The fast-paced nature of the current market environment requires businesses to keep up with the latest technological advancements. To achieve this, more and more businesses are seeking to transition their operations to a technology-based model. However, not all businesses can afford to maintain an in-house software development team, making outsourcing an attractive alternative. Outsourcing software development allows businesses to easily implement new systems with the help of dedicated professionals, while still leveraging existing software that is already in use.

Moreover, the global software outsourcing industry is experiencing rapid growth and is expected to reach a value of $430 billion by 2023. Among the most sought-after software outsourcing services are software development, application development, and IT services. Given the significant benefits of outsourcing software development, it’s important for businesses to understand which industries stand to gain the most from this practice. With that in mind, this article explores the top 5 industries for outsourcing software development and their most outsourced software projects.

Table of Contents

#1. Healthcare
Medical Practice Management Software
Electronic Health Record Software
E-Prescribing Software
Hospital Management Software
Healthcare Customer Relationship Management

#2. Finance
Mobile Banking Applications Development
Financial Software Integration
Blockchain Development
Biometrics

#3. Retail or Ecommerce Businesses
Point of Sales Systems
Payment Processing Software Development
Augmented Reality

#4. Telecommunications
Network Management Systems Development
Big Data Analytics
Web Portal Development

#5. Government
Cybersecurity

#1. Healthcare 

As the healthcare industry continues to evolve at a rapid pace, it becomes increasingly important for institutions to have access to the latest and most effective software solutions. Outsourcing medical software projects is a crucial step towards achieving this goal, as it allows healthcare organizations to delegate software development and maintenance tasks to expert partners. By doing so, healthcare institutions can free up valuable resources and devote their attention to providing the highest quality patient care. The most commonly outsourced software projects in the healthcare industry include:

Medical Practice Management Software

Medical Practice Management Software (MPMS) is a software solution designed specifically for medical practices to streamline their operations and manage their workflow effectively. It provides a suite of tools to help automate tasks, such as scheduling appointments, managing patient information and medical records, billing and payments, and generating reports. The software enables healthcare providers to reduce administrative workloads, optimize patient care, and improve operational efficiencies. MPMS  also helps medical practitioners and office staff to access patient information and medical history easily, which in turn enables them to make informed decisions and deliver personalized care. 

Electronic Health Record Software

Electronic Health Record (EHR) software is a digital system designed to capture, store, and manage patient health information. This software allows healthcare providers to access a patient’s medical history, medications, test results, and treatment plans in one centralized location. EHRs enable healthcare professionals to easily track patient progress over time and make informed decisions about patient care. EHR software also streamlines administrative tasks such as billing and scheduling, allowing healthcare providers to focus more on patient care.

E-Prescribing Software

E-Prescribing Software is a technology solution that allows healthcare providers to electronically generate and transmit prescriptions to pharmacies. It aims to improve the safety and efficiency of the prescription process by eliminating errors caused by handwritten prescriptions, reducing medication errors, and improving communication between healthcare providers and pharmacists. The software includes features such as drug interaction checks, formulary checks, and patient medication history, which can help healthcare providers make more informed prescribing decisions. Additionally, e-prescribing software can help healthcare institutions reduce costs and improve workflow efficiency by eliminating the need for paper-based prescription records.

Urgent Care Software

Urgent Care Software is a digital solution designed to streamline the workflow and enhance the efficiency of urgent care centers. It includes features such as patient check-in, appointment scheduling, insurance verification, and electronic medical record (EMR) management. This software helps urgent care facilities manage patient information and track their progress from the moment they enter the facility to the moment they leave. With this software, healthcare providers can quickly access critical patient data, such as medical history, allergies, and medications, to provide accurate and timely diagnoses and treatments. Urgent care software also provides advanced analytics and reporting tools, allowing healthcare providers to monitor their performance and identify areas for improvement.

Hospital Management Software

Hospital Management Software (HMS) is a digital tool designed to streamline hospital operations and management. It typically includes modules for patient registration, appointment scheduling, electronic health records (EHR), medical billing, pharmacy management, inventory management, and staff management. With HMS, healthcare institutions can automate manual processes, reduce paperwork, improve accuracy and efficiency, and enhance patient care. It allows healthcare providers to access patient records in real-time, thereby improving diagnosis and treatment plans. Additionally, HMS enables administrators to manage hospital resources and monitor performance metrics, which can lead to better decision-making and cost savings.

Healthcare Customer Relationship Management

Healthcare Customer Relationship Management (CRM) is a software application designed to help healthcare organizations manage interactions with patients and improve patient relationships. The software helps to streamline patient communication, automate marketing campaigns, and manage patient feedback and complaints. Healthcare CRM can also help healthcare providers personalize their services to each patient’s unique needs and preferences, resulting in better patient satisfaction and outcomes. Additionally, healthcare CRM can provide data analytics and reporting tools to help organizations analyze patient behavior, identify trends, and make data-driven decisions to improve patient care. Overall, healthcare CRM is a powerful tool for healthcare organizations to enhance patient experience and build stronger relationships with patients.

Customer relationship management tools are not limited to the Healthcare Industry. Industries such as retail, banking, insurance, and hospitality have also recognized the importance of these tools in enhancing customer experience and boosting sales. For instance, banks and insurance companies can use CRM to manage customer accounts and financial data, while hospitality businesses can use CRM to manage guest reservations and preferences.

#2. Finance

As of 2023, the value of the fintech space has reached $179 billion and is expected to grow further, reaching $188 billion by 2024. With users becoming increasingly tech-savvy, the finance industry has been rapidly evolving in the past years. As a result of this rapid growth, the fintech industry demands an increasing number of software developers that will keep them up-to-date with the latest fintech products. As a result, outsourcing software projects is a common practice. The most commonly outsourced software projects in fintech include:

Mobile Banking Applications Development

More than 70% of clients from the four largest banks in the United States use mobile banking applications, and for good reason. These apps allow customers to conduct financial transactions from anywhere at any time, without the need to visit a physical bank branch. Customers can check their account balance, transfer funds, pay bills, and even deposit checks using their smartphone or tablet.

Mobile banking applications also provide enhanced security features, such as biometric authentication and two-factor authentication, making it harder for hackers to access customers’ accounts. To develop and maintain these apps, banks can outsource software development to expert partners who have the necessary skills and experience. This approach enables banks to provide their customers with a high-quality mobile banking experience while reducing costs in personnel and minimizing human error. 

Financial Software Integration

Financial software integration refers to the process of connecting different financial software systems or platforms to work together seamlessly. Financial software could include accounting software, payment processing software, financial reporting software, investment management software, budgeting software, and many others.

One of the main goals of financial software integration is to reduce the need for manual data entry and improve the accuracy and efficiency of financial operations. By integrating different financial software systems, data can be automatically transferred between systems, reducing the risk of errors and saving time. Software developers from the Philippines can help businesses achieve this goal by providing expertise in financial software integration and automation. They can also help develop blockchain software which can further enhance the security and transparency of financial operations.

Blockchain Development

Blockchain technology has been gaining significant attention in recent years, particularly in the finance industry. One of the main advantages of blockchain technology is its ability to enhance security and transparency in financial transactions.

Unlike traditional financial systems that rely on a centralized authority, blockchain technology operates on a decentralized network, where each transaction is verified and recorded by multiple nodes in the network. This decentralized approach makes it extremely difficult for hackers or malicious actors to alter or manipulate transaction data, which significantly reduces the risk of fraud.

Furthermore, blockchain technology enables near-instantaneous settlement of transactions, eliminating the need for intermediaries, such as banks, to facilitate transactions. This can help reduce transaction costs and increase the speed and efficiency of financial transactions, particularly for cross-border payments.

Another key advantage of blockchain technology is its ability to provide transparency in financial transactions. All transactions on the blockchain are recorded on a distributed ledger, which is accessible to all participants in the network. This means that anyone can verify the authenticity and accuracy of a transaction, providing a higher level of trust and accountability in financial transactions.

Blockchain technology can also be used across industries  to improve operational efficiency, increase transparency, and enhance cybersecurity. 

Biometrics

In order to maintain high levels of security in financial transactions, various methods have been developed over time. Biometrics is one such method that has gained widespread popularity in recent years. This technology uses unique biological traits, such as fingerprint, iris, face or voice recognition, to identify and authenticate individuals. Biometric authentication ensures that the person using the application or conducting the transaction is the rightful owner of the account or device.

Biometrics has revolutionized the way financial transactions are conducted. By eliminating the need for passwords and PINs, it provides a more secure and convenient alternative. Fingerprint scanners, for example, are now commonly used in mobile banking applications to authenticate users. Biometric technology also helps to prevent fraud and identity theft, as it is difficult to replicate a person’s biometric traits.

In addition to the financial industry, biometric technology is also being used in various other sectors such as healthcare, transportation, and government agencies. For instance, some hospitals are using biometric authentication to secure electronic health records, and airports are using it for identity verification and security screening. As a result, the development of biometric solutions has become a popular area for software development outsourcing.

#3. Retail and Ecommerce Businesses

The retail industry has greatly benefited from the advancement of software technology.  The most commonly outsourced software projects in retail include:

Point of Sale Systems

Point of sale (POS) systems are computerized systems used in retail stores and other businesses to process transactions. They typically include software and hardware components that work together to process sales, manage inventory, and perform other functions related to sales and customer interactions. POS systems typically include a cash register or terminal for processing payments, a barcode scanner for scanning product codes, a display for showing prices and other information, and software that manages inventory and other business functions. Some advanced POS systems also include features like customer relationship management (CRM) and marketing tools to help businesses better manage their customer relationships and grow their businesses. Payment processing software can also be integrated into a POS system, although a POS system is a more comprehensive solution.

Payment Processing Software Development 

Payment processing software development and point of sale (POS) systems are not the same, although they are related. Payment processing software is responsible for securely processing and transmitting payments, while a POS system is a combination of hardware and software used for processing transactions at the point of sale. A POS system includes features such as inventory management, sales tracking, and reporting, in addition to payment processing capabilities. Payment processing software can be integrated into a POS system, but a POS system is a more comprehensive solution.

Payment Processing software is responsible for securely processing and transmitting online payments. A reliable payment software simplifies the checkout procedure for customers, which reduces the likelihood of abandoned shopping carts and unsuccessful invoice payments.

Given the critical role that a payment processor plays in the success of your business, it is essential to ensure that it is set up by an experienced service provider. Some of the most common payment processing softwares are Gocardless, Stripe, PayPal and Square.

Augmented Reality

Augmented Reality (AR) is a technology that allows users to experience an enhanced version of reality by overlaying digital information, such as images or 3D models, on the real world. In the retail industry, AR is being increasingly used to improve the shopping experience by providing customers with a more interactive and personalized way of shopping. With AR, customers can virtually try on clothes, shoes, or accessories and see how they look on themselves, without the need to physically try them on. 

Additionally, AR can be used to show customers how furniture would look in their homes, allowing them to visualize the product before making a purchase. This technology can also aid customers in shopping for other items, such as makeup or home decor, by providing a more immersive and engaging experience. While some companies may choose to develop AR applications in-house, others may opt to outsource this type of project to specialized software development firms with expertise in AR technology.

#4. Telecommunications

As people use more communication channels, such as social media and messaging apps, telecommunications companies (telcos) need to keep up with the latest technology to provide their customers with high-quality services. This requires continuous improvement and innovation in their systems and processes.

One way that telecommunications companies can keep up with the latest technology is by outsourcing software projects. By partnering with software development companies, telcos can access the latest technologies and implement them more quickly than if they were to develop them in-house. Some of these software projects are based on the following:

Network Management Systems Development

A software development project that is heavily outsourced by telecommunications companies is the development of network management systems. These systems are specifically designed to manage the complex and large-scale telecommunications networks that are operated by these companies. This includes monitoring the network for performance issues, provisioning new equipment and services, and ensuring the network is secure and reliable.

Network management systems can be customized to fit the specific needs of a telecom company and are critical in ensuring that the network is operating at peak performance and providing high-quality service to customers.

Big Data Analytics

Although data analysis has become increasingly important for businesses across many industries, the telecommunications sector has been particularly impacted by the growing need for data analysis due to the sheer volume of data generated by the industry. Some of this data includes customers’ usage patterns, preferences, and demographics. Analyzing this data can provide valuable insights into customer behavior, needs, and expectations. However, processing and analyzing such large amounts of data can be challenging and time-consuming for telcos. This is where outsourcing software projects becomes useful. Software developers have the technical expertise to develop advanced data analytics tools and algorithms that can quickly process and analyze large datasets. They can help telcos identify patterns, trends, and correlations within the data, providing actionable insights that can help improve services and customer experiences.

In addition, offshore software development companies can help telcos develop targeted marketing campaigns based on customer data. By analyzing customer preferences and behavior, telcos can tailor their marketing efforts to better resonate with their target audience. This can lead to higher engagement rates, increased customer loyalty, and ultimately, higher revenues.

Web Portal Development

Web portals are websites that provide users with a single point of access to a variety of information, services, and applications. In the context of the telecommunications industry, web portals can be used by customers to manage their accounts, view billing information, and pay bills. They can also be used to provide customers with self-service options, such as updating their contact information or changing their service plans.

 Web portals can also be used by telcos to provide customers with access to value-added services, such as streaming media, cloud storage, or online gaming. By outsourcing the development of web portals, telcos can ensure that their portals are well-designed, user-friendly, and provide customers with a positive experience.

 Although the telecommunications industry may outsource the development of web portals, this type of software development is not unique to the telecom sector. Many other industries, such as healthcare, finance, and retail also use web portals to provide their customers with online access to information and services. Outsourcing web portal development can be a cost-effective solution for businesses across various sectors to provide their customers with a robust and efficient online platform.

#5. Government

Cybersecurity

In today’s digital age, cybersecurity is a crucial aspect of protecting sensitive data and maintaining the integrity of various industries, including government projects. With the increasing threat of cyberattacks, maintaining utmost accuracy and security of data is a top priority. Cybersecurity solutions, such as encryption, firewalls, and intrusion detection systems, play a crucial role in protecting data and preventing unauthorized access.

While governments may prioritize cybersecurity in their projects to ensure the confidentiality of sensitive data, they are not the only ones who outsource cybersecurity. Businesses across various industries also seek the services of cybersecurity professionals to safeguard their information systems and protect their data from potential breaches. By outsourcing cybersecurity projects to specialized providers, organizations can leverage the expertise and resources of dedicated cybersecurity professionals to secure their systems and stay ahead of potential threats.

To learn more about outsourcing, you can read our Top 8 Qualities of an Outsourcing Company in the Philippines article. We invite you to follow us on social media and to visit our website to learn more about our services.

About Us: Sourcefit is a widely recognized US-managed business process outsourcing company based in Manila, Philippines. We proudly serve over 100 clients with a workforce of more than 1,300 employees. Our global centers can serve multiple markets, and our staff is highly proficient in English, Spanish, French, and Portuguese. Whether you need a few or many employees, we can help you achieve your business goals and build high-quality offshore teams.

Latest Awards

Sourcefit’s commitment to excellence has been recognized through numerous industry awards and certifications.

We recently received the Fortress Cyber Security Award from the Business Intelligence Group. Sourcefit was also honored with the prestigious recognition of Best Outsourcing Solutions Provider in the Philippines during the 2023 Business Excellence Awards.

Other awards include: FT ranking of 500 high-growth Asia-Pacific, The Marketing Excellence Awards, Inquirer Growth Champion,  HR Asia Awards, among others.

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