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Making your Software Development Outsourcing Strategy a Success – ReadWrite

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Making your Software Development Outsourcing Strategy a Success - ReadWrite


If your business belongs to the tech industry, then one of the most effective ways of doing business is to outsource your software development needs. Small business owners and entrepreneurs often look for creative ways so that they can accomplish their business goals without spending huge chunks of money.

Large businesses are grabbing this situation as an opportunity by providing them with the best possible solutions. That said, software development outsourcing is increasingly becoming one of the most common practices of all times.

If you are a software development company, you can choose to enhance your business rapidly by taking up outsourced projects.

It has become significant for businesses to optimize their operational efficiency, bring new products and services to the market, and enhance their customer service. When businesses will focus on such areas, they will have a minimal time left to look after the software development department.

Software development experts come to the rescue for such needs of enterprises, and they need to look for the right team. An experienced team of software developers will assure quality services by working on the quality of the product.

Additionally, they will also work on enhancing the UX of the product developed, along with concentrating on the objectives and goals of the business. Outsourcing partners help business enterprises overcome several challenges that they face in the normal course of operations.

Reduction in Operating Costs

Software development outsourcing enables a reduction in operating costs, leveraging external skills, scaling up operations, easy access to a pool of talents, etc. Moreover, it provides smooth scaling of business operations so that a small business owner can concentrate on other aspects that require more attention.

Even tech giants owe their success to their strategy of outsourcing software development. A few examples include Slack, Whatsapp, Google, and many more. This concept has picked up great momentum in recent years and is expected to rise more since several companies are undertaking it as an opportunity. There are a plethora of reasons why companies are outsourcing their software development needs more and more.

Outsourcing mitigates many risks involved in the operations of their business, and also they easily find make-up for the skills their in-house members lack. Outsourcing companies care for quality in the products and they ensure on-time delivery.

There are a few things that you should be transparent about so that businesses are also aware of the critical details. I have covered a few key tips that will enable success for your software development outsourcing strategy. Find them below and employ them to obtain benefits beyond expectations.

Here are 10 top tips to consider software development outsourcing to make a success.

1. Decide your Budget

When you are planning to outsource your project, budget is the key factor that requires consideration. It is after deciding your budget, that you can pick a company to outsource your software development project. Based on your budget, you will determine which development agency would suit your preferences best.

However, development agencies differ from the perspective of how they charge their client. Some charge based on the hour, while some charge based on the efforts and project complexity. Defining your budget is crucial so that you can pick a company to outsource your development needs.

We have discerned that several people make the wrong decision by choosing a company offering services at cheap costs for financial reasons. They realize it afterward that it was the wrong choice. Don’t make the same mistake. An economical solution is not that you pick a low-quality company due to the high costs of others.

Rather, look for a company that offers a great level of quality and you get what you pay for. Although the price is a crucial factor, it is not the only factor in decision making. You will have to come up with a choice so that the right balance between quality and cost is found.

2. Define Objectives and Goals

There are plenty of software development companies that work on outsourced projects, and there is no denying the fact that not everyone can work on your project. Most importantly, you should know first what you are looking for or what are your desires. After defining the goals, it becomes effortless for you to decide, which company will be able to handle your project, and will work according to your requirements. You can rapidly shortlist a few choices to go with.

Additionally, you can also clearly communicate your goals to the outsourcing company so that they can handily work on your project. By stating your goals, you stay rest assured that the company will work to meet your goals.

When you communicate expectations, it eases the entire situation for a company, and they act accordingly. Moreover, if you are unclear of the objective, it may end up being total havoc. You can make the wrong choice in selecting a company.

3. Research on the software development outsourcing company

All companies are different, they differ on a lot of perspectives. Hence, it is crucial to do thorough research on a company before finalising them. Just as different people are robust in varied skills, different software development companies may also have a good grab on distinct aspects.

A company may excel in one area by having a strong forte, whereas it may not have a decent grab on some other aspect. A company doesn’t need to excel in all areas. After shortlisting a few picks, it is significant to know about the area of expertise of the companies so that you don’t end up making a wrong decision.

Know more about a company by checking a few parameters that include Past Projects of a Company, Track Record, Client Testimonials and Mix, Profile of the Team of Developers, etc. By checking these things, you will have an idea of the company you are planning to work with.

Once you know that the outsourcing company is competent, then only decide on to hand them your project. Checking reviews is critical, then only that you will know about the past experiences of other people with the company. Go with a company that has a high-reliability score.

4. Ensure Availability of Quality Assurance

The process of Software Development Outsourcing is not easy. You need to come up with a choice that assures quality above all. A good development company has strong testing and QA support and follows all the protocols to make sure that development motives are met.

Testing is a crucial part of software development. It ensures that whatever developed is completely error-free. It is a mandatory part of the process of code-writing.

Several companies while outsourcing their software development needs, sideline QA, since they pay more attention to financial convenience. If codes are not QAed properly, they may have errors. Hence, it is significant to go with a company that has quality testing procedures in place and is consistent in checking performance issues and other bugs.

5. Documentation is the Key

A professional company will always have everything documented and they will never undertake a project without proper documentation. Hence, it is significant for you as well to never get started without proper documents. It often happens that the procedure of software development is lost midway when it doesn’t have adequate documentation in place.

Focus and ambition of a project are also lost, as a result. Technical processes like software development require clear guidelines concerning how and what you want to achieve.

Verbal communication gets lost and often skips through the mind, but proper paperwork will not go anywhere. The entire process will get streamlined with documentation.

6. Set Realistic Milestones

Businesses often make a mistake with setting milestones. They either don’t set one at all, or they have unrealistic ones that go beyond expectations. Lack of a milestone makes it hard to track what is accomplished.

In the same way, when you have unrealistic expectations, they are most likely to get miss. It causes stress for you and the development team as well. Hence, it is critical to set milestones after considering the limitations and challenges.

Choose a team that sets realistic milestones that are achieved comfortably. If a company agrees to provide over ambitious deadlines, they will more likely put you in trouble. Look for a company that has realistic milestones, and furnishes you with them, even if it is at the cost of losing business.

7. Reliability Concerns? Consider starting with a small project

If you have not outsourced any of your software development projects before, and are not able to trust a company with their work, you can choose to first outsource a small project to them. Pay close attention to their workflow.

As you carefully watch the workflow — you will know how they treat a project, and what is the procedure they follow. You will stay rest assured that if you handover a major project to them, they will not give you headaches.

You can handily detect if a company is worth outsourcing your project or not. By outsourcing a small project, you can feasibly decide, whether or not you can entrust them with a considerable project. This would lay down a path to a successful software development outsourcing.

8. Overcome Cultural and Language Barriers

Working with a company situated in another country, or offshoring your projects can be challenging. It has a few major concerns of cultural and language hurdles. You should choose to communicate in a mutual language so that while communicating, you don’t have to translate.

It often happens that the meaning gets lost in translation. Plan to select a development company from a country that uses a language you know.

9. Try Considering a Second Opinion

You can consider taking an opinion from your in-house team of developers on the work. Varied developers look at a project from different perspectives. While taking a second opinion, they may suggest ways in which you can improve the project. Development also requires creativity, and because of the creative elements, views of different people are diverse.

You can achieve the same thing in several ways, and a few of them may turn out more efficient and effective than others. No matter what task you are working on, a second opinion about something is not bad. When you consult a project with an experienced developer, you may come to know about a few perspectives that someone may have missed.

10. An Agency that works with Latest Tools

The industry of technology is ever-evolving. New tools keep coming up for the ease of developers. However, some may need training so that the team can work efficiently.

Choose a company that keeps providing frequent trainings to their team so that they are up-to-date with using the latest tools. You can ensure this while researching for a company with which you can work.

Carry out thorough research to find out a company that uses the latest tools and resources.

Go through your service vendor’s past projects to gauge the type of projects they’ve done. Wonder why? Custom software companies who have worked on diverse and multiple projects have a track record of completing the projects on time.

On the other hand, a new and relatively inexperienced software development company will still develop its methodologies. Hence, they might not be well-versed with the challenges that can occur during the software development lifecycle.

For finding the right software development company (weblineindiadotcom), vet the size of your project. Most vendors check the size of the project before pitching for the project.

  • Check different types of software systems

See whether your vendor knows different technologies. Depending on the technologies they know, you can decide with the service vendor to discuss the custom application. Check the type of development they’re in. This is especially needed when you want to build software on a specific technology.

Partner with a vendor that has a proven track record of delivering projects on time. This will help keep your team members and the service vendor in sync and give your team members ample time to learn using the app. Whenever you partner, decide the time frame for the end of the end process to develop the app.

  • Emphasize upon Good Communication Skills

Choose a team that is adept in communicating as well as coding. Teams having good coding skills but lack communication often create contingencies in updating the status of the project. After all, you want an outsourcing company that shares regular updates with you and initiates discussions.

Conclusion

Outsourcing is one of the most suitable and affordable options to get tasks completed as per requirements. However, it is a strategic decision, and a company must succeed in its software development outsourcing strategy. Due to numerous reasons, several companies are nowadays outsourcing their project requirements to other companies.

No matter which part of the world a business is located, they outsource their projects overseas to get their projects completed at reduced costs. By doing so, they also get the convenience of focusing on other core functions of the business, and at the same time attain better quality work.

Image Credit: cottonbro; pexels

Vikrant Bhalodia

Head – Operations

Head of Operations with 12+ years of multi-functional expertise across Sales & Marketing, Consulting, Web Content Management, Operations and HRM at WeblineIndia. Having passion towards technology and with multi-functional expertise in a Software Development Company based in USA and India, Vikrant loves sharing insights on optimizing the success and internet visibility of the customers’ businesses.

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Fintech Kennek raises $12.5M seed round to digitize lending

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Google eyed for $2 billion Anthropic deal after major Amazon play


London-based fintech startup Kennek has raised $12.5 million in seed funding to expand its lending operating system.

According to an Oct. 10 tech.eu report, the round was led by HV Capital and included participation from Dutch Founders Fund, AlbionVC, FFVC, Plug & Play Ventures, and Syndicate One. Kennek offers software-as-a-service tools to help non-bank lenders streamline their operations using open banking, open finance, and payments.

The platform aims to automate time-consuming manual tasks and consolidate fragmented data to simplify lending. Xavier De Pauw, founder of Kennek said:

“Until kennek, lenders had to devote countless hours to menial operational tasks and deal with jumbled and hard-coded data – which makes every other part of lending a headache. As former lenders ourselves, we lived and breathed these frustrations, and built kennek to make them a thing of the past.”

The company said the latest funding round was oversubscribed and closed quickly despite the challenging fundraising environment. The new capital will be used to expand Kennek’s engineering team and strengthen its market position in the UK while exploring expansion into other European markets. Barbod Namini, Partner at lead investor HV Capital, commented on the investment:

“Kennek has developed an ambitious and genuinely unique proposition which we think can be the foundation of the entire alternative lending space. […] It is a complicated market and a solution that brings together all information and stakeholders onto a single platform is highly compelling for both lenders & the ecosystem as a whole.”

The fintech lending space has grown rapidly in recent years, but many lenders still rely on legacy systems and manual processes that limit efficiency and scalability. Kennek aims to leverage open banking and data integration to provide lenders with a more streamlined, automated lending experience.

The seed funding will allow the London-based startup to continue developing its platform and expanding its team to meet demand from non-bank lenders looking to digitize operations. Kennek’s focus on the UK and Europe also comes amid rising adoption of open banking and open finance in the regions.

Featured Image Credit: Photo from Kennek.io; Thank you!

Radek Zielinski

Radek Zielinski is an experienced technology and financial journalist with a passion for cybersecurity and futurology.

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Fortune 500’s race for generative AI breakthroughs

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Deanna Ritchie


As excitement around generative AI grows, Fortune 500 companies, including Goldman Sachs, are carefully examining the possible applications of this technology. A recent survey of U.S. executives indicated that 60% believe generative AI will substantially impact their businesses in the long term. However, they anticipate a one to two-year timeframe before implementing their initial solutions. This optimism stems from the potential of generative AI to revolutionize various aspects of businesses, from enhancing customer experiences to optimizing internal processes. In the short term, companies will likely focus on pilot projects and experimentation, gradually integrating generative AI into their operations as they witness its positive influence on efficiency and profitability.

Goldman Sachs’ Cautious Approach to Implementing Generative AI

In a recent interview, Goldman Sachs CIO Marco Argenti revealed that the firm has not yet implemented any generative AI use cases. Instead, the company focuses on experimentation and setting high standards before adopting the technology. Argenti recognized the desire for outcomes in areas like developer and operational efficiency but emphasized ensuring precision before putting experimental AI use cases into production.

According to Argenti, striking the right balance between driving innovation and maintaining accuracy is crucial for successfully integrating generative AI within the firm. Goldman Sachs intends to continue exploring this emerging technology’s potential benefits and applications while diligently assessing risks to ensure it meets the company’s stringent quality standards.

One possible application for Goldman Sachs is in software development, where the company has observed a 20-40% productivity increase during its trials. The goal is for 1,000 developers to utilize generative AI tools by year’s end. However, Argenti emphasized that a well-defined expectation of return on investment is necessary before fully integrating generative AI into production.

To achieve this, the company plans to implement a systematic and strategic approach to adopting generative AI, ensuring that it complements and enhances the skills of its developers. Additionally, Goldman Sachs intends to evaluate the long-term impact of generative AI on their software development processes and the overall quality of the applications being developed.

Goldman Sachs’ approach to AI implementation goes beyond merely executing models. The firm has created a platform encompassing technical, legal, and compliance assessments to filter out improper content and keep track of all interactions. This comprehensive system ensures seamless integration of artificial intelligence in operations while adhering to regulatory standards and maintaining client confidentiality. Moreover, the platform continuously improves and adapts its algorithms, allowing Goldman Sachs to stay at the forefront of technology and offer its clients the most efficient and secure services.

Featured Image Credit: Photo by Google DeepMind; Pexels; Thank you!

Deanna Ritchie

Managing Editor at ReadWrite

Deanna is the Managing Editor at ReadWrite. Previously she worked as the Editor in Chief for Startup Grind and has over 20+ years of experience in content management and content development.

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UK seizes web3 opportunity simplifying crypto regulations

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Deanna Ritchie


As Web3 companies increasingly consider leaving the United States due to regulatory ambiguity, the United Kingdom must simplify its cryptocurrency regulations to attract these businesses. The conservative think tank Policy Exchange recently released a report detailing ten suggestions for improving Web3 regulation in the country. Among the recommendations are reducing liability for token holders in decentralized autonomous organizations (DAOs) and encouraging the Financial Conduct Authority (FCA) to adopt alternative Know Your Customer (KYC) methodologies, such as digital identities and blockchain analytics tools. These suggestions aim to position the UK as a hub for Web3 innovation and attract blockchain-based businesses looking for a more conducive regulatory environment.

Streamlining Cryptocurrency Regulations for Innovation

To make it easier for emerging Web3 companies to navigate existing legal frameworks and contribute to the UK’s digital economy growth, the government must streamline cryptocurrency regulations and adopt forward-looking approaches. By making the regulatory landscape clear and straightforward, the UK can create an environment that fosters innovation, growth, and competitiveness in the global fintech industry.

The Policy Exchange report also recommends not weakening self-hosted wallets or treating proof-of-stake (PoS) services as financial services. This approach aims to protect the fundamental principles of decentralization and user autonomy while strongly emphasizing security and regulatory compliance. By doing so, the UK can nurture an environment that encourages innovation and the continued growth of blockchain technology.

Despite recent strict measures by UK authorities, such as His Majesty’s Treasury and the FCA, toward the digital assets sector, the proposed changes in the Policy Exchange report strive to make the UK a more attractive location for Web3 enterprises. By adopting these suggestions, the UK can demonstrate its commitment to fostering innovation in the rapidly evolving blockchain and cryptocurrency industries while ensuring a robust and transparent regulatory environment.

The ongoing uncertainty surrounding cryptocurrency regulations in various countries has prompted Web3 companies to explore alternative jurisdictions with more precise legal frameworks. As the United States grapples with regulatory ambiguity, the United Kingdom can position itself as a hub for Web3 innovation by simplifying and streamlining its cryptocurrency regulations.

Featured Image Credit: Photo by Jonathan Borba; Pexels; Thank you!

Deanna Ritchie

Managing Editor at ReadWrite

Deanna is the Managing Editor at ReadWrite. Previously she worked as the Editor in Chief for Startup Grind and has over 20+ years of experience in content management and content development.

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