What Are the Benefits of Outsourcing Software Development?
Outsourcing is a great option for companies that want to achieve digital transformation goals while reducing risks and keeping costs low. More and more American businesses are beginning to consider these benefits.
Considering that some of the world's most successful software development companies, such as Microsoft, Apple, and IBM, outsource their custom software development, it becomes clear that there are significant benefits to doing so.
Today's difficult times have fueled rapid innovation, and if you want to adapt to and capitalize on rapidly changing markets, custom software development should be on your radar. With 66% of technology projects failing in some form or another, partnering with the Experienced software development firm for your software development projects is an obvious choice for staying competitive.
Below are five additional advantages of outsourcing your custom software development.
1. Fast Delivery
A complete product development cycle can take a long time. The time required to develop an application is directly proportional to the unique business use case and the project's size. While a cross-platform hybrid or native app can be created in months, building a complex platform incorporating AI and machine learning technologies could take several years.
Outsourcing a project to a specialist firm can significantly shorten the time-to-market of a project that would otherwise take a long time to develop with in-house teams.
Following industry standards, a dependable software development outsourcing vendor can deliver a minimum viable product (MVP) in as little as 12 weeks using an agile and nimble approach.
2. Huge Cost Saving
Hiring software developers from countries like India offer you a cost advantage, as talented resources are available at cheaper rates when compared to their counterparts from the United States and the United Kingdom.
Even with the most conservative estimates, a company can save tens of thousands of dollars yearly on rent, hardware depreciation, product support, employee training, and regular employee benefits. Outsourcing allows a company to reduce overall application development costs in terms of both labor and total cost of ownership.
3. Future-Ready Approach
To keep up with emerging technologies like the Internet of Things (IoT), AI/ML, 5G connectivity, and blockchain, businesses must digitally transform into future-proof enterprises.
During the COVID-19 global crisis, an experienced outsourcing software company can bring the technical expertise to design applications with a futuristic approach to meet unique business needs. For example, to identify events that cause unexpected spikes in traffic, one can use predictive analytics.
4. Mitigating Project Risks
To name a few, developing and releasing new software entails inherent risks such as code issues, tight deadlines, inaccurate estimations, and unrealistic goals.
When you outsource software development, you reduce the risks associated with creating software products by collaborating with a team. The team employs a high-quality project management system, has a track record of success in developing applications, and has a well-established and effective workflow that generates consistent ROI.
5. Flexible Capacity & Scalability
After you have been assigned a software development project to work on. You realize you need to add features separate from the original plan; outsourcing allows you to do so effectively and quickly.
Having an internal software development team in your company, overburdening them with work, or making a last-minute change to a project will cost you money and time. However, this is different in custom software development firms because their teams are designed to be adaptable and ready to work at any time.
Businesses outsource overseas to stay competitive and consolidate their market position due to lower costs and talent shortages. Furthermore, an effective transition to software development outsourcing can assist organizations in realizing the actual value of an outsourced software development engagement.
It identifies the most critical factors: access to high-performing software developers' talent, technology modernization, digital business innovation, cutting-edge tools, and excellent IT architecture. It builds the foundation for a long-term partnership.
Thus, by partnering with a top-rated and proven offshore development company company with a strong experience and expertise, you can successfully mitigate the common risks that lay in the path to implementing technology.