered healthcare system that is all too familiar today. They’re submerged in data which is pouring in from disparate sources, battling to interpret it and extract meaningful conclusions. Patient histories, past diagnoses, treatment plans, prescriptions, clinic resources, billing, and myriad other factors bring their own analytical challenges to the table.

Analysing the data and drawing not only a valuable solution but also the optimal one in a timely way feels impossible. The issue here is not only the disconnection of data systems but the unsurmountable challenge of being able to interpret different streams of information together and how they affect one another.

However, specially built custom software can decipher the interactions between data sets and see opportunities that aren’t apparent through manual investigation.

Custom Software as a Solution in Data Analysis

Custom software is more mainstream now than ever, and the market for creating tailored solutions is set to grow 22.4% from 2023 until 2030. Using customised solutions is no longer a luxury but a requisite for brands that expect to stand above competitors. Where businesses seek to know more about their customers, target audiences, brand reputations, and limitations in the market, custom software is the solution that meets the challenge of understanding subtle cues that propel informed decisions.

Scaling and Adapting for Business Growth

Custom software also offers a key benefit that COTS cannot: growing with your business to limitless heights. All businesses rely on scalability to propel them forward, and COTS solutions can only support that upward trajectory to a degree. After a point, you could face costly upgrades and licenses, or perhaps it can’t support your needs at all. Running into these issues means valuable resources like time, money, and manhours are used up. What does this mean for making decisions in business? Unreliable software that won’t show you the data you need to the level of accuracy you require. A custom solution is designed to capture information and help you detect opportunities at every step of the way on your business growth journey.

Ensuring Seamlessness and Compliance by Incorporating Custom Software

Integrating with Existing Systems

When you use a custom software solution, myriad business systems work in tandem smoothly to present highly tailored forecasts and insights. Different streams of data work together, with essential information being shared and analysed as a whole. Approaching data collection holistically like this prevents data silos where missed information cannot impact outcomes and allows you to compare and contrast aspects of research.

Systems that communicate effectively and produce insights as a whole also significantly reduce the time associated with analysing your data. Ultimately, this has a knock-on effect on all areas of business: better client relations where customers experience positive outcomes faster, staff satisfaction where internal and remote teams are protected from long and tedious tasks, and productivity is increased.

Adhering to Regulatory and Security Standards

Data collection and analysis always comes with the risk of data breach and this is something that businesses must protect their systems from at all times. Data security is paramount to all businesses to ensure their customers, clients, and stakeholders are safe. But there are some sectors where data security is particularly important, namely finance, law, healthcare, and civil services

Any bespoke software solution can and should be built to incorporate stringent security protocols to ensure the highest levels of data protection. Custom software, by nature, offers higher levels of protection than COTS thanks to:

• Protocols tailored specifically to unique threats a particular business faces and its operational structure.

• Complete control over how and when updates are rolled out (rather than them being publicly anticipated like with a COTS solutions).

• Exclusivity and uniqueness that reduces the chance data thieves and hackers are familiar with the system.

• Limited access restricted to a small number of people associated with the organisation.

• Tailoring to specific regulatory and compliance standards for full security.

If your business is small, young, or straightforward, you may find that your choice of COTS tools is just what you need to gather data and make the best choices for your business. But if your business is growing rapidly, becoming more complex, or is at elevated risk of data breaches, we recommend investing in custom software development.

A custom solution is a wise investment which will be with you for life, growing and adapting along the way and always dedicated to your exact requirements, whatever they may be. Get in touch if this sounds like the next step for you.