Your firm might consider building software to address a specific problem within
Your IT department is accustomed to addressing projects with a limited, well-
defined scope. But building software needs to account for complex business
processes that may span multiple departments and require collaboration with
external parties. As a result, your best people will spend countless hours building
a solution that may already exist and is proven in the market.
Not only do you need to maintain that system, but you need to maintain the
people with the institutional knowledge to update and use that system. This was
challenging for many firms during the Great Resignation.
In most cases, an external vendor has already solved the problem hundreds of
times and can bring your firm and its clients the benefits of best practices based
on lessons learned in other firms.