Software Industry: From technology to a customer-driven necessity 

  • By Nicole Mirabal
    • Feb 25, 2022
    • read
  • Twitter
  • Linkedin
Software Innovation Funding

Software has become a big part of our lives. From sending a message to operating machinery to servicing customers, software fuels a large proportion of our actions. As we move towards a technology-driven world, it is predicted that software innovations will be in high demand. Conversely, businesses are already feeling the extraordinary pressure from both consumers and competitors to access the latest software to increase their ability to innovate and thrive in the current and forthcoming market. Recently, businesses have identified the following software needs:

1.              Software to Improve Business Practices:

With many businesses operating remotely, digitally, and alongside external parties, it has become crucial to enable all participating business members to access and analyze data, share files, and communicate quickly. In fact, business technology has been identified as essential for high-quality work results, and employee engagement (MIT Technology Review Insights, 2022). With digital work arrangements and partnerships becoming more common, businesses will need to rely on software to enable team members to collaborate and maximize business processes and overall efficiency.

2.              Customer Service Software: 

With the rise in e-commerce, digital customer service software is in high demand. Indeed, with existing tools like chatbots, text and image recognition, calculators, shipment tracking services, and others, customers are beginning to expect these services from every business, regardless of the industry. Moreover, customers’ expectations regarding digital customer service continue to rise, adding to the pre-existing pressure for innovative software. In order to remain competitive, businesses need software that can create an in-person-like servicing experience. 

3.              Data Management Software: 

Internet users create millions of data points each day, all of which are collected by third parties but are often left unused. In fact, a survey shows that companies today are only using minimal amounts of virtual data (MIT Technology Review Insights, 2022). With data being a powerful business asset, it is evident that the lack of data optimization can result in missed opportunities. With that being said, software that enables businesses to optimize the data that is already being collected can resolve many business needs and enable businesses to gain a competitive edge.

4.              Technology Software: 

With new innovations and technological upgrades constantly entering the market, one can assume that consumers have developed the preconception that a new and more advanced model will appear in the future. As a result, technology manufacturers are constantly under extreme pressure to fulfill this expectation. With software fueling many life and business-enhancing technologies, such as cellphones and machinery, the demand for advanced software that can perform human-like actions, both at an every day and at a business level, continues to be in high demand. 

5.              Data Exchange Software:

In recent years, individuals have become aware of the collection of their information by unauthorized third parties. As a result, a new need for software has emerged. Although one can assume that the need associated with the presented problem is data protection software, many are actually in search of software that can both protect their data and allow them to sell it. Since data is a valuable asset to many businesses, many theorize that they may be able to create an additional channel of revenue by selling secure data to other parties. As awareness of this concept spreads, the demand for software that can securely collect, store and transfer data may be highly sought out. 

Closing Remarks

As demonstrated above, software is an essential part of the modern lifestyle. As a result, there is a constant need for innovations in this industry that enhance business practices and lifestyle efficiency. However, with relevancy and a highly competitive market presenting as barriers in this industry, it is important to be first-to-the-market with the latest software innovation. Find out how you can obtain the funding to launch your software innovation today! 


Nicole Mirabal
Nicole Mirabal

Brand Content Executive

Explore our latest insights

More arrow_forward
vet pharmaceutical
Veterinary pharmacology

Veterinary pharmacology is a branch of veterinary medicine that studies the use of drugs in anima...

plastic recycling
Plastic Recycling –  The Next Environmental Frontier

Plastic recycling is a known challenge in the fight towards a more sustainable planet. With many ...

Quebec Business Grants
5 Quebec Business Grants You Can Apply to Right Now

From innovative startups to established enterprises, securing funding can be a game-changer for y...

SR&ED updates
SR&ED Updates in Canada’s Federal Budget 2024

Have you heard about the SR&ED updates proposed in the Federal budget 2024? Learn how these u...