The crisis in business has not just shown its impact on the business owners but on its various audiences including employees, stakeholders, assets, operations, and its reputation too! In these tough times, numerous businesses have given up and several others are on the verge of shutting down. However, there are several businesses who have successfully created a strong strategy to survive this Pandemic. You do not want your business to die so being proactive and prepared for the crises will help you. You must identify the critical dependencies in your business and act wisely to find the most resilience solutions to stand strong in the pandemic crises.
Leaders who have successfully survived the 2008 Recession says the most important role in surviving is the cost factor. We all know the recession is a temporary phase and it will go, we have witnessed a great recession in 1929, a few years back in 2008 also, and the world survived every time.
One needs to be proactive with investment in the Marketing and Smart in savings, be it Raw material, Labour Cost direct or indirect or any other fixed cost, if you can work on the savings, it will keep your business alive till the time the recission period is not passed. Experts have found Outsourcing a great way to save cost. Companies with digital products where the dependencies are on software solutions, Outsourcing has been the best way to save cost.
Let’s found out how outsourcing software development can shield you in the 2020 recession…
Outsource Software Development to handle COVID 19 crises?
The wave of COVID 19 pandemic has pushed millions of people away from jobs, thousands of businesses are moving into doom. The stringent lockdowns and virus outbreak have not just kept the people behind the locked door but are also pulling the economy backward with each passing day. While several companies have put their activities on hold or trying to reduce their costs substantially, some of the companies are struggling to satisfy the growing demand and stand strong in tough times. If you too are struggling hard to beat the 2020 recession, you must look for solutions that are cost-effective, scalable, and agile. This brings you to consider outsource software development for flexible solutions. Let’s find out how outsourcing software development can help you survive the COVID 19 crises.
How is COVID 19 a trouble for all businesses?
Digging the reality of the impact caused by the COVID 19 pandemic, it has been backed by several reports and stats, it makes it quite evident that the world economy will go into recession this year. According to the Economic Times, The world economy will go into recession this year. The report also predicts the loss of trillions of dollars of global income caused by COVID 19 pandemic, spelling grave trouble for developing countries. If this is not scary enough, here is another report by TheStreet which indicates that small businesses could even dissolve during the coronavirus pandemic. It says that the pandemic is supposedly killing 30 million businesses across the United States. It also indicates that around 59 million people are expected to lose their jobs by the end of June 2020.
The larger companies have resources to make it up during any crisis. In this situation, they can use their resources to cover the expenses during the lockdown. On the other hand, small businesses and especially startups who do not have hefty cash reserves may find it extremely difficult to survive the challenges and expenses during the pandemic, which suggests the closing of several businesses. Considering the reality of today’s economy and several predicted facts of the near future, It is evident to believe that the COVID-19 recession is certainly creating a scary time for all size businesses in 2020.
How can you survive the 2020 recession with software development?
Regardless of any product or service, your company is offering, a strong digital presence is what it needs to gain an edge over your competitors. Considering the present situation of coronavirus, where businesses are shutting all over, there is one thing that can help you meet the growing demands of people that is “Automation.” They act as great hope through which people’s demands can be met at a lower cost. Before this global pandemic turns unfortunate for your business, it’s high time that you invest in technology development. To back up this argument, Statista shows the data mobile app users have downloaded over 178.9 million applications in 2017, which is predicted to reach 258.2 Billion by 2022.
Looking at the business scenario and making the most out of the situation all size businesses can develop a mobile application and offer your products and services. As mobile applications are revamping the lives of people in every aspect, you too can develop an app and can get your business going smoothly without having to leave your home or conduct business offline. Now when you have a chance to conquer your competitors, you can beat the competition by developing a well-designed app. With an agile app, you can take your business to new heights as it provides you with the best platform to promote your brand.
Thus, having a digital presence of your business, in the time of recession( due to COVID-19), will firstly add a competitive edge to your business. Secondly, the downturns caused by COVID-19 will not be able to affect your brands as everything will be managed online.
How outsourcing App development can help you sustain the storm?
For rolling out your next big app, all you need is an expert mobile development team. Having an in-house team for your project can be a daunting and highly expensive task. In the recession phase where companies are reducing the payroll and headcount, outsourcing a software development company acts as the best solution. As you plan to outsource your software development needs to the right company, it provides you with the flexibility to chalk out the best plan & get the best solutions for your business. This can spare you from hiring a development team and spending a hefty amount on building your own in-house development team.
Benefits of outsourcing
Outsourcing software development in the tough times of Corona Virus offers a wide range of benefits: from cost-effectiveness and access to an extensive talent pool to increased scalability. Let’s see how:
Outsourcing is available at lower costs:
Instead of hiring in-house development teams or arranging training sessions to polish their development skills, which may cost you a heavy amount, it is recommended to outsource services that are usually available at a much lower price. You simply can’t deny that the cost-efficiency of outsourcing during the pandemic is one of the overriding factors as every business is trying to look for cost-effective solutions. Research conducted by the Telegraph has also shown that companies can save around 30% on operating costs by offshore outsourcing. And now the figure is estimated to be even bigger as the current situation is driving IT outsourcing vendors to make their rates even more attractive
Takes less development time:
Your app launch time matters a lot and helps you to connect with your target audience in real-time. Outsourcing companies have experienced pool of talented developers and hold high expertise to support you at any stage of the development process. Whether you are willing to develop an app right from scratch, get only a particular segment developed or want them to execute your app ideas as it is, outsourcing companies are most likely to handle any level of the app development project. Above all, they also ensure that your app gets delivered within strict deadlines, which reduces your launch time in the market.
Less workload on your current employees:
During the recession period, companies are majorly reducing the headcounts at their workplace. This implies more work pressure on the existing employees that can often lead to stress and an additional burden of work. Using an employee app for communication can improve the workflow and engagement of your employees. In this situation, the best way is to outsource! With a pool of best developers, an outsourced team can handle your project smoothly without you having to worry much and get the best results.
Get Access to a global talent pool of developers:
IT outsourcing is known for offering access to a wide talent pool. And this is what you need to develop an agile mobile application! The development process requires experienced and talented developers to make your app faultless and over the top. For those who have a talent shortage, outsourcing is a boon! With many companies suspended their operations, several highly qualified specialists and developers are open to new opportunities. This gives you an opportunity to find the best developers across the globe at the most attractive rates. Simply outsourcing can help you find the brightest minds as you can be assured to give your project in the right hands.
Increased scalability and flexibility:
In the tough times of the Coronavirus, IT outsourcing can help businesses tremendously in terms of scalability and flexibility. Whenever you are willing to scale up or scale down, you can rely on your outsourcing partner to come up with the best solutions. Also, to withstand the storm of Corona Virus, companies need offshore outsourcing services for flexible solutions to meet the ongoing changes in the market. They can offer you, flexible models, to help you reduce your costs considerably and can also save you from HR overhead costs.
Extensive remote development expertise:
As COVID-19 has brought in the practice of “Work From Home” mode, remote development is becoming a challenge for several companies. There is a huge demand for collaborative Software, tools, guides, and training. Managing systems, operating norms, monitoring etc have posed a serious challenge on companies and is the top concern for the management. In this process, the threats associated with cybersecurity have also increased. Therefore, outsourcing companies who are well accustomed to remove working and development with distributed teams can come up with the best practices to help you develop a highly secure, scalable and agile mobile application.
Tips To Find The Best Outsourcing Software Development Partner
If you are wondering how you can find a reliable outsourcing partner during the pandemic, do not worry! We have listed down the few aspects you should consider when choosing a offshore development partner in a time of Corona Virus crisis:
Do research to ensure you are collaborating with the right company: Finding the right outsourcing partner is a challenging task. While you are in a hurry to hit the market with your mobile application at the right time, make sure you do not end up choosing the wrong development company. Before you choose your company, make sure to conduct some research. Thus, you must browse the internet, read the company’s reviews, check the company’s profile, and go through its website completely.
Shortlist the company and have a detailed discussion on your project: As you have done your research, the next step is to shortlist a few companies and discuss your project. You can schedule a call and discuss your project requirements and ask them questions on your app development. You must have a set of questions ready that you want to discuss including what technologies they will deploy, time duration to complete the project, what would be the overall costs incurred and so on. These questions are essential to ask to determine whether they fit your needs or not.
Check the company’s previous work or portfolio: Once you are about to choose your prospective company, make sure to check the past projects they have undertaken. You must also see what clients the company has worked for. Once you give a look on their portfolio, it provides you an insight to what kind of strategies they employ and the kind of work they have delivered to their clients. Thus the portfolio of the company will let you know their ability and help you in making your decision.
Check if it is a flexible outsourcing partner: Keeping in mind the current situation of COVID 19, it is necessary that you find a reliable and flexible outsourcing partner. Having the right partner by your side can help you gain a competitive advantage and also reduce your costs substantially. Make sure your potential IT service provider offers different models & different pricing models such as fixed cost, time, and a dedicated team and can help you choose the best developers to fit your specific demands and adjust the models as per your preference and needs. Whether you want to hire android developers, hire iOS developers, hire php developers or any other, you must discuss the cost in advance and discuss all possible hiring models.
Make sure that the company has an effective security policy in place: All the reliable outsources companies pay attention to their security policy at all levels. Especially during the pandemic, where remote working is the key, you must ensure that the company has a stringent security policy intact.
Look for advanced communication channels and transparency: You must work with a company that takes efforts to understand your business needs carefully and help you during this tough time to ensure that every phase of your development project is at its place. If the company is transparent in its operations, and shows eagerness to clarify with you all the aspects you can certainly go ahead in the partnership with the company to roll out your next big mobile application.
Despite the heavy economic downfall and recession, remember that only the smartest businesses will survive. The fate of your business depends on the decisions you take today. It is still not clear how the recession of 2020 would shape into however, preparing yourself in advance and making use of opportunity is the key to survive the recession! If you already have an app idea and are thinking to turn it into reality, here’s what to do next…