Why Consider Offshore Software Development - Top 5 Advantages
In a highly competitive business world, companies need to possess the right mix of talent and technology in their arsenal, in order to stay on top of the game.
Companies may find it locally; but it may be too expensive to bear especially when pandemic situation persists. This predicament can only be addressed through offshore software development. Simply put, it is the process of assigning product development tasks to an external company/organization located in another continent.
Many Western companies are investing in this development model as it offers some great benefits.
- Access to Diverse Talent
A 2019 survey revealed that 54% of companies globally had talent shortages. Hence, if your company faces a scarcity of quality talent, especially in niche technologies, then it’s best to adopt offshore software development; you can access a wide pool of tech specialists having diverse skill-sets.
Apart from product development and maintenance, many offshore companies also provide complimentary services like digital marketing and consultancy at affordable prices.
- Lower Development Costs
One of the obvious reasons why companies opt for offshoring is the reduced cost of product development. Many offshore IT destinations like India have comparatively lower cost of living, and hence, demand lower salaries.
Moreover, extra costs for training in-house employees and expenses for setting up the necessary infrastructure can be avoided with offshoring.
- Easy Scaling of Team
Partnering with an offshore development company is a viable option to expand your in-house development team; you can bring onboard qualified people with different skill-sets and expertise.
They form an integral part of your company and work alongside your local team. Also, you can easily increase or decrease the team size according to changing requirements.
- Faster Time-to-Market
A dedicated offshore development team delivers faster results, without compromising on quality, and the product reaches the market on time. For this, Agile practices and Project management tools are very useful.
Constant collaboration and open communication between in-house and offshore teams help in exchange of fresh ideas, ensures transparency and accelerates product development.
- Better Risk Management
An offshore development partner plays a vital role in risk management. They share equal responsibility for your business concerns and will offer strong support during harsh times.
For this, a sense of trust and mutual understanding is to be cultivated between your company and the offshore service provider by signing relevant agreements like NDAs, SLAs; conducting daily Scrum calls, promptly meeting deadlines, proper documentation of software, etc.
Offshoring projects also help you to effectively focus more on core business activities and save valuable time and resources. Thus, hiring an offshore software development company is an efficient way to build innovative products and achieve tremendous success.