3 industries that should be building software products

Small businesses that have been operating for over 20 years have created and executed effective strategies for adapting to change in their industry. They’ve solved problems and provided services that have kept their customers coming back.

Now, everything about business is changing. Consumers and professionals have less time (and value it more). They want everything to be faster and easier. We pay our bills on our laptops and our smart phones. We’re writing fewer checks, making decisions based on information online, taking fewer calls and using messaging services more. As a business owner, your customers dictate your priorities. Digital learners are adapting and learning how to use technology to grow their businesses. Hiring the right technology professionals is an art. And, finding the right consultants and professional firms to help along the way isn’t always easy.

A lot of our clients come to us wanting to diversify. They want to take their successful business and professional knowledge to build dynamic software products that can scale and grow rapidly. You only have so much time available and software helps spread your industry-specific knowledge to the masses. The valuations on software companies are exponentially larger than traditional service businesses. Using current clients as early adopters of new software gives you an unfair advantage.

Here are three examples of industries that should be building software products:

  1. Legal – Simply put, lawyers are uniquely qualified to identify problems multiple businesses are having.
  2. Healthcare – Medical professionals see many consumer behaviors and common concerns. Thoroughly understanding the problem is half of the battle.
  3. Financial Services – Understanding how businesses and consumers chose to spend money is critical to software monetization plans.

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