"Open-source" software signifies that the source code is freely available for developers to view, modify, and distribute. This collaborative approach promotes innovation and allows for rapid development and problem-solving, as anyone can contribute to the project. Additionally, open-source software typically fosters a stronger community support system and often results in cost savings for organizations. Developers benefit from being able to customize solutions to meet unique needs without being tied to proprietary restrictions, ultimately promoting flexibility and adaptability in software development.