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How Outsourcing Product Development Can Improve Your RoI?
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How Outsourcing "Product Development" Can Improve Your RoI?

Posted By Praveen Joshi on 28 Aug 2018

As a software products developer, you have to consistently update your existing products while at the same time continually developing new ones to meet your business needs and customer demands. In this scenario of continuous development, product development teams experience challenges in developing, testing, launching, updating products and embracing new technologies.  This is where outsourcing product development (OPD) becomes a viable option. A survey published by DZone shows that dealing with capacity issues is the biggest problem in software development. The same report says 52.5% of developers interviewed have used outsourcing to overcome capacity issues in product development. This article explored how software developers can use outsourced product development (OPD) to boost return on investment (RoI). Keep reading.

  1. Boosting Creativity in Your Internal Teams

By outsourcing some aspects of product development in your business, you will give more leeway for your in-house development team to innovate. Now, IT specialists don’t like playing catch up, and when they have some freedom to create, you will note an improved output in ideas. By outsourcing, you give space to your product development team to innovate, and with new products, this leads to improved RoI.

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  1. Access to Global Talent

Outsourcing product development (OPD) gives you access to a pool of highly talented individuals from across the globe.  When outsourcing, you encounter experts in diverse technologies who will help improve your products. Even the largest software development companies cannot hire all the talent they need, and they have to outsource to get access to innovators with unique skills in the industry. With diverse skills in your development team, you enjoy better products at a lower cost, and this boosts return on investment. 

  1. Cost-savings

One of the greatest challenges faced by software developers is limited resources. In a Stack Overflow Developer Hiring Landscape 2016 Global Report published by TechAsia, 23% of developers surveyed listed limited resources as the main challenge for their companies.   Through outsourcing, your business can overcome this problem as you incur less on recruitment, infrastructural costs including office space, payroll costs, IT hardware and software development licenses. When you reduce cost and still benefit from an injection of new skills, your business enjoys a higher return on investment.

  1. Reduced Time to Market

In software product development, the time a product takes before hitting the market can make or break your business. Any delays can give your competitors an unassailable advantage, and this is where outsourcing becomes the best option. You don’t have to risk letting your limited resources dictate timelines but instead, you hand over the task to a better equipped remote team. 

Outsourced development teams appreciate the need for quick turnaround and will thus work round the clock to achieve reduced time to market. The first product in the market always performs better, and with an outsourced team, you have a guarantee of a better return on the investment.

  1. Cutting–Edge Solutions

Your team’s association with a third party in the industry can lead to the adoption of better technologies in the industry. Your in-house team can hardly keep up with the emerging trends because their scope is limited, but when you bring in a third-party, you benefit from such technologies which in turn boost your product development capacity. Ultimately, this leads to better products which improve your returns.

  1. Fresh Perspective in Software Development

Your outsourced product development (OPD) partner brings in a fresh perspective to your business. They suggest fresh ideas which give you a competitive edge in your niche. Such ideas lead to better business performance, greater output and cost reduction in your operations.

  1. Intellectual Property Rights  (IPR)

When you adopt outsourced product development (OPD), you still retain the IPR to the product. You also own and control the architectural development of the product. There are no fees paid after the contract and you can later update the software in-house.

Conclusion

In summary, outsourcing product development (OPD) saves the cost of software development, reduces time to market and gives a fresh perspective to your product development cycle. It is one of the best solutions to capacity issues faced by software developers across the globe. By embracing outsourced product development, your business can utilize existing resources better to deliver improved customer experience. Working with an outsourced product developer thus boosts return on investment (RoI) by cutting costs, boosting output through the injection of new ideas and giving you a competitive edge through reduced time to market.

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