Tag: software developers
Outsourcing Software Development In 2024: Ultimate Guide
Table of Contents
- Predicted growth of IT outsourcing market size during 2020-2024
- Projected CAGR of IT outsourcing market by 2024
- YoY growth of IT outsourcing market during 2020-2024
What is Software Development Outsourcing?
Top Technology Outsourcing Trends in 2022
- Cloud Data Storage
- AI, IoT, and RPA
- Blockchain Services
- AR and VR
- Cyber Security and GDPR Compliance
What Kind of Software Development Services Can You Outsource?
Why Software Outsourcing is Good For Your Business?
Focused Business Development Strategy
To win the technological race, you need to have a focused strategy. Every business needs to align its operational strategy with the changing people, process, and technology. When your software is developed by an outsourcing company, your business processes will be highly streamlined and optimized, allowing you to focus on the core activities that will take your business to the next level.
Business Continuity Planning
Outsourcing your IT necessities can be a boon in times of financial and natural adversities such as the COVID-19 crisis because outsourcing companies like Fingent implement business continuity planning and disaster recovery measures to fulfill obligations and deliver services without interruption.
Manage Risks and Compliance Effectively
Partnering with a software outsourcing company like Fingent enables you to mitigate the risks associated with handling your project. We follow a high-quality project management system that has been tried, tested and proven across our past as well as ongoing projects. We take care of all the legal compliance-related matters that have to be fulfilled while onboarding offshore resources as well as setting up contracts with our clients. This lets you focus on the things that matter.
Gain An Edge Over Competitors
Outsourcing software development services accelerate your time-to-market. With people working around the clock, your competitiveness improves greatly and gives you an edge over your competitors. Outsourcing software development companies do not necessarily demand you to make any upfront investments. The cost advantages make your development project more attractive and reduce your overall workload. With outsourcing, you will gain access to new and innovative perspectives and an opportunity to utilize strong and diverse technology expertise.
Why Do Businesses Outsource Software Development?
Outsourcing Benefits Achieved by Businesses in 2021
- 88% Cost Reduction
- 78% Standardization and Process Efficiency
- 63% Improved Business Value
- 67% Developed New Capabilities
- 54% Accelerated Digital Goals
Here are some of the key benefits of outsourcing software development:
Save Costs
Outsourcing is the most viable option to reduce your overheads and increase profit margins. Offloading your software project to an offshore development partner allows you to get the same amount of work done, with the same quality at a much lesser cost. For instance, the average offshore software development rate in India is $30 per hour, whereas in the USA, the hourly developer rate will cost around $100. Software development outsourcing saves you from investing heavily in infrastructure, licensing and subscription charges, and other training costs. It’s more feasible than keeping full-time employees on your payroll.
Gain More Flexibility
When you outsource, you only pay for the skills and expertise required to execute your project. Software outsourcing gives you the flexibility to scale up or down the size of your team based on your requirements. Outsourcing empowers your business to address the changing market needs easily and stop worrying about the rising cost of hiring and other technology investments. It improves your team’s focus on the mission-critical activities essential to run your business successfully.
Access to World-Class Technology
When you team up with a strategic and trusted offshore software developer possessing a proven track record, you will gain an upper hand in technology. Access to cutting-edge technology without any hefty investment gives you a competitive advantage over your peers. Software development outsourcing ensures innovation and sustainability by helping your business stay ahead with technology.
Reduce Time-To-Market
Outsourcing software development relieves you from the mammoth task of searching for new developers and preparing them to work on your project. When you have a dedicated offshore team working on your product in different time zones, you are all set to make progress 24/7. A competent software outsourcing partner understands your project’s ideas precisely and helps reduce your time to market significantly. Outsourcing allows you to minimize the risks associated with software development as you work with a team that uses high-quality project management systems and established workflows.
Reach a Wider Audience
Software outsourcing companies come with diversified experience of tailoring their services to businesses across multiple verticals and geographies. They follow the latest industry standards and software development best practices to build high-performing modern apps that meet your customers’ expectations and expand your market reach.
Five Major Software Outsourcing Models
Fingent’s Software Outsourcing Success Stories
1. Custom Property Management Software
Challenges faced by property managers
- Complicated rent collection and distribution involving multiple tenants and owners
- Managing maintenance requests from every nook and cranny
Solutions delivered by Fingent
- Automated the rent collection and distribution process
- Eased the handling of maintenance requests and complaints
- Simplified the software for property managers and tenants
Benefits gained
- 60% time savings through automation
- 3-4% reduction in rent collection service charges
2. Customizable Course Mapping & Pivoting Application
Challenges faced by educational institutions
- Complex course accreditation process
- Aligning courses to compliance regulations
- Inability to manage credit hours in real-time
Solutions delivered by Fingent
- Customized application for tracking credit hours and managing courses
- High scalability and integration capabilities leveraging web, cloud, and mobile
- Helped establish a pioneering approach to address compliance in education
- Anytime, anywhere access to data through secured user profiles
Benefits gained
- 508 compliance - Accessible to people with disabilities
- LTI integration - Interoperability with other education platforms
- 60% reduction in cost and effort spent on course management
3. AI Application to Manage Workers’ Compensation Claims
Challenges faced by the legal attorney
- Balancing the time, cost, and cases in hand was hard for insurance carriers
- Painful, manual methods for document segregation and analysis
- Personnel training stress diminished workforce efficiency
Solutions delivered by Fingent
- AI-based application that combines client’s pioneering litigation strategy
- Employed OCR and AI for smart data extraction
- Intuitive dashboards to derive basic case information at a glance
- Contextual analysis to extract meaningful insights from larger datasets
Benefits gained
- 50% decline in claim cycle time and associated personnel costs
- 57% cost-drop for the insurers, carriers, and claim admins
- Average case settlement time reduced to 1-2 days
Does Your Business Require Software Outsourcing?
- If you are hard-pressed to launch your product or service in the market in minimal time, without heavily increasing your existing overheads
- If your product or service is already a hit in the market and you want to reach out to all your customers and provide a better, efficient, and faster service
- If you require custom software development, process automation, updates, and upgrades on your existing business application
- If you want your software to be developed by a domain expert, specialized in developing software for your industry
- If your business has to undergo digital transformation while saving costs on resources and infrastructure
- If you are unable to juggle new business and software requirements as well as current internal workloads
- If your core business area is not related to software, but you need a mobile app or a cloud-based software to run your daily operations
“By the end of 2023, the global value of the IT outsourcing market is expected to exceed $1.3 trillion as companies increase their search for digital transformation experts.”
Best Practices to Follow While Outsourcing Software Development
- Find out if the offshore service provider’s experience is sufficient to handle your project requirements.
- Get introduced to the team of software developers, architects, business analysts, and other key people who are supposed to work on your project.
- Ensure to have a full-time onshore lead and an offshore lead to help establish the coding standards, solve technical issues, and mentor the offshore team.
- Use video conferencing to arrange regular meetings to handle any roadblocks, discuss queries, and resolve issues in a timely and efficient manner.
- Use a collaborative project management tool to plan tasks efficiently, prioritize tasks, and track the project’s progress.
Outsource Your Software Requirements to Fingent
Stay up to date on what's new
About the Author
Featured Blogs
Stay up to date on
what's new
Talk To Our Experts
Fingent Yet Again Ranked Amongst The Top Developing Companies of New York
Utilizing enterprise technology, Fingent develops best in class software solutions for businesses, to help them prepare better for the future. With our customized web and mobile applications, leading enterprises of variant industries have transformed efficiently to provide quality customer services and remarkably grow in the market. Recognizing our hard work and dedication to our clients, we are yet again ranked amongst the top developing companies.
We’re excited to announce that Fingent has been featured as a top-performing New York developer on Clutch!
Clutch is a ratings and reviews platform for B2B agencies like ours, and they are dedicated to showcasing the best companies around the globe. We earned recognition as a top custom software development firm from Clutch after being evaluated on several different factors, including our market presence, our extensive online portfolios, and, most importantly, verified reviews from former clients. Since we value our client’s opinion above anything else, we are proud to see their positive reviews on our Clutch profile. Here’s just one example of our awesome reviews that have resulted in a 4.9-star rating on Clutch:
We’re grateful to Be Strong and to 26 of our other clients who have taken the time to leave us a review. Our CEO and MD had a few words to share with the Fingent community about winning this award:
“Clutch’s new assessment putting us at the forefront as a leading development company in the United States once again testifies to the sheer quality of services that we offer. Being included in the report highlights our core capabilities as a professional development company that constantly upholds exceptional development standards and service integrity.” – Varghese Samuel, CEO & MD, Fingent
We would also like to highlight our presence on The Manifest, Clutch’s sister site and business how-to resource. We are also featured on Visual Objects, a platform that equips buyers with a digital portfolio of the past projects of various B2B agencies.
To know more about why Fingent is constantly rated as the top developing company of New York and how our skills and expertise can bring your business the competitive advantage to excel, contact us now!
Stay up to date on what's new
About the Author
Featured Blogs
Stay up to date on
what's new
Talk To Our Experts
The mantra of success in today’s hyper-competitive and tech-neutral age is offering unmatched value, topped up by incredible experience, to customers. With the focus on the end product, most enterprises overlook the fact that the software development team are often the front lines in delivering superior service. The software developing a glitch when an urgent work is pending, searching in vain for an essential feature overlooked by the development team, a convoluted process to achieve a simple thing are an all-too-common experience which frustrates a customer or the end user of the software.
Often such drawbacks are not because of any deep-rooted incompetency or incapability, but a result of lack of focus, or not paying attention to development process it deserves. The name of the game in keeping software developers happy, engaged and productive, all factors which have a proven correlation with end customer satisfaction.
Facilitate the Developer
The basic requirement to make developers happy is facilitating them. It is innate human nature that creativity and mentally intensive tasks such as writing quality code thrive only in an environment of freedom, where one can express their suggestions without fear of repercussions.
An open and transparent culture, with free flow of information, and without data silos is the basic and essential requirement.
Developers need to be empowered to take their own decisions, without having to run to their project manager for every small thing. Allowing developers to engage with the customer or end users directly, and freedom to make any changes that do not alter the scope of the project, goes a long way in empowering them and making them happy.
Side by side with creativity, human beings need very high levels of precision, focus and concentration to be able to write quality code. They require a comfortable atmosphere, with ready access to resources required to do their job well.
Another essential requirement, almost indispensable, is flex-time, and freedom to work from home. Creativity and inspiration never follow a 8 to 5 schedule.
Empowerment often creates a level playing field, allowing small startups to compete effectively with large behemoths, where the salary may be higher, but where organizational morass has set in, with an entrenched bureaucracy stifling creativity and freedom. There, developers may have to spend more time in paperwork, playing by the “rules of the game,” or worse, pampering egos, than do what they are meant to do – writing high-quality code.
Offer Perks
Lucrative salaries attract top talent, but perks ranging from on-site massages to unlimited coffee breaks, the ability to work from home, and more are the real motivating factors that attract top talent. The trick lies in understanding what developers want and design the perks likewise. HR plays a crucial role in this dimension, by talking to developers, and understanding what motivates them, especially during the recruitment stage. Flexibility, topped up by innovation in the delivery of perks and other benefits help the enterprise scale new heights in job satisfaction. Happy, engaged software developers produce high-quality results, which impacts everyone else involved in the development, delivery, marketing and sales of the product.
Forge a Shared Culture
The time-honored management concept of “hire for a fit” has never been more relevant than now. Competency aside, what matters above everything else is a cultural and emotional fit or shared values. Shared values, in essence, mean the company and the employee being on the same page with regards to striving to delight the customer, and seeking excellence in whatever work is done. On the software development front, this translates to the engaging the end user enthusiastically from the start to finish, resolving any questions and issues with calm professionalism. A solid project management system, complete with a collaborative platform, helps.
Create a Learning Organization
Peter Senge, the management guru advocates creates a “learning organization,” where the workforce continuously enhances their capabilities and keeps themselves relevant. From the individual, it requires inculcation of the attitude “Learning is a journey that has no end,” and the enterprise has to play the role of a facilitator, both by providing learning opportunities and forging a culture that encourages and value learning. Developers especially like playing with flashy new technologies. A competent developer, confident of his or her knowledge, is sure to add immense value to the end customer.
Forge a Clear Career Path
A brilliant artist or a top developer needn’t necessarily be a good manager / a leader. A well-deserved promotion up the corporate ladder may actually do more harm than good, both for the individual, who find his expression of creativity stifled and for the enterprise, who is stuck with a bad manager. The onus is on the enterprise to forge a career plan for their power-employees, with lateral promotions, or flexibility to continue the same job with a higher position if the situation so requires.
The stakes are high. The problem with an inferior product rarely ends with dissatisfied customers. In today’s hyper-connected age marked by the dominance of social media, customers can and do vent their feelings, resulted in a spiraling effect of bad image and lost potential customers.
The scramble for top talent has made developers, a pampered lot. A software developer who is even just a little bit better than the competition has the potential to generate a result that will bring exponential non-linear returns on the investment. Just as in professional sports, even a one percent advantage makes a big different in the end result. However, enterprises needn’t necessarily enter the talent rat-race. They can just as well enter into a partnership with us, who have a ready team of highly intuitive and professional app developers, ready to do your bidding. We have a track record of delivering several highly customized and dynamic mobility and other solutions to customers across the globe, cutting across industries and sectors.
Stay up to date on what's new
About the Author
Featured Blogs
Stay up to date on
what's new
