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Do you know that IT companies spend up to 65% of their total budget just on development projects, let it be an app or software? However, you can develop a better application at a cheaper price while outsourcing your project to remote development companies.
The newest report from Deloitte claims that the global IT outsourcing industry witnessed more than 31% growth last year, and it is also expected to accelerate in the next few years. As there are many advantages of outsourcing your project, you can guarantee a better output, not just the cost savings.
However, six crucial factors can directly influence the overall project cost and the final output of your app.
Six Key Factors To Ensure Better Application At Cheaper Price
1. Costs
A new report by Capital Counselor revealed that more than 59% of companies chose remote offshore development companies to handle their tasks primarily due to a lower project cost. Yes, there is no doubt that the virtual workforce saves you money.
According to the latest salary trend by Daxx, you may have to pay up to $140k/year to a USA-based app developer. However, another report by Ambition Box also reveals that you can hire the same talent in India for just $10k to $15k/year. So, you can cut up to 80% to 90% cost just from the salary.
We, at FlipKoins, always utilize the vast Indian talent pool who are not just skillful but also relatively inexpensive compared to their USA counterparts. And by hiring our remote development team, you can effectively cut down your project cost by up to 65%.
2. Efficient Work Process
It is not all to get a lower project quote to make a better application at a cheaper price, as you must ensure an efficient work process to generate optimum results in a specified TAT. And A new report by Statista recently revealed that more than 37% of companies are now planning to outsource their app development project to remote partners to achieve that efficiency.
According to a new study by Crunch Base, the outsourcing industry now has an operating revenue of more than $413 Billion, while software and app development projects acquired more than 70% of that money. Another report by Aptude also revealed that more than 300k jobs would be outsourced in the next few years, amounting to more than $85.6 Billion.
FlipKoins always believes in hiring efficient app developers and support staff to meet both the short-term and long-term goals of your app development project. Besides, we also focus on achieving maximum operational efficiency with a streamlined workflow and clear SOPs.
3. Time Zone Advantage
It’s a myth that time-zone differences can take a toll on your app development projects if you work with an offshore partner. Contrary to popular belief, a new study by CoderSlink recently showed that you could utilize up to 18 hours each day if you chose to work with remote offshore developers.
A new report by Gizmo Snack revealed that more than 80% of companies now rely on the “Agile” methodology to achieve maximum output in the shortest possible time. And you can overcome the challenges of software development by hiring companies that follow the “Agile” principle to ensure optimum flexibility without the time-zone constraints.
FlipKoins also follows the agile principles to become the best remote offshore development company in Bangalore, a smart city known for its giant outsourcing powerhouse. A new report by Tholons also suggests that Bangalore currently has the highest market share in the outsourcing industry.
4. Outsourcing Improves Your Market Position
The global outsourcing market is enormous! According to a new report by Globe News Wire, the IT outsourcing industry alone will likely touch a $425.19 Billion market cap by the end of 2026 with a 4.5% CAGR. However, you can simply use that vast market to improve your current market position just by outsourcing your tech projects to offshore developers.
A recent research paper published in Warwick reveals that small to medium companies can rapidly increase their market share while improving their market position just by hiring a credible offshore app development team. Another new report by Clutch also states that more than 24% of small businesses now rely on offshore software companies to ensure a better market position.
According to a new study by Fortunly, more than 71% of financial companies now outsource their app development projects to remote teams to achieve a better market position at a rapid pace. So, there is no doubt that you won’t just develop a better application at a cheaper price by hiring remote offshore developers like FlipKoins, but you can rapidly climb the ladder of your market position as well.
5. Talent and Expertise
You can only develop a better application at a cheaper price if you have the right talent and expertise on your offshore development team. According to a recent report by Ncube, the software development market in the USA alone will witness an enormous shortage of more than 1.4 million software developers this year. And on the contrary, around 400k new engineers are passing out each year in the USA.
So, the only solution is outsourcing to eliminate the talent gap. Besides another survey report from Deloitte also suggests that more than 58% of companies are now adopting AI technologies for their software development projects. Moreover, 24.9% of software professionals now must undergo specific training in AI technologies to match that demand.
On the other hand, the newest report by GitHub reveals that India currently has the largest pool of software professionals as the nation now houses more than 5.8 million developers. So, you can effectively eliminate the drawbacks of expertise and talent shortage by hiring the best developers in India for low costs, such as FlipKoins.
6. Access To The Latest Technology
The newest report by Security Magazine claims that more than 89% of industries are now focusing on adopting the latest technologies to accelerate their digital transformation. Besides, more than 83% of IT giants are now planning to outsource their projects to MSP by the end of this year.
Another report from Clutch also suggests that 66% of IT leaders are now planning to outsource their projects, while more than 37% of small businesses rely on their remote partners. So, there is no doubt that you need to resort to an offshore company if you are looking for a rapid amalgamation of the latest technologies in your dream project to yield optimum output.
And there is no match for India if you want to access all the latest technologies, that too, at a cheaper rate. A new report by Statista also claims that India will soon have more than 30% market share in the IT-BPM industry within the next five years.
Takeaway
According to the newest report from McKinsey, more than 45% of the app development projects witnessed a lower return than expected, especially while they work with in-house development teams. You can effectively eliminate this low-yielding performance by outsourcing your project.
You will not only develop a better application at a cheaper price but will also get several other advantages by hiring us, as there are many benefits of hiring developers in India. And if you want to have a lower price quote for your next dream project, feel free to contact us or drop your queries in the comment box.