Partnering with Nielsen, Stripe released a finding that showcases how 90 per cent of Singapore’s business relies on software to launch their products, and that 70 per cent revenue has increased in the last five years from code-based products. It was based on two surveys spread across Singapore, France, Germany, UK, and the US on organisations’ business challenges, software development practices, and future investments to determine the role that developer productivity plays in the growth of worldwide GDP overall.
Given the results, it is estimated that Singapore’s economy has the potential to grow by S$1.6 billion (US$1.2 billion) annually if companies harness their developer resources more effectively.
The ineffectiveness, as it turns out, also has to do with the lack of qualified software engineers and developers available for hire. Next year, it is estimated that 72 per cent of Singaporean businesses will be looking to hire developer talent despite the 41 per cent lacking the qualified ones in the country.
The term “bad code” refers to code that is poorly written from the start, often has bugs or problems, or presents problems when it comes to debugging, modifying or future development. Bad code costs the country a total of S$232 million (US$169 million). The bad code situation results in 32 per cent of developers spendinf at least half of their time tackling bug issues rather than working on strategic innovation.
In the research, Singapore leads with the proportion of existing developers spending excessive time on bad code with 70 per cent, but their time spent ineffectively has started to hurt the country’s GDP growth. Ninety-eight per cent of business leaders believe that developer productivity is a priority, and around 70 per cent support that the developers’ role is crucial for product acceleration and companies’ unique value.
The number showed that it’s not how many developers companies have. Rathet, it’s how they’re being leveraged.
“Every company is fast becoming a technology company. Nowhere is that more evident than in Singapore, where developers are increasingly contributing to the bottom line but are significantly scarce. Investing in API-driven models that provide more agility are helping these businesses free up their existing developers’ time to maximise their abilities, and ultimately, maximize their impact,” said Piruze Sabuncu, Head of Southeast Asia & Hong Kong at Stripe.
Another thing to note is the importance of adopting modern technology that provides top-notch software infrastructure such as third-party APIs and web services automation. With the said advanced tech, it helps to free up developer time to focus on product development, code shipment, and adaptation to evolving consumer behavior to enter new markets.