Choosing a right offshore partner for your software product development has become as tough as the Software market has matured. Today, there are hundreds of offshore software development companies that offer expertise in offshore development and a substantial return on investment. Finding the right partner for your company among the available options has become extremely difficult.
Usually, you look for an offshore partner that can help you develop a high quality product in a short timeframe while keeping the cost low. You also want your partner to be able to provide you the scalability and agility to keep up with the dynamic and challenging business environment. So, how do you actually select the right offshore development partner for your business’ software needs? Here are some factors to consider:
Is It the Vendor’s Core Competency?
The major reason you are outsourcing the task in the first place is because you need experts for the job. Therefore, you need a vendor whose core competency is software development. If the vendor you select is involved in too many things at once, there are chances that they won’t give your product the time it needs.
What Would Be the Total Cost?
Instead of focusing simply on hourly wage rates your vendor is charging, ask for a quotation of the total cost that would be incurred over the course of the project. However, before you ask for total costs, you will be required to provide properly documented requirements of your product. For instance, if you need the product to be scalable for future needs, determine how much that scaling would eventually cost. Using this total cost as a consideration is better than considering hourly costs.
Does the Vendor Have Sufficient Experience?
You should always check whether the vendor you are selecting has sufficient experience in your specific industry or not. When it comes to software, there are always industry-based requirements and standards that have to be followed. A vendor can only provide you the best industry-specific product if they have previous experience of making similar products.
Is the Vendor Stable Financially and Operationally?
The stability of your vendor matters a lot when you are planning to form a partnership. Are there chances that they will go out of business after a few years? Is the management not good enough to last a long time? It is important that you pay attention not only to financial stability of the company but also the capabilities and competencies of their management before you form a partnership with them.
Does the Vendor Have a Good Reputation?
The overall reputation of the vendor in your industry and other industries it operates in matters. You should ask the vendors for client referrals and check with these past clients to know how the company operates. You should also do in-depth research on the reputation of the company and its management in the local market.
Will You Get the Ownership of the Product?
There are two ways you can get a software product for your company: you can either borrow it or buy it. Some companies offer both these options while some only allow you to rent their software solution for a specific time period. If you are looking for a unique solution that cannot be replicated, you should select a vendor that offers the option of transferring complete ownership of the product to you once it’s complete.
Once all these factors are considered, you will be able to decide which offshore software development vendor is the best fit for your organization. You can then start working on forming a strong long-term partnership with the vendor to get a complete and comprehensive software solution for your company.