Maximizing Your Software Development ROI: A Guide to Speed and Quality

April 24, 2023
Maximizing Your Software Development ROI_ A Guide to Speed and Quality

Implementing viable software application solutions that meet the needs of their target audience and give companies an edge over their competition is more than just resource and labor-intensive. Still, it requires a delicate balance between development speed and software quality. With so much at stake, it’s essential to apply cost-saving strategies to ensure a good return on investment.

Factors That Escalate Software Development Costs

Building software is generally a complex process, but custom-developed software goes beyond the quintessential by integrating business logic with a cluster of innovation, thus bringing a comparative advantage for enterprises. Since it brings unique ideas the competition needs to learn regarding strengths and weaknesses, it can take months before a top software product hits the market.

For a process that goes beyond writing some lines of code on a computer, bespoke software development requires the effort of an entire team of experts who must understand the user’s problems, predict future issues, and then go on to code accordingly. Therefore, the amount of time and effort required ends up adding to the complexity of such a project, meaning it will have to go beyond the process of building an off-the-shelf software product. 

The costs involved can escalate significantly because of the expertise and the number of hours required building a custom software project, leading to the question of whether there’s a way you can succeed without losing all your money. While there’s no single answer, factors including the software’s complexity, the target platform, implemented features, user interface (UI) and user experience (UX) designs, and back-end development will play an important role. Moreover, research suggests that most large software projects almost always run 45% over budget and 7% over time, delivering 56% less value than initially predicted. Since creating an effective digital product requires funding, the following are industry-verified tips on maximizing your software development ROI without increasing the budget or expanding the timelines. Take a look:

Select Well-Known Technologies 

Considering that there are plenty of technology stack options, you want to narrow your choice range by determining a tech stack for your front-end and back-end development that will remain effective well into the future. Choosing the appropriate technology will directly affect your software’s functionality, scalability, and server capability. Since it plays an integral role in the end product’s operation, it will affect the app’s cost, and any wrong choice means the probability of spending extra funds later to rebuild the app or include improvements. Choosing a widely-used technology stack also means it will be easy to locate developers who can work with it and have a host of tools with easily integrated packages and good support from trusted vendors.       

Assemble a Knowledgeable Team

Having a team of developers with the proper knowledge and synergy is a big step towards solving the time and quality problem. A team with familiarity, the correct skill set, flexibility, and a perfect understanding of a project’s requirements will always work in your favor. You can expect fewer delays when dealing with a team that maintains transparency, prioritizes, tracks progress, communicates effectively with stakeholders, and builds the proper support and equilibrium due to their knack for learning and being hands-on. 

Begin with a Minimum Viable Product

Instead of waiting until you launch a full-fledged product, a mock-up, or a prototype, you’re better off beginning with an MVP. Launching an MVP is worthwhile as it helps you interact and experience it sufficiently while collecting feedback from end-users and decision-makers to allow you to save time and money while validating your idea as you implement the suitable changes. 

With research from CB-Insights showing that up to 8% of startup failures were because of poor products, it pays to use a scaled-down version of the intended effect to demonstrate whether you’re on the right track. Should there be a reason to make changes, software developers can course-correct at the initial stages and avoid making more significant changes later.    

Integrate Automation 

While automation may not replace humans altogether, it’s a suitable catalyst for developers as it can improve efficiency by freeing them from time-consuming tasks to engage in high-value project tasks. By cutting downtime, automation means fewer man-hours, faster testing, and fewer errors while ensuring consistency and repeatability with more accuracy leading to lower software development costs. Among the functions you can automate include finding bugs, performing usability, regression testing, UI/UX performance, functionality, and stress testing.   

Outsource Software Development 

Companies must consider outsourcing the requisite but costly software development to address issues like scalability, cost-optimization, and agility as they seek to undertake digital transformation and adopt new technologies. According to a recent study by Deloitte, at least 70% of companies involved stated they outsourced their software development projects to cut costs, flexibility, and speed to market, and access to tools and processes. The initial cost savings for companies include the absence of in-house salaries and benefits besides spending zero on physical capital investment or software architecture.

Outsourcing your software development to teams like Gigster means accessing an enormous pool of top-notch designers and developers where quality is assured at every process step. Besides being cost-effective, outsourcing gives you access to more qualified specialists who are used to working on diverse and complex projects compared to in-house teams that would primarily be used to working on similar projects. Hiring a software developer is less costly since you won’t have to hire in-house staff and spend extra on salaries, allowances, and taxes. Moreover, you will increase the chances of reducing your costs while maintaining quality without spending time on endless staff meetings.   

Your outsourcing options include out-staffing (allowing a third-party company to hire specialists, but you still are responsible), hiring independent contractors (the least expensive but risky since freelancers don’t have partners or teamwork in case of urgency) or a software outsourcing platform like Gigster having teams of specialists that can work fast and effectively, including assigning a project manager to support larger remote development teams.  

Whether you’re a startup, enterprise, or everything in between, maximizing software development return on investment is crucial for all businesses. You need to identify the different areas where you can implement cost reduction strategies and, as much as possible, employ agile development practices, automation, and outsourcing to remote teams. Taking the time to understand custom software development processes, identifying areas where cost can be reduced, using the right tools and techniques, implementing the best practices, and staying up-to-date with emerging technologies will allow you to focus on what matters, which is delivering the highest quality products to your end-users.

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