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Just recently, coMakeIT and the ICT Update magazine carried out their yearly benchmark survey amongst Independent Software Vendors. Through their report, it was quickly concluded that achieving growth was one of the most important goals of the ISVs. The results aren’t really that surprising considering that the market and customer behaviors are constantly evolving. The only way for a business to grow, no matter what its size, is through innovation.  The risks associated with not innovating are pretty clear: losing market share to competitors, declining profit margins, productivity and efficiency going haywire and losing talented employees that are looking to work on innovative projects.

And therefore, it is imperative that innovation become an indispensable part of the business strategy of any ISV. In this post, I have listed my top five reasons for an ISV to innovate:

By making innovation a crucial part of your business strategy, you are giving yourself a fighting chance to place your company in a strategically viable spot. As long as you are doing your market research and monitoring trends in your specific industry, you will know just which areas to focus your innovation efforts on. So what are you waiting for? Start getting your thinking caps on!

Next steps:

If you are an ISV or a service provider that wants to innovate but are faced with challenges such as a lack of experienced talent, issues with quality assurance, technology complexities and so on that make it difficult to execute your business plan, perhaps you would like to consider offshoring. We are offering you a free book giving you access to best practices for quality software offshoring.