Most firms aiming at developing the right products fail to do so because of a number of issues like budget constraints, stricter deadlines and lack of knowledge. Be it a startup, an established enterprise or product companies, everyone is now focused on bringing their product ideas into life by outsourcing the product development to right partners.
This allows them to scale their business without exerting their existing teams. However, before you select any product development company for outsourcing your needs, you must consider a few factors to maximise profit and enhance your ROI.
In this blog, we will cover the best factors that you must consider before finalizing the right partner for your product development outsourcing needs.
Factors to consider when outsourcing
Outsourcing product development needs helps to pump growth, profits, scalability and reduces costs. The best company to outsource your product development should be endowed with the following factors.
Technological Prowess
Making sure that your product is integrated with the latest technology is something that you must never miss out on. As a product company, your products or apps should be in line with the latest technological advancements, be it AI/ML, data science, automation etc. This will increase your product’s engagement with your digital-conscious audience. Therefore, the best offshore product development company must have the technological proficiency that your product demands. For example, EOV has a team of professionals who have the knowledge of the latest technology and frameworks to build you the best app in terms of features and advanced security. There wouldn’t be any need of hiring any other technology expert for consultation. We have it covered for you.
Good project portfolio
Before you outsource any of your product development needs to another partner, it is essential that you have a look at their project portfolio. You will get a fair idea of their competency when it comes to a complex product. Whether or not they can visualize, conceptualize and produce your product as per your idea, is a big thing to consider.
Ability to scale
It would be highly convenient for you as a firm to find all the tech expertise under one roof. You shouldn’t need to find a new company each time you are looking for a product update or feature addition. At EOV, we have a team that has all the tech-heads, developers and consultants that will be needed on the way as we progress into building apps or products. This includes well-learned designers, developers, QA engineers and more.
The right engagement model
This step is also crucial in your decision of the right development partner. While some companies let you hire dedicated developers, some others let you build an entire product team. On the other hand, some companies provide you end-to-end solutions in product development. You will need to choose the right partner based on your budget, timeline and need.
Choice of development methodology
Today, product development comes with umpteen choices in methodologies. A few of them include waterfall, kanban, agile etc. In order to collaborate with a third party product development company, you will need to check their methodology and whether or not it is in sync with yours. Most of the companies prefer the agile methodology for offshore product development. If that works for you, EOV is your best choice as our developers follow agile to break the entire development life cycle into different sprints. It will also allow you to check and review each of the sprint.
Total cost of the product development
Budget is a crucial factor in any business decision, be it for a small company or for bigger enterprises. While outsourcing your product development contract, you need to make sure that all of the costs are included in it. And, there should be no hidden costs. Check for the fees of the developers, the server management costs, knowledge transfer costs, SSL certificate costs and so on.
Conclusion
By outsourcing your product development tasks, you get to have a competitive edge within your budget. However, as discussed above, you need to tick off a few factors from your checklist before choosing any particular company.
EOV digital solutions Pvt Ltd. has been highly hailed by all its clients for excellent product development at effective prices. Not only this, but within promised timelines. Our team has all the necessary resources that you need to build the right product. It will give your business the much needed boost. Please feel free to get in touch with us today for understanding more of what we can do to help you!