Extensibility in finance - significance and functionality
In itself, a software engineering design principle, extensibility is the capability of any software system to allow and accept the extension of its functions without rewriting the code. It helps to extend the platform's existing functionality to suit customized needs. Developers can easily make any expansions or additions to the applications with the help of its tools, technology, and languages.
An extensible system allows people to develop extensions through changes in the existing functions or by adding new features. The best part is that it allows for enhancements without restricting the functions of the current system.
The developers can help your business by using software extensibility to add new functions, scale continuously, and even aid product launches, promotions, and price changes. It allows your business to scale to new highs without investing your time and money in developing custom codes every time.
Benefits of extensibility in a business
Well, this new extensibility approach, as compared to its traditional software application counterpart, extends several advantages for your business model. For example, rapidly changing expectations can prove time-consuming and costly in the case of traditional software.
However, the platform's extensibility takes future growth into account and ensures that you can easily add new functionality to fulfill changing requirements of your growing business.
So, it helps to not only conceive new ideas but also help in use these for automating your business processes. It even cuts errors and ultimately enhances customer satisfaction. What you get in the end is increased revenue for your business.
A flexible platform extends better and sustained security standards. That means flexibility helps you focus on the other important aspects of your business without worrying about any loss of privacy or data. This shows that both extensibility and flexibility are something indispensable.
Importance of extensibility
We all need to know that software is a dynamic entity that programmers make. It must accept ongoing changes to the business requirements. Since independent parties develop software components, we need customizable components that can easily adjust the existing software without disrupting its functionality.
All this calls for having software systems, which, despite being built by different people, allow for extensions to be amalgamated cohesively and flexibly to improve the platform's working.
Extensibility helps businesses get the insights required for making the best decisions. This is possible by changing the existing software per the changing requirements. While doing so, the changes should be flexible to cater to the upcoming challenges.
How to use extensibility in finance?
Depending on which particular system or platform is considered, you can use extensions to customize an application. Being quite flexible, they can be conveniently changed to add functionality to the existing source code and model elements. Of course, the best part is that you don't have to shell out big bucks or lose the basic purpose. Extensions help customers to stay updated on the latest changes by getting updates. You can do the following by using extensions:
- Make new model elements– You can create new objects by making new model elements. These objects can be a form, class, or enumeration.
- Make extensions to the existing model elements–By making extensions to the current model elements. You can extend already existing objects. In other words, you can easily extend the form to add your field.
- Extending source code–Using concepts like delegates or method wrapping, you can extend source code.
- Customization of business logic
Business logic can be customized by doing the following:
- Building event handlers for responding to framework events(e.g., Data events);
- Building new plug-ins;
- Building event handlers for responding to event delegates already specified by the app.
Examples of extensible applications
An example of extensible business software is the cloud-based ERP(enterprise resource planning) solution of NetSuite. This SaaS(Software-as-a-Service) solution released major enhancements in 2017 to allow more extensibility to its users. It also provides a range of technologies and tools to developers and administrators for customizing ERP to fulfill specific requirements.
Businesses get the flexibility to create, customize, verify, and release apps and customizations. They can also utilize enhanced functionality with the help of SuiteApps(NetSuite). Customers can accommodate new issues their businesses face by taking the help of NetSuite's prebuilt SuiteApps with an extensibility function. NetSuite helps financial institutes fulfill the customized demands of its ever-growing number of clients while striking a perfect balance between risk and opportunity.
Another example of extensible business software is QuickBooks. This handy financial management tool is meant to aid businesses with tracking expenses, bank reconciliation, and financial management and reporting.
Irrespective of your business's industry, using an increased number of responsive and robust extensible applications is the need of the hour if you want your business to survive and thrive in the highly dynamic and competitive market.