25 September 2018 | Andrew Sanders
Tech Solution Development: Making the Most of Your 2019 Budget Planning
Effective budget planning requires a wealth of experience combined with the ability to accurately predict the forthcoming trends and advances of both our industry and technology. As your current budgeting process is conducted, there are several points to consider that illustrate the importance of including outsourced development and tech consultancy.
Technology has become increasingly intertwined with all aspects of business, leading many companies to the following question: is it best to build tech solutions in-house or to outsource development projects?
For both hotel brands and software vendors, technology holds an unprecedented importance. Retaining a competitive edge in today's marketplace is virtually impossible without advancing a brand's technology at a rapid pace, and those who take too long to jump on board may miss the boat entirely.
There's no question that in-house development provides the ability to customize a product to a finely-tuned level, but this brings with it risks, overhead and potential time delays in launching your products.
Organizations wishing to develop and launch new software products or versions over the coming years need to consider the classic argument of buy vs build. Users of software, such as hotels and hotel brands, need to consider off-the-shelf vs custom-built solutions. Either way, sensible budgeting will allow you to make the big decisions that will help you maintain your competitive advantage in years to come. If you are considering modifying your software products, a quick call to me will help put your mind at ease with the knowledge that firstly, you’re not alone, and secondly, we can likely help. If we can’t, we will be honest and help you find a way forward.
Building out your solutions and products is often an expensive exercise and one that’s often underestimated. Thorough discovery, evaluation, design, and structure will help you budget and plan for what you want to achieve. At DataArt, we can bring vigor to your approach and help you see the ‘wood from the trees’.
What should a company do?
Although the answer varies greatly depending on your products’ abilities, goals, and positioning, one thing remains consistent: securing the advice of seasoned experts is vital. The lessons learned from decades of managing development projects cannot be comprehensively conveyed in words, as experience creates instincts that can only be possessed following many years of real-world successes. A proven track record means everything in the development business, and this level of expertise is an essential component of all projects, whether completed in-house or as the customization of an existing product.
Hiring an outside firm to customize or develop your technology solution provides the monumental benefit of increasing your speed-to-market, which is progressively more important in the technology age. Wonderfully innovative products can die before they're born when development and deployment are too slow, with another similar solution winning the race to market and dominating the space, sometimes even with an inferior product.
As we all review our budgets, it's essential to leave plenty of room for outsourcing. Of course, everyone wants to get the most bang for their buck. The difference lies in each company's ability to follow the correct path to achieve financial efficiency combined with speed-to-market and the equally vital component of launching a solution that works perfectly out of the gate while allowing for flexibility as the technology landscape continues to evolve.