Measuring ROI and assessing it is widely adopted in business, no matter the industry. The return on investment can be a number that guides businesses to make more informed decisions.
These decisions can be related to ongoing and future projects, the feasibility of potential implementations, among other decisions.
ROI can be very useful for software development. The many factors contributing to software project success make ROI estimation useful before the project starts and ROI calculation essential after it is implemented.
Boosting ROI, should definitely be one of the ultimate goals of any software project. In this blog, we are sharing a few steps you need to consider for boosting your software project ROI.
Build features upon goals
One golden tip for software development success is to select features only based on clear goals that you want your business to achieve. The new software you are developing is definitely part of your business strategy to achieve your predefined goals. Then you should never forget this while selecting features.
This can help you only create features that you need, with clear priorities ahead, which could mean reduced costs of developing features that are secondary or not needed at all.
Use agile methodologies
Agile methodologies can bring high efficiency to software development. Thus, leading to more productive teams and significantly lower costs, which raises the ROI of the software product.
Agile methodologies are also all created to make software development smoother so that issues and bugs don’t persist for long, as there is always one task in hand that developers are focused on.
Such methodologies also improve adaptability, as changing a feature or reversing an update costs less. Unlike waterfall methodologies which can make adapting changes very hard and expensive.
Get faster to the market
One way to increase your ROI is to bring the software product faster to market and begin gathering feedback from users as soon as possible. This feedback can help you make decisions that can cut down costs or reduce user or employee satisfaction and accordingly raise your product ROI.
Bringing the product faster to the market can also mean benefiting from it for longer, whether it is a business system that will begin to show efficiency benefits sooner or a SaaS product that will begin to draw in cash.
Choose the right technology carefully
Having a vision of the goals and core features of the project prior to development can help you raise its overall ROI. This is because you can determine the best technology for developing the software product, with future implementations considered.
This doesn’t mean that you should be working on the whole scale at once, as this is contradicting agile. But you can always have a vision of what could come next while focusing on reasonable goals in the short term.
Welcome ideas from team members
Building a culture that is rewarding ideas can be an overlooked way to raise the ROI of software projects. Encourage team members to communicate their ideas about different software features and how they can be designed and developed.
The diversity of thoughts and points of view, alongside making it a rewarding practice. It will not only bring you fresh ideas that can help you build a higher quality product at lower costs. But also keep your employees more motivated and productive.
At B5 Digital, we help our clients maximize ROI, with entirely transparent access to our spending on the project. Feel free to request a quote or share your questions with us.
