For any subscription management software project, the main objective should always be to ensure that a business issue is resolved or its procedure is done in a very pocket-friendly manner. Therefore, when deciding on crucial software for business procedures, one should always compare and consider the advantages of building on-the-spot and purchasing ready-made solutions.
The subscription billing software and the invoices are two factors that determine the condition, stability, and extensibility of the services being supplied by the businesses that provide subscriptions to the users.
Proficiently handling the consumer life cycle results in brand loyalty and consumer preservation, as well as maintenance. For instance, the consumer life cycle includes automatic recurring invoices while ensuring that the charges are correct and punctual.
At one point, many businesses get confused, trying to come up with a decision of either purchasing the software or building it. In 2015, the well-known Facebook had developed and switched to personal domestic sales software from Salesforce. This created a new wave.
Both have their benefits and drawbacks:
To Build Subscription Management Software
There’s one great benefit of making, from scratch, your software result rather than buying it. The advantage is that you will have complete control over each component and functioning. When you build your solution, you can have all your needs satisfied, no matter how distinctive your plan is, whereas if you purchase it, your needs might only be 70% fulfilled.
The development process can be continued over time when you think your business is growing and your needs have changed. One good thing about building your software is this. You can easily make changes according to your business’s new demands, rather than having to wait for a vendor or uncompromising restrictions.
Their software vendors offer some personalization to the software, but it will highly vary on factors like what kind of customization it is and how functional such options are. And not to forget, the bigger the vendor is, the little the recognition your case will guarantee.
Nonetheless, one should ask himself the following two critical questions:
- Is personalized-built software feasible for the long run?
- Is your business able to fulfill the scheduled project?
If you build your subscription management software, you should also remember that it is very time-consuming and expensive. Not to forget, you will have to maintain and upgrade your software frequently. Moreover, you cannot approximate the required time your software will need to be built, and an unforeseen issue can surely increase the expenses. Ask yourself this question, if you haven’t already. Can’t the exact amount of time and cost be utilized somewhere better?
If you already do not have software technicians working for your customized software, then you definitely will need to bring these software experts. You might have to keep them for maintenance and upgrade purposes for later. During the process of building your software, how much do you think hiring these technicians will increase the expenses? It is necessary to keep them since they can resolve issues like unexpected bugs or errors. If you somehow not keep them, do you think you will be able to maintain and handle the software on your own?
In case your business is based on software, it makes sense that you can build your software on your own. However, it may neglect the primary resources needed to enhance and develop your services and products. Will it still be worth it to invest your time?
To Purchase Subscription Management Software
It makes sense that the most significant benefit of purchasing ready-made software is that it can be bought immediately. It is available at any time. No developing process is required, which means it is not time-consuming. The SaaS applications can be combined with more systems within a few days, like e-commerce, payment gateways, catalog management software, etc. Latest traits and uses are updated, on a product roadmap, daily.
Although this ready-made software will not fulfill all your business requirements, will it be equal in value to the products being currently accessible and giving authority to someone else to maintain and handle the software?
The prices for the ready-made subscription management software have decreased due to the increased solutions proposed by SaaS. Different vendors provide many packages and ideas on product qualities. They also offer a way where you can pay as you use more.
Keep in mind that your data will be accessible to third parties if you use SaaS applications. How can you be sure that the data stored in the cloud is 100% secured? It isn’t easy to understand how exactly your data is preserved in the clouds. This is why the standards known worldwide come, like the PCI-DSS and ISO 27001.
Another drawback of this ready-made software is that you do not have complete authority over them. You are not allowed to control it yourself, meaning you can’t control the developing processes; neither can you enter any source codes. It also means that you can’t fix the bugs or errors yourself. This is where you need to be confident about your vendor that the applications provided to you are secured with a tracker where you can monitor your software.
However, if you still choose to buy this type of software, make sure to search for technicians who can maintain and set up the latest features. It also includes the management of users, patches, tests, etc.
Is it necessary to choose your customized solution in every situation? The risk will be very high, so will the challenges, to build your own software, if the software is not useful to your business plan and cannot provide profits to your business.
For instance, if you’re asked to purchase or build a home, you wouldn’t build it unless all resources are available to you, and you have complete authority over every single work. Whereas if you purchase a house, you can easily avoid complications, time consumption, and waiting processes and immediately settle in your new home!
Purchasing the subscription management software will be the best option to go with because now, SaaS suppliers assist in all requirements of the software.
Order a personalized demo now to see how Tridens Monetization can boost your billing capabilities.