The amount of money spent on information technology in the world will rise going forward. According to numerous estimates, global IT investment will climb by 4% in 2021 and even more in 2022. Increased IT spending will be accompanied by an increase in outsourcing. This is in light of the fact that digital transformation is accelerating at an unmatched growth rate. According to IDC, the IT industry will generate $5 trillion in revenue by 2021, a 4.2 percent increase. A large chunk of this spending will include outsourcing because businesses are becoming aware that they need to focus on core business activities without compromising on discrete technology implementation requirements. Outsource software product development is a critical step in the IT value chain for efficient and effective operation. The present pandemic has prompted organizations to outsource application development in greater numbers than ever before.
If you do not already have an outsourcing strategy in place, read this blog to understand what parameters to consider in deciding whether outsourcing is the right choice for you.
It can take months on end to form internal technology teams
The suggested software development life cycle necessitates a number of requirements in order to complete the project in accordance with the SLAs. It may become impossible to assemble a fresh in-house team for the project on a regular basis. All of these factors could have a role in the project’s success. The inception of your technology team may take months because hiring and training would be big challenges.
But through outsourced software product development services, the in-house team will not be under any pressure because technology requirements are taken care of through the technology partner.
The project’s processes are handled by a dedicated staff by the outsourced software product development services. The project’s deadlines, workflows, and other details will be delegated to your outsourced software product development services provider, who will work diligently on the project while employees of the organization focus on more important activities.
Significantly reduced cost
Hiring procedures, licensing charges, software architecture consultation, training, and development costs are all factors that contribute to the cost of in-house software development. However, outsourced software product development services can help decrease these expenses. The project’s basics will be handled by an outsourced software product development services provider. When compared to in-house production, the cost can be lowered by up to 70%
Ready to Leverage Technology Expertise
Outsourced Software Product Development services are successful because they nurture and host a plethora of trained resources in various technologies. It is difficult to train resources in a package of modern technologies that are being actively used today to craft digital solutions, but this is the expertise of an outsourced software product development services provider. Having resources trained in the technologies in demand such as backend, front end, cloud, DevOps, artificial intelligence, data analytics among others is crucial for your organization to be able to integrate an all-inclusive solution for digital transformation. If internal expertise lacks in any avenues of these technologies, you take several steps back as you have to spend more time and money on getting new trained resources.
Product Support Requirements
Throughout the software product development life cycle, there are ongoing support requirements, particularly in circumstances such as product downtimes. Often, one such occurrence is enough to halt the entire project
When this product is being supported by an outsourced software product development services provider, all of the support responsibilities are given to various team members who are solely accountable for them, allowing in-house employees to focus on administrative responsibilities.
Customer Support 24/7
Working in multiple time zones allows for greater round-the-clock client service. When leveraging an outsourced software product development services provider from a particular region, the outsourcing partner’s workforce can work successfully during your night. Your internal resources can work on customer support during their working hours. As a result, the workday is extended to 24 hours, resulting in improved production.
Leveraging the best technologies which can act as your strategic differentiator
Through examination of the company’s history to determine the success rate and other factors, as well as the product’s cost-effectiveness, it is possible to choose outsourced product development services providers that employ cutting-edge technologies. Such technology partners are confident in their ability to develop software using a variety of languages and other key tools, which is impossible to do if the work is done entirely within the company.
If you’re looking to leverage a technology partner that can provide outsourced services in order for you to leverage benefits such as the above, reach out to us as we are an expert software product development company. With a global presence in the UK, Germany, US, Singapore and headquartered in India, Pratiti’s craftsmanship approach understands an organization’s specific needs and craft digital journeys.