John was the Chief Technology Officer (CTO) of a banking company. He was tasked to develop a software for the company. Whether it has to be developed in house or finding a company to develop custom software. John took some time to think on this and what should he do. Whether to develop it inhouse or hire an outside company. Somehow John has some interest in hiring a company rather than developing it in-house. But John was feeling reluctant about the process, as he was aware of the pros and cons of hiring an outside company.
John knew that hiring a company to develop software would provide several benefits. Access to specialized expertise, reduced development time, and lower overall costs are some. He was also aware that hiring an outside company could lead to many challenges. It can create potential conflicts of interest, communication challenges, quality issues etc etc.
John decided to do some research on the matter. Which can help him to make an informed decision. He spoke his network of colleagues and peers in the banking industry to get their opinions. He also read articles and case studies. He outlines the benefits and challenges of outsourcing software development. He collected a list of potential vendors. Traced down their track record, and their expertise in banking software development.
After all, John decided to hire a company. A company that specialized in custom software development. He was not so confident in his decision even after conducting thorough research. He had to take a decision. With immense pressure from his company, he finally took the call. He hired a company from his list after checking it's background thoroughly.
Once the paperwork was completed, the company started working on the project. John shared the need of the software, who will be using it and what the company need from this application. John was not convinced yet that the company can make it happen. He appointed a techie to track down the progress and to coordinate on his behalf.
The company John hired worked closely with his consultant, the techie he hired. The company developed the roadmap and architecture of the application. Which looked good to John and his consultant. The work started based on small milestones which helped John to understand the progress. And in the meantime the techie John hired also tested the application time to time to make sure it's working fine. The target timeline was to complete the project within 6 months. The company was able to meet the timeline and delivered the project. John was skeptical as he had given only 6 months whereas many told that it might take 1 year to develop such application. John being John, asked his techie to dry run each and every module of the application. John's consultant tested the application and each of it's module. And surprisingly the software met the John specific needs and requirements. The development process was smooth. John hasn't much involved in the communication. And the company he hired delivered the software on time and within budget.
Even though John was skeptical, John was praised for his decision to hire an outside company. John's company started using the software. The software did what John was wanted. However, there were difficulties accessing some modules. For which John had to talk to the software development company he hired. He also signed a one-year maintenance and support agreement with the company. Which helped him in dedicated support from the development company. John's company was able to improve its operations, and gain a competitive edge in the industry. John was pleased with the results and felt confident in his ability to make that decision. And he also developed a trust on the company on which he was reluctant at first. The software was developed with the half of the cost John projected for in-house development.
What's the take away from John's journey here. John's story showcases the importance of doing thorough research. He considered the pros and cons before making a decision on outsourcing. He choose the firm which had expertise in banking and finance sector in the past. And all these careful consideration and a strategic approach helped John to achieve the best result. He understood how outsourcing the software development provided with significant benefits to his company.
What's your take away from this story. Do comment and share the story if you liked it.
What's your take away from this story. Do comment and share the story if you liked it.
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