The fourth foundation
The fourth foundation; Software development is a construction process within a technological application, from which different specialties emerge, such as the development of custom software.
The development of custom software is critical in the technological development and digital transformation we are currently experiencing globally.
It is considered one of the fundamental business lines for all organizations, regardless of whether it is owned, outsourced, or mixed, because it adapts to every company’s needs.
Technology companies that go through a custom development process quickly identify that there are three necessary foundations for the success of each project, which I will briefly describe below:
Product owner: The team or person has direct and immediate contact with the client and is in charge of understanding and internalizing the solution’s requirements and needs. It has a fundamental role since it is responsible for transmitting the information clearly and precisely, ensuring that the final product meets expectations.
Technical development: this is the team responsible for capturing and making tangible the information received by the Product owner and the prototype delivered by the design team. He is in charge of both the implementation and the tests, which finally allows the final product’s delivery to the customer’s satisfaction.
UI / UX Design: The person or persons in charge of analyzing all the information transmitted by the Product Owner to creatively transcribe it and translate it into a prototype, taking into account the functionalities that can be achieved within the development and to facilitate scheduling for the technical team.
The balance between these three foundations described above can lead a developer to deliver a final product successfully. However, in our experience, we have found a fourth foundation that, when engaged, minimizes the risks and promotes a better delivery of the projects.
The fourth foundation we want to propose is financial planning.
Financial planning allows us to exercise control, facilitate decision-making, and focus on achieving long-term objectives and goals until the end of each delivery.
Just as financial planning is one of the essential foundations of traditional companies, it is also vital for these new technology business models. It allows us to project ourselves into the future, identifying opportunities for improvement that will enable us to reduce risk and focus efforts appropriately to achieve results as expected.
The most beautiful thing about this last foundation is that it is easily adaptable to each of the opportunities that arise in the company, thus allowing managers to make preventive or corrective decisions that would enable them to establish a safer path to success.