The official business definition of Purchased Software is software that is bought from a third-party vendor and installed on a company’s computers or servers. This type of software can be used to automate processes, improve efficiency, and increase productivity. Purchased software is typically more expensive than open-source software, but it is often more reliable and secure. It also offers more features and customization options, which can be beneficial for businesses. Additionally, purchased software often comes with technical support, which can be invaluable for businesses that need assistance with their software. Ultimately, purchased software can be a great investment for businesses that need to increase their efficiency and productivity.
