Here is what could be related the advantages of software:
Their single biggest advantage is that they meet the exact needs of the user. Since they are designed specifically with one purpose in mind, the user knows that he has to use one specific software to accomplish his task.
The threat of viruses invading custom-made applications is very small, since any business that incorporates it can restrict access and can come up with means to protect their network as well.
Licensed application software gets regular updates from the developer for security reasons. Additionally, the developer also regularly sends personnel to correct any problems that may arise from time to time.
Among disadvatages, I would define these points.
Developing application software designed to meet specific purposes can prove to be quite costly for developers. This can affect their budget and their revenue flow, especially if too much time is spent developing a software that is not generally acceptable.
Some software that are designed specifically for a certain business, may not be compatible with other general software. This is something that can prove to be a major stumbling block for many corporations.