Over the last decade, the world has witnessed firsthand the transformative power of technology in the business landscape. AI take-over has been rapid. Automation has become the first priority for organizations in search of streamlined operations. 74% of organizations globally have cited cybersecurity, cloud migration, and digital transformation among their top priorities. Cloud-native architectures, operational intelligence, Internet of Things (IoT), and such examples of the recent evolution of technology have been revolutionary.
The year 2024 represents an important turning point, where emerging technologies are not just empowering, but fundamentally reshaping enterprise software solutions.
Join me as we explore the cutting-edge trends set to define the future of custom enterprise software development. This article will also discuss how you can drive your businesses towards a more connected, secure, and intelligent tomorrow by capitalizing on these trends.
Emerging technologies poised to shape custom enterprise software solutions in 2024
The rise of AI and machine learning in developing custom business applications
Custom enterprise software development is increasingly utilizing AI and machine learning to drive innovation and efficiency. These technologies are transforming how businesses operate by automating complex processes and providing deeper insights into data.
For instance, predictive analytics generated by an AI/ML system can forecast market trends, enabling companies to make proactive decisions. Additionally, AI-driven chatbots and virtual assistants are becoming smarter and more sophisticated, offering personalized customer service experiences without the need for much human intervention.
There are several other key applications of AI and machine learning in custom business software, including the following.
Advanced data analysis
AI/ML algorithms can be used in processing and analyzing large datasets at an unprecedented speed, providing businesses with actionable insights that would have taken longer for a person to discover.
Enhanced automation
Machine learning models can automate routine tasks, like recording customer inquiries, standardizing datasets, or such other backend operations, allowing employees to focus on more strategic work.
Improved security
AI-powered security systems can study the behavior of their users, recognize the patterns of usage, and based on this data, they can detect and respond to any unusual behavior in real-time, significantly reducing the risk of data breaches and cyber attacks.
Moving ahead in 2024, integrating AI and machine learning in custom enterprise software development will likely be even more prevalent. Companies that leverage these technologies will be able to deliver exceptional customer experiences, thus gaining a competitive edge.
On top of that, as the capabilities of AI and machine learning evolve, organizations that stay updated will be able to create more innovative applications and benefit more.
Adopting low-code/no-code platforms for rapid enterprise development
Many businesses are turning to low-code/no-code platforms to meet their digital transformation ambitions. The primary benefit of a low-code/no-code development method is that it also lets non-technical staff help build solutions, speeding up the project pace and reducing reliance on IT experts. It enables quick prototype creation and allows an enterprise to rapidly adapt apps for changing markets, which is the key to staying relevant amidst competition.
This trend is mostly fueled by the shortage of skilled developers within the budget (mostly for small and medium enterprises). Those who have a sufficient budget have also been found using these platforms to expedite the speed of development as well as to assist their developers in the process. So, going forward, integrating this practice into IT ecosystems can easily become standard practice.
However, for large businesses or complex, multi-tier projects, this approach may not work. They will still require expert assistance from experts in custom enterprise software development. Hence, they will have no choice but to hire app developers or web developers with sufficient industry experience and expertise.
The integration of IoT devices in enterprise systems for enhanced connectivity
As of 2020, the number of active IoT devices across the globe was estimated around 9 billion, by 2030, that figure can cross 25.44 billion. GlobalData’s latest report, ‘Thematic Research: Internet of Things,’ has estimated that the IoT market could cross $1,077bn by 2024 end. It is safe to say that IoT will stay a top trend in software development for quite some time.
(Image Source: GlobalData)
Businesses can leverage IoT connectivity to monitor operations more closely, optimize asset utilization, and enhance customer experiences. For instance-
Monitor and streamline operations
Healthcare firms can connect medical devices like blood pressure cuffs and thermometers to track patient vital signs in real-time during visits. This ensures accurate data capture in electronic health records (EHR), thus streamlining the process of further data entry and processing.
Optimize resource and asset utilization
Almost any department can use data analytics software to monitor employee productivity through metrics like keyboard clicks and time spent on various software programs.
Enhance customer convenience and experience
eCommerce businesses can utilize voice assistants, chatbots, and connected devices to provide an omni-channel experience across multiple physical and digital touchpoints to consumers. This will ensure convenience before, during, and after purchase through IoT connectivity.
But this trend is not just about connecting devices; it’s about building a network of interconnected assets. Through that network. Any enterprise can build a master set of information that can help manage, support, and improve complex business processes and workflows.
At the same time, since this technology is yet to reach a stable stage, it is necessary to follow the best practices that can ensure successful integration of IoT devices into enterprise systems. These practices may include-
- establishing robust security protocols to protect against potential breaches
- ensuring interoperability among diverse devices
- implementing scalable infrastructure to accommodate growth
- creating data management strategies to handle the large volume of data generated by IoT devices
- invest in analytics tools to extract actionable insights from the gathered data
As we move into 2024, the emphasis will be on creating holistic IoT ecosystems that are not only interconnected but also intelligent and adaptive to the changing needs of the enterprise. This will however, require a good deal of evolution in all the technologies involved, therefore, this trend is expected to stay relevant in the custom enterprise software development domain for the next few years, not just in 2024.
How to drive your business toward growth amidst such technological advancements
By 2026, the expected expense on digital transformation is projected to reach 3.5 trillion USD. The inclination is clear- companies that can rapidly adapt to new technologies stand to gain a competitive advantage. But, that is easier said than done. To do so requires upskilling of teams and infrastructure very frequently, which is not feasible for most businesses.
Rather, an ideal way to keep up with such trends while also ensuring that your consumers do not suffer from any lapse in service is to go about this in a planned manner. For instance, a part of your team can focus on analyzing emerging technologies and trends by reading industry reports, attending conferences, and consulting experts. They can take an experimental approach with small-scale pilot projects. Further brainstorming can reveal what works, what can be tried on a bigger scale, and which experiments should be shut down.
Another proven way to do this is by delegating the task of updating your team, processes, and operations to a consultant or agency experienced in custom enterprise software development. For instance, you can outsource mobile app development services to a company that has worked on AI/ML integrated development projects and can help you transition to that development approach.
Frequently asked questions about the growing trends in custom enterprise software development
How can businesses ensure their custom software stays relevant with rapid technological changes?
You can attempt to stay updated on SaaS software trends by investing in continuous training for your development teams and establishing a process for regular updates and upgrades. Additionally, partnering with a software development company that stays abreast of emerging trends can help in maintaining relevance.
What are the benefits of integrating AI into enterprise software, and how can companies measure its impact?
Integrating AI into enterprise software can lead to improved efficiency, data-driven decision-making, and enhanced customer experiences. Companies can measure its impact by tracking key performance indicators (KPIs) such as process times, error rates, customer satisfaction scores, and revenue growth attributable to AI-driven initiatives.
Can low-code/no-code platforms meet the complex needs of enterprise applications?
Low-code/no-code platforms are increasingly sophisticated and can meet many of the complex needs of enterprise applications, especially for rapid prototyping and development of business applications. However, for highly specialized or unique requirements, traditional coding may still be necessary to achieve the desired level of customization and integration.
What are some ways we can plan for scale and future growth of custom enterprise software?
You can design modular, cloud-native architecture using open APIs and automation to aid scalability and flexibility. You should also plan to horizontally scale across additional servers through incremental stress testing.
How can I reach out to some third-party for custom enterprise software development?
You should research and shortlist reputable custom software development companies. Request proposals outlining their experience, capabilities, project approach, timelines, and costs. Request a call, and discuss their previous project, workflows, communication plans, quality assurance, security measures, and post-launch support. Then, explain your project to them and request a price quote. Based on all this information, you can make the final decision.
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